The PNC Financial Services Group, Inc (NYSE:PNC) Shareholders to Receive $2.00 Quarterly Dividend

The PNC Financial Services Group, Inc (NYSE:PNC) declared a quarterly dividend on Friday, October 2nd. Stockholders of record on Wednesday, October 14th will be paid a dividend of $2.00 per share by the financial services provider on Thursday, November 5th. This represents a $8.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, October 14th.

The PNC Financial Services Group has increased its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 14 years. The PNC Financial Services Group has a payout ratio of 46.5% meaning its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $21.30 per share next year, which means the company should continue to be able to cover its $8.00 annual dividend with an expected future payout ratio of 37.6%.

The PNC Financial Services Group Stock Up 0.0%

NYSE PNC opened at $219.23 on Monday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a market capitalization of $87.46 billion, a PE ratio of 12.07, a PEG ratio of 1.15 and a beta of 0.94. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $258.96. The business’s 50-day moving average is $238.89 and its 200 day moving average is $232.82.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%. The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.85 EPS. Sell-side analysts forecast that The PNC Financial Services Group will post 19.22 earnings per share for the current year.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several large investors have recently made changes to their positions in PNC. BlackRock Inc. purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $7,921,455,000. State Street Corp boosted its holdings in shares of The PNC Financial Services Group by 4.3% in the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after buying an additional 765,097 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $2,102,631,000. Deutsche Bank AG purchased a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in The PNC Financial Services Group by 1.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after buying an additional 39,112 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its banking and financial services businesses, PNC serves consumers, small and mid-sized businesses, corporations, government entities and institutional clients across the United States.

PNC’s principal activities include retail banking, corporate and institutional banking, and asset management. Its products and services include deposit accounts, consumer and business lending, mortgages, credit cards, treasury management, investment banking, commercial finance, wealth management and investment advisory services.