Jefferies Financial Group Equities Analysts Raise Earnings Estimates for PNC Financial Services Group Inc (NYSE:PNC)

Share on StockTwits

PNC Financial Services Group Inc (NYSE:PNC) – Investment analysts at Jefferies Financial Group boosted their FY2019 earnings per share (EPS) estimates for shares of PNC Financial Services Group in a research note issued on Wednesday, October 16th. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will post earnings of $11.37 per share for the year, up from their previous estimate of $11.22. Jefferies Financial Group also issued estimates for PNC Financial Services Group’s Q1 2020 earnings at $2.77 EPS, Q2 2020 earnings at $2.91 EPS, Q3 2020 earnings at $2.92 EPS and Q4 2020 earnings at $3.05 EPS.

PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $2.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.80 by $0.14. The business had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.41 billion. PNC Financial Services Group had a net margin of 24.96% and a return on equity of 10.94%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.82 earnings per share.

Several other analysts also recently weighed in on PNC. Wells Fargo & Co lifted their target price on shares of PNC Financial Services Group from $134.00 to $147.00 and gave the company a “market perform” rating in a report on Thursday, October 17th. Barclays set a $158.00 target price on shares of PNC Financial Services Group and gave the company a “hold” rating in a report on Thursday, October 17th. UBS Group lifted their target price on shares of PNC Financial Services Group from $142.00 to $146.00 and gave the company a “neutral” rating in a report on Monday. ValuEngine downgraded shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley set a $141.00 target price on shares of PNC Financial Services Group and gave the company a “hold” rating in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $143.74.

Shares of NYSE:PNC opened at $145.46 on Monday. The company has a market cap of $63.90 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.74 and a beta of 1.13. The firm’s 50-day simple moving average is $138.84 and its 200-day simple moving average is $134.94. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.24. PNC Financial Services Group has a fifty-two week low of $108.45 and a fifty-two week high of $146.88.

A number of hedge funds have recently added to or reduced their stakes in PNC. Brightworth raised its position in PNC Financial Services Group by 4.1% during the second quarter. Brightworth now owns 1,784 shares of the financial services provider’s stock worth $245,000 after acquiring an additional 70 shares during the last quarter. City Holding Co. raised its position in PNC Financial Services Group by 1.7% during the third quarter. City Holding Co. now owns 4,273 shares of the financial services provider’s stock worth $599,000 after acquiring an additional 72 shares during the last quarter. SevenBridge Financial Group LLC raised its position in PNC Financial Services Group by 0.5% during the third quarter. SevenBridge Financial Group LLC now owns 14,576 shares of the financial services provider’s stock worth $2,043,000 after acquiring an additional 75 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its position in PNC Financial Services Group by 0.7% during the second quarter. Vestmark Advisory Solutions Inc. now owns 11,211 shares of the financial services provider’s stock worth $1,539,000 after acquiring an additional 81 shares during the last quarter. Finally, First Citizens Bank & Trust Co. raised its position in PNC Financial Services Group by 2.2% during the third quarter. First Citizens Bank & Trust Co. now owns 3,731 shares of the financial services provider’s stock worth $522,000 after acquiring an additional 81 shares during the last quarter. 80.82% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO William S. Demchak sold 17,132 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $135.11, for a total transaction of $2,314,704.52. Following the sale, the chief executive officer now owns 507,979 shares of the company’s stock, valued at $68,633,042.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Joseph E. Rockey sold 10,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $145.00, for a total transaction of $1,450,000.00. Following the sale, the executive vice president now directly owns 18,453 shares in the company, valued at approximately $2,675,685. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,089 shares of company stock worth $5,472,343. 0.37% of the stock is owned by insiders.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Thursday, October 17th will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Wednesday, October 16th. PNC Financial Services Group’s dividend payout ratio is currently 42.95%.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Read More: Bond

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

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.