The PNC Financial Services Group, Inc. Plans Quarterly Dividend of $1.60 (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly dividend on Friday, January 3rd,RTT News reports. Investors of record on Wednesday, January 15th will be paid a dividend of 1.60 per share by the financial services provider on Wednesday, February 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.31%.

The PNC Financial Services Group has increased its dividend payment by an average of 9.9% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. The PNC Financial Services Group has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $14.83 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 43.2%.

The PNC Financial Services Group Trading Up 1.1 %

Shares of NYSE PNC traded up $2.17 during mid-day trading on Friday, hitting $193.56. The stock had a trading volume of 371,487 shares, compared to its average volume of 1,056,794. The business has a 50 day moving average price of $200.78 and a two-hundred day moving average price of $183.86. The firm has a market cap of $76.80 billion, a P/E ratio of 16.36, a price-to-earnings-growth ratio of 2.11 and a beta of 1.15. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group has a 1 year low of $139.69 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.60 earnings per share. On average, equities analysts anticipate that The PNC Financial Services Group will post 13.45 EPS for the current fiscal year.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $190.57, for a total value of $236,687.94. Following the completion of the sale, the chief executive officer now owns 546,007 shares of the company’s stock, valued at $104,052,553.99. The trade was a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,030 shares of company stock valued at $5,916,453 over the last 90 days. 0.42% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PNC has been the subject of several analyst reports. Morgan Stanley raised their price target on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Stephens increased their price objective on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $200.81.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.