The PNC Financial Services Group (NYSE:PNC) Releases Earnings Results

The PNC Financial Services Group (NYSE:PNC) announced its earnings results on Friday. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65, Zacks reports. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion.

The PNC Financial Services Group Stock Up 1.3%

Shares of The PNC Financial Services Group stock opened at $215.02 on Friday. 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 50-day moving average of $201.90 and a two-hundred day moving average of $197.01. The company has a market capitalization of $84.32 billion, a P/E ratio of 13.89, a price-to-earnings-growth 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 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 paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial upped their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Morgan Stanley raised their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Oppenheimer dropped their price objective on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Finally, Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $222.06.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.41% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

Institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC increased its position in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares during the last quarter. Sivia Capital Partners LLC raised its stake in The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after buying an additional 1,449 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after buying an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $482,000. 83.53% of the stock is currently owned by 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.