PNC Financial Services Group Inc (NYSE:PNC) Increases Dividend to $1.15 Per Share
PNC Financial Services Group Inc (NYSE:PNC) declared a quarterly dividend on Monday, July 8th, RTT News reports. Stockholders of record on Friday, July 19th will be given a dividend of 1.15 per share by the financial services provider on Monday, August 5th. This represents a $4.60 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Thursday, July 18th. This is a positive change from PNC Financial Services Group’s previous quarterly dividend of $0.95.
PNC Financial Services Group has raised its dividend by an average of 19.2% annually over the last three years and has increased its dividend every year for the last 8 years. PNC Financial Services Group has a payout ratio of 43.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PNC Financial Services Group to earn $12.03 per share next year, which means the company should continue to be able to cover its $4.60 annual dividend with an expected future payout ratio of 38.2%.
Shares of NYSE:PNC opened at $138.76 on Wednesday. The firm’s fifty day moving average is $135.57. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.88 and a quick ratio of 0.88. PNC Financial Services Group has a one year low of $108.45 and a one year high of $147.23. The firm has a market cap of $63.29 billion, a P/E ratio of 12.96, a PEG ratio of 1.82 and a beta of 1.09.
A number of equities analysts have recently weighed in on the stock. UBS Group set a $169.00 price target on shares of M&T Bank and gave the stock a “hold” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. began coverage on shares of Pinduoduo in a research report on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price target for the company. Barclays raised their price objective on shares of Zimmer Biomet from $113.00 to $117.00 and gave the stock an “underweight” rating in a report on Monday, April 15th. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, Zacks Investment Research lowered shares of Hope Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 26th. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $142.99.
PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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