The PNC Financial Services Group (NYSE:PNC) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

The PNC Financial Services Group (NYSE:PNC) posted its quarterly earnings results on Tuesday. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.01, RTT News reports. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.98 earnings per share.

The PNC Financial Services Group Price Performance

PNC stock opened at $147.25 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group has a one year low of $109.40 and a one year high of $162.24. The firm has a market capitalization of $58.58 billion, a PE ratio of 12.36, a P/E/G ratio of 1.69 and a beta of 1.18. The firm has a 50-day moving average of $151.80 and a two-hundred day moving average of $141.68.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is presently 52.06%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now directly owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.42% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in The PNC Financial Services Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 37,008,602 shares of the financial services provider’s stock valued at $5,730,782,000 after buying an additional 158,093 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of The PNC Financial Services Group by 7.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after purchasing an additional 860,489 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 2.4% in the first quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after purchasing an additional 171,876 shares in the last quarter. Morgan Stanley lifted its position in shares of The PNC Financial Services Group by 28.7% in the fourth quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock worth $740,101,000 after purchasing an additional 1,045,055 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $735,469,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PNC shares. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and increased their target price for the stock from $141.00 to $155.00 in a report on Thursday, March 28th. Jefferies Financial Group upped their price target on shares of The PNC Financial Services Group from $164.00 to $171.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, UBS Group upped their price target on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $156.46.

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.