The financial services group PNC (NYSE: PNC – Get a rating) is expected to release its quarterly results before the market opens on Friday, October 14. Analysts expect PNC Financial Services Group to post earnings of $3.77 per share for the quarter. Financial services group PNC has set its guidance for the third quarter of 2022 to EPS and its guidance for the fiscal year 2022 to EPS. Those interested in registering for the company’s earnings conference call can do so using this link.
The financial services group PNC (NYSE: PNC – Get a rating) last released its results on Friday, July 15. The financial services provider reported earnings per share of $3.42 for the quarter, beating consensus analyst estimates of $3.11 by $0.31. The company posted revenue of $5.12 billion in the quarter, versus a consensus estimate of $5.13 billion. The PNC Financial Services group achieved a net margin of 27.32% and a return on equity of 11.93%. The company’s revenue for the quarter increased 9.6% compared to the same quarter last year. In the same quarter last year, the company made earnings per share of $4.50. On average, analysts expect PNC Financial Services Group to post EPS of $14 for the current fiscal year and EPS of $16 for the next fiscal year.
PNC Financial Services group shares down 2.2%
PNC Financial Services Group stock opened Friday at $155.71. The company has a market cap of $63.86 billion, a P/E ratio of 12.18, a price-to-earnings growth ratio of 2.41, and a beta of 1.16. PNC Financial Services Group has a 1-year low of $146.39 and a 1-year high of $228.14. The company has a fifty-day simple moving average of $162.44 and a 200-day simple moving average of $166.31. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt ratio of 0.75.
PNC Financial Services Group Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Saturday, November 5. Shareholders of record on Monday, October 17 will receive a dividend of $1.50. This represents a dividend of $6.00 on an annualized basis and a yield of 3.85%. The ex-dividend date is Friday, October 14. The dividend distribution rate of the PNC Financial Services group is currently 46.95%.
Insiders place their bets
In other news from The PNC Financial Services Group, EVP Michael P.Lyons sold 3,500 shares of the company in a transaction dated Tuesday, August 23. The shares were sold at an average price of $166.96, for a total value of $584,360.00. Following the transaction, the executive vice president now directly owns 174,651 shares of the company, valued at approximately $29,159,730.96. The transaction was disclosed in a legal filing with the SEC, which is available via this link. Company insiders own 0.34% of the company’s shares.
Institutional investors weigh on the PNC Financial Services group
Several hedge funds and other institutional investors have recently changed their positions in the stock. Centiva Capital LP increased its holdings of shares in The PNC Financial Services Group by 6.5% during the second quarter. Centiva Capital LP now owns 3,493 shares of the financial services provider valued at $551,000 after buying 212 more shares in the last quarter. Thrivent Financial for Lutherans increased its stake in The PNC Financial Services Group by 0.6% during the second quarter. Thrivent Financial for Lutherans now owns 19,979 shares of the financial services provider worth $3,152,000 after acquiring 112 additional shares in the last quarter. EP Wealth Advisors LLC increased its stake in The PNC Financial Services Group by 14.9% during the 1st quarter. EP Wealth Advisors LLC now owns 2,187 shares of the financial services provider worth $403,000 after acquiring 283 additional shares in the last quarter. Toroso Investments LLC increased its stake in The PNC Financial Services Group by 3.0% during the 1st quarter. Toroso Investments LLC now owns 4,624 shares of the financial services provider worth $853,000 after acquiring 136 additional shares in the last quarter. Finally, Nomura Holdings Inc. increased its stake in The PNC Financial Services Group by 11.6% in the 1st quarter. Nomura Holdings Inc. now owns 8,404 shares of the financial services provider worth $1,523,000 after acquiring 876 additional shares in the last quarter. 81.89% of the shares are held by institutional investors.
A Wall Street analyst gives his opinion
A number of analysts have commented on PNC shares. Raymond James upgraded shares of PNC Financial Services Group from an “outperform” rating to a “market performer” rating in a Thursday, July 7 research note. Goldman Sachs Group raised its price target on PNC Financial Services Group shares from $162.00 to $165.00 and gave the company a “neutral” rating in a research note on Tuesday. Barclays cut its price target on PNC Financial Services Group shares from $250.00 to $222.00 and set an “overweight” rating for the company in a Monday July 18 research note. Piper Sandler set a price target of $160.00 on shares of PNC Financial Services Group in a Tuesday, July 19 research note. Finally, Wells Fargo & Company cut its price target on shares of The PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating for the company in a Friday, May 1 research note. July. One analyst rated the stock with a sell rating, nine issued a hold rating and six assigned the company’s stock a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $195.38.
PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers checking, savings and money market accounts, as well as certificates of 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, investment and cash management services.
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