The PNC Financial Services Group, Inc. (PNC) to Issue Quarterly Dividend of $1.60 on May 5th

The PNC Financial Services Group, Inc. (NYSE:PNC) announced a quarterly dividend on Thursday, April 3rd, RTT News reports. Shareholders of record on Wednesday, April 16th will be paid a dividend of 1.60 per share by the financial services provider on Monday, May 5th. This represents a $6.40 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date is Wednesday, April 16th.

The PNC Financial Services Group has raised its dividend payment by an average of 9.0% per year over the last three years and has raised its dividend every year for the last 14 years. The PNC Financial Services Group has a dividend payout ratio of 36.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect The PNC Financial Services Group to earn $17.32 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 37.0%.

The PNC Financial Services Group Stock Down 0.4 %

Shares of PNC opened at $151.57 on Monday. The business’s 50 day simple moving average is $178.30 and its 200-day simple moving average is $190.22. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group has a 1 year low of $143.52 and a 1 year high of $216.26. The stock has a market capitalization of $59.98 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $3.16 EPS. As a group, equities analysts expect that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 601 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total transaction of $96,160.00. Following the completion of the transaction, the chief executive officer now owns 563,573 shares in the company, valued at approximately $90,171,680. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 12,420 shares of company stock worth $2,276,870. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in The PNC Financial Services Group stock. Brighton Jones LLC grew its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 32.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,041 shares of the financial services provider’s stock after acquiring an additional 984 shares during the quarter. Brighton Jones LLC’s holdings in The PNC Financial Services Group were worth $779,000 as of its most recent filing with the Securities & Exchange Commission. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PNC. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. JPMorgan Chase & Co. decreased their price objective on The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Wells Fargo & Company lowered their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Morgan Stanley decreased their price target on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an “underweight” rating for the company in a research note on Monday, April 7th. Finally, Citigroup cut their price target on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $203.47.

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.