The PNC Financial Services Group, Inc. (NYSE:PNC) Raises Dividend to $1.60 Per Share

The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly dividend on Tuesday, July 2nd, Wall Street Journal reports. Stockholders 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 3.80%. The ex-dividend date is Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55.

The PNC Financial Services Group has increased its dividend by an average of 9.9% per year over the last three years and has increased its dividend every year for the last 14 years. The PNC Financial Services Group has a payout ratio of 44.3% meaning its dividend is sufficiently covered by earnings. Research 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 $6.40 annual dividend with an expected future payout ratio of 45.1%.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $168.56 on Friday. The firm has a 50 day moving average of $156.17 and a 200-day moving average of $153.54. The stock has a market capitalization of $67.07 billion, a PE ratio of 14.15, a PEG ratio of 1.72 and a beta of 1.15. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group has a 12 month low of $109.40 and a 12 month high of $169.68.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The business had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.98 EPS. On average, equities research analysts predict that The PNC Financial Services Group will post 12.67 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were 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 in the company, valued at $545,856.74. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Insiders have sold a total of 5,177 shares of company stock valued at $814,791 over the last ninety days. 0.42% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PNC shares. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Evercore ISI boosted their target price on shares of The PNC Financial Services Group from $180.00 to $184.00 and gave the stock an “outperform” rating in a report on Tuesday, June 25th. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Jefferies Financial Group boosted their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $159.63.

The PNC Financial Services Group Company Profile

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.