$4.41 Billion in Sales Expected for PNC Financial Services Group Inc (NYSE:PNC) This Quarter

Wall Street brokerages expect PNC Financial Services Group Inc (NYSE:PNC) to report $4.41 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for PNC Financial Services Group’s earnings. The lowest sales estimate is $4.38 billion and the highest is $4.45 billion. PNC Financial Services Group reported sales of $4.36 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The business is expected to announce its next earnings report on Friday, October 11th.

According to Zacks, analysts expect that PNC Financial Services Group will report full year sales of $17.60 billion for the current fiscal year, with estimates ranging from $17.49 billion to $17.67 billion. For the next fiscal year, analysts forecast that the business will report sales of $17.94 billion, with estimates ranging from $17.66 billion to $18.18 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover PNC Financial Services Group.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.05. The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.40 billion. PNC Financial Services Group had a return on equity of 11.10% and a net margin of 25.46%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.72 EPS.

PNC has been the subject of a number of research analyst reports. Morgan Stanley set a $141.00 price target on PNC Financial Services Group and gave the stock a “hold” rating in a report on Friday, August 9th. ValuEngine cut PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised their target price on PNC Financial Services Group from $137.50 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. PNC Financial Services Group currently has an average rating of “Hold” and an average target price of $143.41.

Shares of NYSE PNC traded down $3.33 during mid-day trading on Friday, reaching $123.09. 1,533,207 shares of the company’s stock were exchanged, compared to its average volume of 2,116,071. The firm has a market capitalization of $56.29 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 1.65 and a beta of 1.07. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. PNC Financial Services Group has a 52-week low of $108.45 and a 52-week high of $147.00. The company’s 50-day moving average is $136.25 and its 200-day moving average is $131.34.

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Friday, July 19th were issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.74%. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio (DPR) is 42.95%.

In other PNC Financial Services Group news, insider Gregory H. Kozich sold 3,441 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $144.24, for a total value of $496,329.84. Following the sale, the insider now owns 6,639 shares of the company’s stock, valued at approximately $957,609.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Hannon sold 5,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $138.41, for a total value of $692,050.00. Following the completion of the sale, the insider now directly owns 52,417 shares in the company, valued at approximately $7,255,036.97. The disclosure for this sale can be found here. Insiders have sold a total of 141,242 shares of company stock valued at $19,853,468 over the last 90 days. 0.37% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of PNC. Nuveen Asset Management LLC raised its position in PNC Financial Services Group by 39,296.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 4,683,480 shares of the financial services provider’s stock valued at $642,948,000 after purchasing an additional 4,671,592 shares in the last quarter. Thoroughbred Financial Services LLC raised its position in PNC Financial Services Group by 13,808.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,885,933 shares of the financial services provider’s stock valued at $188,593,000 after purchasing an additional 1,872,373 shares in the last quarter. Putnam Investments LLC raised its position in PNC Financial Services Group by 27,828.9% in the 2nd quarter. Putnam Investments LLC now owns 1,173,295 shares of the financial services provider’s stock valued at $161,070,000 after purchasing an additional 1,169,094 shares in the last quarter. FMR LLC raised its position in PNC Financial Services Group by 3.8% in the 1st quarter. FMR LLC now owns 11,267,238 shares of the financial services provider’s stock valued at $1,382,040,000 after purchasing an additional 407,250 shares in the last quarter. Finally, Hexavest Inc. acquired a new stake in PNC Financial Services Group in the 2nd quarter valued at about $53,247,000. 81.83% of the stock is currently owned by institutional investors.

PNC Financial Services Group Company Profile

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.

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

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