The PNC Financial Services Group Inc. (PNC) Posts Earnings Results, Beats Expectations By $0.06 EPS

The PNC Financial Services Group Inc. (PNC) Posts  Earnings Results, Beats Expectations By $0.06 EPS

PNC Financial Services Group Inc. (NYSE:PNC) issued its earnings results on Friday. The company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.06. PNC Financial Services Group had a return on equity of 8.92% and a net margin of 23.77%. The firm had revenue of $3.83 billion for the quarter. During the same quarter in the previous year, the company earned $1.90 EPS. The firm’s quarterly revenue was up .9% compared to the same quarter last year.

PNC Financial Services Group (NYSE:PNC) opened at 88.21 on Tuesday. PNC Financial Services Group has a 52-week low of $77.40 and a 52-week high of $97.50. The stock’s 50 day moving average price is $89.85 and its 200 day moving average price is $86.23. The stock has a market capitalization of $43.35 billion, a price-to-earnings ratio of 12.17 and a beta of 0.91.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 7th. Stockholders of record on Monday, October 17th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $2.20 annualized dividend and a dividend yield of 2.49%. PNC Financial Services Group’s dividend payout ratio is currently 30.51%.

In related news, insider Michael J. Hannon sold 33,000 shares of PNC Financial Services Group stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $86.49, for a total transaction of $2,854,170.00. Following the completion of the transaction, the insider now directly owns 87,573 shares in the company, valued at approximately $7,574,188.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Hesse acquired 500 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The shares were bought at an average price of $82.44 per share, with a total value of $41,220.00. Following the completion of the transaction, the director now directly owns 1,100 shares in the company, valued at $90,684. The disclosure for this purchase can be found here. Corporate insiders own 0.57% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. MCF Advisors LLC increased its position in shares of PNC Financial Services Group by 1.6% in the second quarter. MCF Advisors LLC now owns 2,238 shares of the company’s stock valued at $182,000 after buying an additional 35 shares in the last quarter. Euclid Advisors LLC bought a new position in shares of PNC Financial Services Group during the second quarter valued at about $290,000. AHL Partners LLP bought a new position in shares of PNC Financial Services Group during the second quarter valued at about $299,000. Meiji Yasuda Life Insurance Co bought a new position in shares of PNC Financial Services Group during the second quarter valued at about $300,000. Finally, Ingalls & Snyder LLC bought a new position in shares of PNC Financial Services Group during the second quarter valued at about $304,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

PNC has been the topic of a number of recent research reports. Vetr downgraded PNC Financial Services Group from a “strong-buy” rating to a “buy” rating and set a $89.00 target price on the stock. in a research note on Thursday, July 7th. Nomura upgraded PNC Financial Services Group from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $95.00 to $84.00 in a research note on Thursday, July 7th. Deutsche Bank AG restated a “buy” rating on shares of PNC Financial Services Group in a research note on Wednesday, June 29th. Royal Bank Of Canada restated a “buy” rating on shares of PNC Financial Services Group in a research note on Thursday, June 23rd. Finally, FBR & Co restated a “buy” rating on shares of PNC Financial Services Group in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.71.

PNC Financial Services Group Company Profile

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