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

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 3.90%.

The PNC Financial Services Group has increased its dividend payment by an average of 9.0% annually over the last three years and has increased its dividend every year for the last 14 years. The PNC Financial Services Group has a payout ratio of 36.6% meaning its dividend is sufficiently covered by earnings. 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, hitting $164.09. The company had a trading volume of 1,612,605 shares, compared to its average volume of 1,886,557. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock’s 50 day moving average price is $186.59 and its 200 day moving average price is $192.07. The company 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 PNC Financial Services Group has a 52 week low of $143.52 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the firm earned $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PNC has been the subject of several analyst reports. Stephens reissued an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Citigroup dropped their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. The Goldman Sachs Group lowered their target price on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Wells Fargo & Company cut their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $205.65.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $192.15, for a total transaction of $238,650.30. Following the sale, the chief executive officer now owns 527,555 shares in the company, valued at $101,369,693.25. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 13,662 shares of company stock worth $2,559,389 over the last three months. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

An institutional investor recently raised its position in The PNC Financial Services Group stock. Brighton Jones LLC raised its holdings 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 disclosure with the Securities & Exchange Commission. The firm owned 4,041 shares of the financial services provider’s stock after buying an additional 984 shares during the period. Brighton Jones LLC’s holdings in The PNC Financial Services Group were worth $779,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

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.