The PNC Financial Services Group, Inc. (PNC) To Go Ex-Dividend on January 15th

The PNC Financial Services Group, Inc. (NYSE:PNC) announced a quarterly dividend on Friday, January 3rd,RTT News reports. Stockholders of record on Wednesday, January 15th will be paid a dividend of 1.60 per share by the financial services provider on Wednesday, February 5th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Wednesday, January 15th.

The PNC Financial Services Group has increased its dividend payment by an average of 9.5% 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 37.1% meaning its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $14.83 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 43.2%.

The PNC Financial Services Group Stock Down 2.8 %

Shares of The PNC Financial Services Group stock opened at $189.31 on Monday. The firm has a market cap of $75.11 billion, a PE ratio of 16.00, a P/E/G ratio of 2.11 and a beta of 1.16. The business’s 50 day simple moving average is $201.47 and its 200 day simple moving average is $186.01. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group has a 52-week low of $139.69 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the company earned $3.60 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that The PNC Financial Services Group will post 13.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $190.57, for a total value of $236,687.94. Following the transaction, the chief executive officer now directly owns 546,007 shares of the company’s stock, valued at approximately $104,052,553.99. The trade was a 0.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,030 shares of company stock worth $5,925,333. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stephens upped their price target on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Compass Point raised their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler upped their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $203.29.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.