Zacks Research Analysts Increase Earnings Estimates for The PNC Financial Services Group, Inc. (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNC) – Equities researchers at Zacks Research lifted their Q1 2024 EPS estimates for The PNC Financial Services Group in a research report issued to clients and investors on Friday, April 5th. Zacks Research analyst R. Department now expects that the financial services provider will earn $3.17 per share for the quarter, up from their previous estimate of $3.02. The consensus estimate for The PNC Financial Services Group’s current full-year earnings is $12.46 per share. Zacks Research also issued estimates for The PNC Financial Services Group’s Q2 2024 earnings at $3.07 EPS, Q3 2024 earnings at $3.27 EPS, Q4 2024 earnings at $3.16 EPS, FY2024 earnings at $12.67 EPS and Q1 2025 earnings at $3.42 EPS.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, topping the consensus estimate of $2.12 by $1.04. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The business had revenue of $5.36 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter in the prior year, the company posted $3.49 earnings per share. The firm’s revenue was down 7.0% on a year-over-year basis.

A number of other analysts have also recently commented on PNC. Odeon Capital Group upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price target for the company in a research note on Thursday, December 14th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $145.00 to $152.00 and gave the company an “underperform” rating in a research note on Friday, April 5th. Jefferies Financial Group increased their price target on shares of The PNC Financial Services Group from $164.00 to $171.00 and gave the company a “hold” rating in a research note on Monday. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research note on Tuesday, January 30th. Finally, Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $157.37.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $161.40 on Monday. The stock has a market capitalization of $64.21 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.80 and a beta of 1.18. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42. The firm has a fifty day simple moving average of $151.50 and a 200 day simple moving average of $140.62. The PNC Financial Services Group has a 12 month low of $109.40 and a 12 month high of $162.24.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is 48.48%.

Insider Buying and Selling

In related news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now directly owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.42% of the stock is owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Hedge funds have recently bought and sold shares of the company. Rockline Wealth Management LLC bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $1,825,000. KPP Advisory Services LLC acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $323,000. AQR Capital Management LLC boosted its stake in shares of The PNC Financial Services Group by 144.2% in the 3rd quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after purchasing an additional 67,490 shares in the last quarter. Trust Point Inc. acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $459,000. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $295,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.