PNC Financial Services Group, Inc. (The) (NYSE:PNC) announced a quarterly dividend on Tuesday, October 3rd, RTT News reports. Investors of record on Tuesday, October 17th will be given a dividend of 0.75 per share by the financial services provider on Sunday, November 5th. This represents a $3.00 annualized dividend and a dividend yield of 2.22%.

PNC Financial Services Group, Inc. (The) has increased its dividend by an average of 7.2% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. PNC Financial Services Group, Inc. (The) has a dividend payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Analysts expect PNC Financial Services Group, Inc. (The) to earn $9.26 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 32.4%.

Shares of PNC Financial Services Group, Inc. (PNC) traded down 0.50% on Tuesday, reaching $134.44. 454,412 shares of the company were exchanged. PNC Financial Services Group, Inc. has a 12-month low of $87.34 and a 12-month high of $135.73. The stock has a market capitalization of $64.42 billion, a PE ratio of 17.11 and a beta of 0.95. The firm has a 50 day moving average price of $128.64 and a 200-day moving average price of $124.22.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. PNC Financial Services Group, Inc. (The)’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.82 earnings per share. On average, analysts predict that PNC Financial Services Group, Inc. will post $8.41 EPS for the current fiscal year.

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PNC Financial Services Group, Inc. (The) declared that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.70 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

A number of equities analysts have weighed in on the company. Nomura upped their target price on PNC Financial Services Group, Inc. (The) from $129.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, September 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $129.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, July 14th. Robert W. Baird reiterated a “buy” rating and set a $135.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Sunday. Jefferies Group LLC reiterated a “hold” rating and set a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, August 11th. Finally, Instinet reissued a “neutral” rating and set a $132.00 price objective (up previously from $129.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Saturday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $126.81.

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

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.

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

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