FY2018 Earnings Forecast for PNC Financial Services Group Inc Issued By Jefferies Financial Group (PNC)

PNC Financial Services Group Inc (NYSE:PNC) – Jefferies Financial Group cut their FY2018 earnings per share estimates for shares of PNC Financial Services Group in a report issued on Tuesday, January 8th. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will earn $10.70 per share for the year, down from their prior forecast of $10.73. Jefferies Financial Group also issued estimates for PNC Financial Services Group’s Q4 2018 earnings at $2.73 EPS, Q1 2019 earnings at $2.60 EPS, Q2 2019 earnings at $2.73 EPS, Q3 2019 earnings at $2.84 EPS, Q4 2019 earnings at $2.88 EPS, FY2019 earnings at $11.05 EPS and FY2020 earnings at $11.45 EPS.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.73 by $0.09. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. The company had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same period in the previous year, the company posted $2.16 EPS.

PNC has been the topic of a number of other reports. ValuEngine upgraded PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Goldman Sachs Group lowered PNC Financial Services Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $154.00 to $144.00 in a research note on Monday, January 7th. Morgan Stanley decreased their price objective on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Monday, October 15th. Credit Suisse Group decreased their price objective on PNC Financial Services Group from $150.00 to $146.00 and set a “neutral” rating on the stock in a research note on Friday, December 7th. Finally, Vining Sparks reiterated a “buy” rating and set a $160.00 price objective on shares of PNC Financial Services Group in a research note on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company’s stock. PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $151.00.

NYSE:PNC opened at $120.05 on Thursday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.89 and a current ratio of 0.90. PNC Financial Services Group has a 52-week low of $108.45 and a 52-week high of $163.59. The firm has a market cap of $55.74 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.13 and a beta of 1.03.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 5th. Stockholders of record on Thursday, January 17th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Wednesday, January 16th. PNC Financial Services Group’s payout ratio is currently 44.71%.

PNC Financial Services Group announced that its Board of Directors has authorized a stock repurchase plan on Thursday, November 8th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 1.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Several institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in shares of PNC Financial Services Group by 4.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,498,991 shares of the financial services provider’s stock worth $340,336,000 after purchasing an additional 97,625 shares in the last quarter. Capital International Investors boosted its holdings in shares of PNC Financial Services Group by 105.5% in the 3rd quarter. Capital International Investors now owns 2,332,232 shares of the financial services provider’s stock worth $317,627,000 after purchasing an additional 1,197,093 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of PNC Financial Services Group by 2.1% in the 3rd quarter. Legal & General Group Plc now owns 2,193,219 shares of the financial services provider’s stock worth $298,726,000 after purchasing an additional 44,727 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in PNC Financial Services Group by 38.0% during the 3rd quarter. Clearbridge Investments LLC now owns 1,915,660 shares of the financial services provider’s stock valued at $260,894,000 after acquiring an additional 527,145 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in PNC Financial Services Group by 11.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,680,920 shares of the financial services provider’s stock valued at $228,924,000 after acquiring an additional 175,225 shares during the period. Hedge funds and other institutional investors own 79.39% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Recommended Story: What is Compound Annual Growth Rate (CAGR)?

Earnings History and Estimates for PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply