The PNC Financial Services Group, Inc. (NYSE:PNC – Get Free Report) declared a quarterly dividend on Tuesday, July 2nd, Wall Street Journal reports. Investors of record on Monday, July 15th will be paid a dividend of 1.60 per share by the financial services provider on Monday, August 5th. This represents a $6.40 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55.
The PNC Financial Services Group has increased its dividend payment by an average of 9.9% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. The PNC Financial Services Group has a dividend payout ratio of 43.3% meaning its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $14.18 per share next year, which means the company should continue to be able to cover its $6.20 annual dividend with an expected future payout ratio of 43.7%.
The PNC Financial Services Group Price Performance
Shares of The PNC Financial Services Group stock opened at $157.84 on Thursday. The company’s fifty day simple moving average is $155.21 and its two-hundred day simple moving average is $153.02. The PNC Financial Services Group has a 12-month low of $109.40 and a 12-month high of $162.24. The firm has a market cap of $62.81 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.
Wall Street Analyst Weigh In
Several research analysts have issued reports on PNC shares. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Jefferies Financial Group boosted their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday. Bank of America lifted their price target on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $158.56.
Get Our Latest Stock Analysis on The PNC Financial Services Group
Insider Buying and Selling
In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,132 shares of company stock valued at $328,809. Company insiders own 0.42% of the company’s stock.
About The PNC Financial Services Group
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.
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