The PNC Financial Services Group, Inc (PNC) to Issue Quarterly Dividend of $2.00 on November 5th

The PNC Financial Services Group, Inc (NYSE:PNC) announced a quarterly dividend on Friday, October 2nd. Shareholders 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 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, October 14th.

The PNC Financial Services Group has raised its dividend payment by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 14 years. The PNC Financial Services Group has a dividend payout ratio of 46.5% meaning its dividend is sufficiently covered by earnings. Research 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 Performance

The PNC Financial Services Group stock opened at $219.23 on Monday. The firm has a market capitalization of $87.46 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.15 and a beta of 0.94. The stock has a fifty day moving average price of $238.89 and a two-hundred day moving average price of $232.82. The PNC Financial Services Group has a 52-week low of $176.88 and a 52-week high of $258.96. 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 PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the previous year, the company earned $3.85 EPS. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, analysts anticipate that The PNC Financial Services Group will post 19.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Barclays lifted their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. dropped their price objective on shares of The PNC Financial Services Group from $269.50 to $258.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. The Goldman Sachs Group dropped their price objective on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Finally, Citigroup lifted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $270.11.

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.