PNC Financial Services Group Inc to Post Q2 2020 Earnings of $2.90 Per Share, Jefferies Financial Group Forecasts (NYSE:PNC)

PNC Financial Services Group Inc (NYSE:PNC) – Investment analysts at Jefferies Financial Group dropped their Q2 2020 earnings estimates for PNC Financial Services Group in a report released on Wednesday, January 15th. Jefferies Financial Group analyst K. Usdin now expects that the financial services provider will post earnings per share of $2.90 for the quarter, down from their previous forecast of $2.94. Jefferies Financial Group also issued estimates for PNC Financial Services Group’s Q3 2020 earnings at $2.96 EPS, FY2020 earnings at $11.70 EPS and FY2021 earnings at $12.40 EPS.

PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.48 billion. PNC Financial Services Group had a return on equity of 10.92% and a net margin of 24.83%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.75 EPS.

Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a report on Wednesday, January 8th. Royal Bank of Canada cut PNC Financial Services Group from a “top pick” rating to an “outperform” rating and set a $155.00 price objective for the company. in a report on Monday, December 9th. Wells Fargo & Co upped their price objective on PNC Financial Services Group from $134.00 to $147.00 and gave the stock a “market perform” rating in a report on Thursday, October 17th. Citigroup upped their price objective on PNC Financial Services Group from $139.00 to $160.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, ValuEngine cut PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $155.35.

Shares of NYSE PNC opened at $153.36 on Monday. The firm has a market capitalization of $67.96 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.56 and a beta of 1.15. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 1.22. The stock’s 50-day simple moving average is $157.49 and its two-hundred day simple moving average is $144.39. PNC Financial Services Group has a twelve month low of $118.70 and a twelve month high of $161.79.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Friday, January 17th will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, January 16th. PNC Financial Services Group’s payout ratio is currently 40.39%.

In other news, CEO William S. Demchak sold 129,400 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $152.10, for a total value of $19,681,740.00. Following the completion of the transaction, the chief executive officer now directly owns 370,790 shares in the company, valued at approximately $56,397,159. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Karen L. Larrimer sold 2,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $152.29, for a total value of $304,580.00. Following the sale, the executive vice president now owns 21,172 shares of the company’s stock, valued at $3,224,283.88. The disclosure for this sale can be found here. Insiders sold a total of 174,623 shares of company stock valued at $26,594,817 over the last quarter. Company insiders own 0.37% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Cypress Capital Group boosted its holdings in PNC Financial Services Group by 0.8% during the 4th quarter. Cypress Capital Group now owns 8,069 shares of the financial services provider’s stock valued at $1,288,000 after acquiring an additional 66 shares during the period. Wedbush Securities Inc. boosted its holdings in PNC Financial Services Group by 3.7% during the 4th quarter. Wedbush Securities Inc. now owns 1,976 shares of the financial services provider’s stock valued at $315,000 after acquiring an additional 71 shares during the period. City Holding Co. boosted its holdings in PNC Financial Services Group by 1.7% during the 3rd quarter. City Holding Co. now owns 4,273 shares of the financial services provider’s stock valued at $599,000 after acquiring an additional 72 shares during the period. Winslow Evans & Crocker Inc. boosted its holdings in PNC Financial Services Group by 0.7% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 10,870 shares of the financial services provider’s stock valued at $1,736,000 after acquiring an additional 72 shares during the period. Finally, Canal Capital Management LLC boosted its holdings in PNC Financial Services Group by 0.8% during the 3rd quarter. Canal Capital Management LLC now owns 9,278 shares of the financial services provider’s stock valued at $1,300,000 after acquiring an additional 73 shares during the period. Institutional investors own 79.39% of the company’s stock.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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.

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

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