The PNC Financial Services Group, Inc. Announces Quarterly Dividend of $1.60 (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNC) announced a quarterly dividend on Friday, October 4th, Wall Street Journal reports. Investors of record on Wednesday, October 16th will be paid a dividend of 1.60 per share by the financial services provider on Tuesday, November 5th. This represents a $6.40 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Wednesday, October 16th.

The PNC Financial Services Group has a payout ratio of 43.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect The PNC Financial Services Group to earn $14.56 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 44.0%.

The PNC Financial Services Group Stock Up 2.2 %

PNC stock traded up $3.87 during midday trading on Friday, hitting $182.26. The company’s stock had a trading volume of 1,097,015 shares, compared to its average volume of 1,861,847. The firm has a market capitalization of $72.45 billion, a P/E ratio of 15.28, a PEG ratio of 2.01 and a beta of 1.14. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The PNC Financial Services Group has a 52-week low of $109.40 and a 52-week high of $187.78. The firm has a 50-day simple moving average of $178.11 and a 200-day simple moving average of $164.85.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.36 EPS. As a group, equities analysts forecast that The PNC Financial Services Group will post 13.14 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Barclays lifted their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. UBS Group raised their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Finally, Citigroup upped their target price on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $177.65.

Insider Transactions at The PNC Financial Services Group

In other news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the transaction, the president now directly owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $183.74, for a total transaction of $228,205.08. Following the completion of the transaction, the chief executive officer now owns 549,733 shares in the company, valued at approximately $101,007,941.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,824 shares of company stock worth $4,580,223 in the last three months. 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.