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

The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly dividend on Thursday, April 3rd, RTT News reports. Shareholders of record on Wednesday, April 16th will be given 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 3.90%.

The PNC Financial Services Group has increased its dividend by an average of 9.0% annually 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 36.6% indicating that 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 7.3 %

PNC traded down $12.92 during midday trading on Thursday, reaching $164.09. The company’s stock had a trading volume of 1,612,605 shares, compared to its average volume of 1,886,557. The stock’s 50-day moving average is $186.59 and its 200-day moving average is $192.07. The PNC Financial Services Group has a 1 year low of $143.52 and a 1 year high of $216.26. The firm has a market capitalization of $64.94 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 1.55 and a beta of 1.04. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research report on Thursday. The Goldman Sachs Group lowered their price target on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Citigroup lowered their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their price target for the company from $206.00 to $202.00 in a research note on Monday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $205.65.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $202.11, for a total value of $251,020.62. Following the completion of the transaction, the chief executive officer now owns 522,587 shares in the company, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 13,662 shares of company stock valued at $2,559,389. Corporate insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

A hedge fund recently raised its stake in The PNC Financial Services Group stock. Brighton Jones LLC raised its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 32.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,041 shares of the financial services provider’s stock after acquiring an additional 984 shares during the period. 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. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Company Profile

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.