PNC Financial Services Group Inc (PNC) to Post FY2018 Earnings of $10.73 Per Share, Jefferies Financial Group Forecasts

PNC Financial Services Group Inc (NYSE:PNC) – Research analysts at Jefferies Financial Group lowered their FY2018 earnings estimates for shares of PNC Financial Services Group in a research report issued to clients and investors on Monday, October 15th, Zacks Investment Research reports. Jefferies Financial Group analyst K. Usdin now expects that the financial services provider will earn $10.73 per share for the year, down from their previous forecast of $10.79. Jefferies Financial Group also issued estimates for PNC Financial Services Group’s Q4 2018 earnings at $2.77 EPS and FY2019 earnings at $11.35 EPS.

PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. The firm had revenue of $4.36 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same period last year, the firm posted $2.16 EPS.

A number of other equities analysts also recently weighed in on PNC. Vining Sparks reaffirmed a “buy” rating and issued a $160.00 target price on shares of PNC Financial Services Group in a research note on Tuesday, October 9th. ValuEngine downgraded shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Sanford C. Bernstein raised shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $158.00 to $145.00 in a research note on Monday, October 15th. Deutsche Bank raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating in a research note on Monday, October 15th. Finally, Morgan Stanley dropped their target price on shares of PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research note on Monday, October 15th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $155.50.

Shares of NYSE PNC traded down $0.01 during trading on Wednesday, reaching $134.23. The company had a trading volume of 2,250,227 shares, compared to its average volume of 3,409,259. PNC Financial Services Group has a 52 week low of $116.55 and a 52 week high of $163.59. The company has a market cap of $61.50 billion, a PE ratio of 15.79, a P/E/G ratio of 1.31 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.11.

PNC Financial Services Group declared that its Board of Directors has authorized a share buyback plan on Thursday, November 8th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 1.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Wednesday, October 17th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio is 44.71%.

In related news, EVP Robert Q. Reilly sold 24,710 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the transaction, the executive vice president now owns 131,020 shares in the company, valued at $18,406,999.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PNC. Point72 Asset Management L.P. acquired a new position in PNC Financial Services Group during the second quarter valued at approximately $74,962,000. Janus Henderson Group PLC grew its holdings in PNC Financial Services Group by 37.6% during the second quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock valued at $216,609,000 after purchasing an additional 437,808 shares during the period. Jennison Associates LLC grew its holdings in PNC Financial Services Group by 5.7% during the second quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock valued at $880,971,000 after purchasing an additional 353,976 shares during the period. Advisors Asset Management Inc. grew its holdings in PNC Financial Services Group by 932.7% during the second quarter. Advisors Asset Management Inc. now owns 382,419 shares of the financial services provider’s stock valued at $4,098,000 after purchasing an additional 345,388 shares during the period. Finally, Prudential Financial Inc. grew its holdings in PNC Financial Services Group by 54.0% during the third quarter. Prudential Financial Inc. now owns 954,849 shares of the financial services provider’s stock valued at $130,041,000 after purchasing an additional 335,010 shares during the period. Hedge funds and other institutional investors own 79.84% of the company’s stock.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, 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.

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

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