Jefferies Financial Group Comments on The PNC Financial Services Group, Inc.’s Q2 2023 Earnings (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) – Investment analysts at Jefferies Financial Group upped their Q2 2023 earnings per share estimates for shares of The PNC Financial Services Group in a research report issued on Monday, January 9th. Jefferies Financial Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $2.93 per share for the quarter, up from their prior estimate of $2.47. The consensus estimate for The PNC Financial Services Group’s current full-year earnings is $14.39 per share. Jefferies Financial Group also issued estimates for The PNC Financial Services Group’s Q3 2023 earnings at $2.62 EPS, FY2023 earnings at $11.90 EPS, Q3 2024 earnings at $3.55 EPS, Q4 2024 earnings at $3.58 EPS and FY2024 earnings at $14.65 EPS.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its quarterly earnings data on Friday, October 14th. The financial services provider reported $3.78 EPS for the quarter, beating the consensus estimate of $3.66 by $0.12. The company had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 12.45% and a net margin of 26.96%. The PNC Financial Services Group’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.75 EPS.

Several other equities analysts also recently commented on PNC. UBS Group downgraded The PNC Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $190.00 to $176.00 in a research report on Tuesday. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $162.00 to $165.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 4th. Odeon Capital Group raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $176.27 price target on the stock in a research report on Tuesday. Barclays dropped their price target on The PNC Financial Services Group from $222.00 to $218.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their price target for the stock from $200.00 to $190.00 in a research report on Friday, January 6th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $182.72.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $165.84 on Wednesday. The stock’s fifty day moving average is $158.98 and its two-hundred day moving average is $159.86. The company has a market capitalization of $66.89 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 2.29 and a beta of 1.16. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.17. The PNC Financial Services Group has a 52 week low of $143.52 and a 52 week high of $228.14.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, February 5th. Stockholders of record on Tuesday, January 17th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Friday, January 13th. The PNC Financial Services Group’s payout ratio is 45.25%.

Insider Transactions at The PNC Financial Services Group

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 sale, the executive vice president now directly owns 20,527 shares of the company’s stock, valued at $3,277,340.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

Several institutional investors have recently bought and sold shares of PNC. Price T Rowe Associates Inc. MD increased its position in shares of The PNC Financial Services Group by 21.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock worth $2,116,282,000 after purchasing an additional 2,373,814 shares in the last quarter. Federated Hermes Inc. grew its holdings in The PNC Financial Services Group by 56,674.0% in the 2nd quarter. Federated Hermes Inc. now owns 1,945,646 shares of the financial services provider’s stock valued at $306,965,000 after buying an additional 1,942,219 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in shares of The PNC Financial Services Group by 39.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,913,910 shares of the financial services provider’s stock valued at $435,463,000 after purchasing an additional 820,537 shares during the last quarter. State Street Corp lifted its stake in shares of The PNC Financial Services Group by 3.3% in 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 purchasing an additional 595,811 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of The PNC Financial Services Group by 428.6% in the third quarter. DekaBank Deutsche Girozentrale now owns 579,886 shares of the financial services provider’s stock valued at $86,869,000 after buying an additional 470,181 shares in the last quarter. 82.05% of the stock is owned by institutional investors and hedge funds.

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.