PNC Financial Services Group, Inc. (The) (PNC) Releases Earnings Results, Beats Estimates By $0.08 EPS

PNC Financial Services Group, Inc. (The) (NYSE:PNC) announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08, Bloomberg Earnings reports. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. During the same quarter in the previous year, the business earned $1.82 EPS. PNC Financial Services Group, Inc. (The)’s revenue for the quarter was up 7.0% compared to the same quarter last year.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.73% during trading on Friday, hitting $128.05. The company’s stock had a trading volume of 2,931,653 shares. The firm’s 50 day moving average price is $126.99 and its 200-day moving average price is $123.22. PNC Financial Services Group, Inc. has a 52 week low of $84.60 and a 52 week high of $133.26. The company has a market cap of $61.36 billion, a PE ratio of 16.30 and a beta of 0.93.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.34%. The ex-dividend date was Thursday, July 13th. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is 38.12%.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $2.70 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

In related news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

PNC has been the subject of several research reports. Zacks Investment Research lowered PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $129.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, July 14th. Nomura upped their price target on PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday, July 17th. Finally, Instinet reiterated a “neutral” rating and issued a $126.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $122.57.

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PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Earnings History for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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