The PNC Financial Services Group, Inc. (NYSE:PNC) Forecasted to Earn Q4 2022 Earnings of $3.80 Per Share

The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) – Jefferies Financial Group dropped their Q4 2022 earnings per share (EPS) estimates for shares of The PNC Financial Services Group in a note issued to investors on Monday, January 9th. Jefferies Financial Group analyst K. Usdin now expects that the financial services provider will post earnings per share of $3.80 for the quarter, down from their prior forecast of $3.82. The consensus estimate for The PNC Financial Services Group’s current full-year earnings is $14.40 per share. Jefferies Financial Group also issued estimates for The PNC Financial Services Group’s Q1 2023 earnings at $3.35 EPS, Q4 2023 earnings at $2.99 EPS, Q1 2024 earnings at $3.92 EPS and Q2 2024 earnings at $3.60 EPS.

The PNC Financial Services Group (NYSE:PNCGet Rating) last announced its earnings results on Friday, October 14th. The financial services provider reported $3.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.66 by $0.12. The PNC Financial Services Group had a return on equity of 12.45% and a net margin of 26.96%. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the firm posted $3.75 EPS. The business’s revenue was up 6.8% on a year-over-year basis.

Several other research analysts also recently commented on the company. Morgan Stanley increased their price objective on The PNC Financial Services Group from $176.00 to $177.00 and gave the company an “underweight” rating in a research note on Thursday, December 15th. Wolfe Research increased their price objective on The PNC Financial Services Group from $164.00 to $170.00 in a research note on Thursday, December 1st. Odeon Capital Group raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $176.27 price objective for the company in a research note on Tuesday. UBS Group downgraded The PNC Financial Services Group from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $190.00 to $176.00 in a research note on Tuesday. Finally, Evercore ISI reduced their price objective on The PNC Financial Services Group to $180.00 in a research note on Thursday, October 20th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $182.72.

The PNC Financial Services Group Trading Up 0.4 %

Shares of NYSE:PNC opened at $164.94 on Tuesday. The PNC Financial Services Group has a 1 year low of $143.52 and a 1 year high of $228.14. The firm has a market capitalization of $66.52 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 2.29 and a beta of 1.16. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.78 and a quick ratio of 0.78. The business’s 50 day moving average price is $158.83 and its 200-day moving average price is $159.81.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, February 5th. Investors of record on Tuesday, January 17th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Friday, January 13th. The PNC Financial Services Group’s payout ratio is 45.25%.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 2,833 shares of the firm’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $159.66, for a total transaction of $452,316.78. Following the completion of the sale, the executive vice president now directly owns 20,527 shares of the company’s stock, valued at approximately $3,277,340.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 37,505,547 shares of the financial services provider’s stock valued at $5,604,078,000 after acquiring an additional 198,950 shares during the period. State Street Corp boosted its holdings in The PNC Financial Services Group by 3.3% during the 3rd quarter. State Street Corp now owns 18,436,065 shares of the financial services provider’s stock valued at $2,754,717,000 after acquiring an additional 595,811 shares during the period. Capital Research Global Investors boosted its holdings in The PNC Financial Services Group by 1.2% during the 1st quarter. Capital Research Global Investors now owns 17,152,726 shares of the financial services provider’s stock valued at $3,163,834,000 after acquiring an additional 195,172 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in The PNC Financial Services Group by 21.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock valued at $2,116,282,000 after acquiring an additional 2,373,814 shares during the period. Finally, Northern Trust Corp boosted its holdings in The PNC Financial Services Group by 2.3% during the 2nd quarter. Northern Trust Corp now owns 4,951,908 shares of the financial services provider’s stock valued at $781,263,000 after acquiring an additional 110,218 shares during the period. 82.05% of the stock is currently owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

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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, and investment and cash management services.

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Earnings History and Estimates for The PNC Financial Services Group (NYSE:PNC)

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