The PNC Financial Services Group, Inc. (PNC) to Issue Quarterly Dividend of $1.60 on August 5th

The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly dividend on Tuesday, July 2nd, Wall Street Journal reports. Investors of record on Monday, July 15th will be paid a dividend of 1.60 per share by the financial services provider on Monday, August 5th. This represents a $6.40 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55.

The PNC Financial Services Group has increased its dividend payment by an average of 9.9% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. The PNC Financial Services Group has a dividend payout ratio of 43.3% meaning its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $14.18 per share next year, which means the company should continue to be able to cover its $6.20 annual dividend with an expected future payout ratio of 43.7%.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $157.84 on Thursday. The company’s fifty day simple moving average is $155.21 and its two-hundred day simple moving average is $153.02. The PNC Financial Services Group has a 12-month low of $109.40 and a 12-month high of $162.24. The firm has a market cap of $62.81 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.98 earnings per share. As a group, equities analysts expect that The PNC Financial Services Group will post 12.65 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PNC shares. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Jefferies Financial Group boosted their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday. Bank of America lifted their price target on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $158.56.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,132 shares of company stock valued at $328,809. Company insiders own 0.42% of the company’s stock.

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.