The PNC Financial Services Group (NYSE:PNC) Posts Earnings Results, Beats Estimates By $0.65 EPS

The PNC Financial Services Group (NYSE:PNC) released its quarterly earnings results on Friday. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65, Zacks reports. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.77 earnings per share.

The PNC Financial Services Group Stock Up 1.3%

PNC stock opened at $215.02 on Friday. The stock has a market capitalization of $84.32 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.91 and a beta of 0.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group has a 1-year low of $145.12 and a 1-year high of $220.54. The business has a fifty day moving average price of $201.90 and a 200-day moving average price of $197.01.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Large investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. JPL Wealth Management LLC purchased a new stake in The PNC Financial Services Group during the third quarter valued at $37,000. Palisade Asset Management LLC bought a new position in The PNC Financial Services Group in the third quarter valued at about $42,000. Rehmann Capital Advisory Group purchased a new position in The PNC Financial Services Group in the third quarter worth about $207,000. Finally, Polymer Capital Management HK LTD bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at about $207,000. Institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of research reports. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. UBS Group upped their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Evercore ISI lifted their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $222.06.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.