The PNC Financial Services Group, Inc (NYSE:PNC) to Issue Dividend Increase – $2.00 Per Share

The PNC Financial Services Group, Inc (NYSE:PNC) announced a quarterly dividend on Monday, July 6th. Shareholders of record on Monday, July 20th will be given a dividend of 2.00 per share by the financial services provider on Wednesday, August 5th. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, July 20th. This is a 17.6% increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70.

The PNC Financial Services Group has raised its dividend payment by an average of 0.1%per year 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 39.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect The PNC Financial Services Group to earn $21.00 per share next year, which means the company should continue to be able to cover its $6.80 annual dividend with an expected future payout ratio of 32.4%.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded up $1.82 on Tuesday, hitting $255.00. The stock had a trading volume of 182,983 shares, compared to its average volume of 2,426,580. The business’s 50-day simple moving average is $226.89 and its two-hundred day simple moving average is $220.69. The stock has a market cap of $102.40 billion, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group has a 52-week low of $176.88 and a 52-week high of $256.00. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the business earned $3.51 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 13.1% compared to the same quarter last year. As a group, research analysts predict that The PNC Financial Services Group will post 18.82 earnings per share for the current year.

Insider Activity

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in The PNC Financial Services Group in the 4th quarter valued at $1,967,080,000. Viking Global Investors LP boosted its stake in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Corient Private Wealth LLC boosted its stake in shares of The PNC Financial Services Group by 961.7% during the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after purchasing an additional 2,382,552 shares during the period. Deutsche Bank AG grew its holdings in shares of The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after purchasing an additional 1,994,431 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in The PNC Financial Services Group by 50.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

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.