The PNC Financial Services Group, Inc. (NYSE:PNC) Expected to Announce Quarterly Sales of $5.13 Billion

Analysts predict that The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) will post sales of $5.13 billion for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for The PNC Financial Services Group’s earnings. The highest sales estimate is $5.31 billion and the lowest is $4.99 billion. The PNC Financial Services Group reported sales of $4.67 billion in the same quarter last year, which would suggest a positive year over year growth rate of 9.9%. The firm is expected to issue its next earnings report before the market opens on Monday, January 1st.

On average, analysts expect that The PNC Financial Services Group will report full-year sales of $20.72 billion for the current financial year, with estimates ranging from $20.13 billion to $20.90 billion. For the next year, analysts expect that the firm will report sales of $22.62 billion, with estimates ranging from $22.09 billion to $23.45 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover The PNC Financial Services Group.

The PNC Financial Services Group (NYSE:PNCGet Rating) last posted its quarterly earnings results on Thursday, April 14th. The financial services provider reported $3.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.78 by $0.51. The PNC Financial Services Group had a return on equity of 12.43% and a net margin of 26.14%. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the company earned $4.10 EPS. The PNC Financial Services Group’s revenue for the quarter was up 11.2% compared to the same quarter last year.

A number of research analysts have recently commented on PNC shares. Piper Sandler reduced their target price on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a research report on Friday, April 1st. Raymond James reduced their target price on The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a report on Monday, April 18th. Robert W. Baird boosted their price target on The PNC Financial Services Group from $200.00 to $230.00 in a report on Wednesday, January 19th. Credit Suisse Group raised their price objective on The PNC Financial Services Group from $203.00 to $207.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 19th. Finally, StockNews.com started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 31st. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $219.53.

In related news, EVP Guild Deborah sold 1,257 shares of the stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the sale, the executive vice president now directly owns 23,360 shares in the company, valued at $3,984,281.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in The PNC Financial Services Group by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 37,277,399 shares of the financial services provider’s stock worth $6,875,816,000 after buying an additional 349,470 shares during the period. BlackRock Inc. boosted its stake in The PNC Financial Services Group by 2.0% during the first quarter. BlackRock Inc. now owns 30,563,752 shares of the financial services provider’s stock worth $5,637,484,000 after buying an additional 589,293 shares in the last quarter. State Street Corp boosted its holdings in The PNC Financial Services Group by 2.8% during the fourth quarter. State Street Corp now owns 19,704,923 shares of the financial services provider’s stock valued at $3,951,231,000 after purchasing an additional 536,564 shares in the last quarter. Capital Research Global Investors grew its position in The PNC Financial Services Group by 10.7% in the fourth quarter. Capital Research Global Investors now owns 16,957,554 shares of the financial services provider’s stock valued at $3,400,329,000 after acquiring an additional 1,639,724 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of The PNC Financial Services Group by 15.3% in the 3rd quarter. Wellington Management Group LLP now owns 16,743,639 shares of the financial services provider’s stock valued at $3,275,724,000 after purchasing an additional 2,221,691 shares in the last quarter. Institutional investors own 83.54% of the company’s stock.

PNC stock traded down $1.86 on Monday, hitting $157.44. The company’s stock had a trading volume of 2,162,056 shares, compared to its average volume of 2,437,288. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average of $179.60 and a two-hundred day moving average of $196.23. The PNC Financial Services Group has a 1 year low of $156.20 and a 1 year high of $228.14. The stock has a market cap of $65.11 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 2.23 and a beta of 1.24.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 5th. Stockholders of record on Wednesday, April 13th were given a dividend of $1.50 per share. The ex-dividend date was Tuesday, April 12th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.25. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.81%. The PNC Financial Services Group’s payout ratio is 50.76%.

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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