The PNC Financial Services Group (NYSE:PNC) Issues Earnings Results, Beats Estimates By $0.51 EPS

The PNC Financial Services Group (NYSE:PNC – Get Rating) announced its quarterly earnings data on Thursday. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.78 by $0.51, RTT News reports. The PNC Financial Services Group had a net margin of 28.81% and a return on equity of 12.86%. The business had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period last year, the firm posted $4.10 EPS. The company’s revenue was up 11.2% on a year-over-year basis. The PNC Financial Services Group updated its Q2 2022 guidance to EPS and its FY 2022 guidance to EPS.

Shares of PNC opened at $175.00 on Friday. The stock has a market cap of $73.23 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 2.22 and a beta of 1.26. The firm’s fifty day moving average is $192.64 and its two-hundred day moving average is $201.26. The PNC Financial Services Group has a 52-week low of $170.14 and a 52-week high of $228.14. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.55.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 5th. Stockholders of record on Wednesday, April 13th will be given a dividend of $1.50 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.25. The ex-dividend date is Tuesday, April 12th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.43%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 47.28%.

Several research analysts have commented on PNC shares. Argus increased their price objective on shares of The PNC Financial Services Group from $220.00 to $245.00 in a report on Wednesday, January 19th. Credit Suisse Group increased their target price on shares of The PNC Financial Services Group from $203.00 to $207.00 and gave the company a “neutral” rating in a research note on Wednesday, January 19th. Zacks Investment Research lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $221.00 price target for the company. in a research note on Thursday, January 20th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of The PNC Financial Services Group in a research report on Friday, December 17th. Finally, Morgan Stanley dropped their target price on The PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating on the stock in a research report on Monday, March 28th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $219.32.

In related news, EVP Michael P. Lyons sold 5,500 shares of the business’s stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $182.59, for a total value of $1,004,245.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in PNC. Allstate Corp raised its position in The PNC Financial Services Group by 1.7% in the 4th quarter. Allstate Corp now owns 9,180 shares of the financial services provider’s stock valued at $1,841,000 after purchasing an additional 156 shares in the last quarter. Tobam raised its stake in The PNC Financial Services Group by 24.0% in the fourth quarter. Tobam now owns 1,032 shares of the financial services provider’s stock valued at $207,000 after buying an additional 200 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of The PNC Financial Services Group by 44.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,122 shares of the financial services provider’s stock worth $225,000 after acquiring an additional 345 shares in the last quarter. Covington Capital Management increased its holdings in shares of The PNC Financial Services Group by 212.5% in the 4th quarter. Covington Capital Management now owns 750 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 510 shares during the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in The PNC Financial Services Group by 39.6% during the fourth quarter. EP Wealth Advisors LLC now owns 1,904 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

About The PNC Financial Services Group (Get Rating)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

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