PNC Financial Services Group, Inc. (NYSE: PNC) plans quarterly dividend of $1.50

PNC Financial Services Group, Inc. (NYSE: PNC- Get a rating) announced a quarterly dividend on Friday, July 1 RTT News reports. Shareholders of record on Wednesday, July 13 will receive a dividend of 1.50 per share from the financial services provider on Friday, August 5. This represents an annualized dividend of $6.00 and a dividend yield of 3.81%.

PNC Financial Services Group has increased its dividend by an average of 12.2% per year over the past three years and has increased its dividend every year for the past 12 consecutive years. PNC Financial Services Group has a payout ratio of 36.1%, indicating that its dividend is sufficiently covered by earnings. Analysts expect PNC Financial Services Group to earn $16.45 per share next year, meaning the company should continue to be able to cover its $6.00 annual dividend with a ratio expected future payout of 36.5%.

Shares of NYSE:PNC traded down $0.13 in Friday trading, hitting $157.64. 28,405 shares were traded, against an average volume of 2,340,729. Financial services group PNC has a 12-month low of $149.51 and a 12-month high of $228.14. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt ratio of 0.54. The company has a fifty-day moving average price of $163.99 and a two-hundred-day moving average price of $186.32. The company has a market capitalization of $65.20 billion, a PE ratio of 13.35, a P/E/G ratio of 2.25 and a beta of 1.24.

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The financial services group PNC (NYSE: PNC – Get a rating) last reported results on Thursday, April 14. The financial services provider reported earnings per share (EPS) of $3.29 for the quarter, beating analyst consensus estimates of $2.78 by $0.51. The PNC Financial Services group achieved a return on equity of 12.43% and a net margin of 26.14%. The company posted revenue of $4.69 billion for the quarter, versus analyst estimates of $4.72 billion. In the same quarter of the previous year, the company achieved EPS of $4.10. PNC Financial Services Group revenue increased 11.2% year-over-year. Equity research analysts expect PNC Financial Services Group to post earnings per share of 14.19 for the current fiscal year.

Separately, director Robert A. Niblock purchased 2,000 shares of the company in a transaction that took place on Friday, May 6. The shares were purchased at an average price of $167.07 per share, with a total value of $334,140.00. Following the completion of the acquisition, the administrator now directly owns 6,063 shares of the company, valued at $1,012,945.41. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, VPE Deborah Guild sold 1,257 shares of the company in a trade that took place on Tuesday, May 3. The stock was sold at an average price of $170.56, for a total value of $214,393.92. Following the sale, the executive vice president now directly owns 23,360 shares of the company, valued at approximately $3,984,281.60. Disclosure of this sale can be found here. Insiders own 0.34% of the shares of the company.

Several hedge funds and other institutional investors have recently bought and sold shares of PNC. 1832 Asset Management LP increased its position in The PNC Financial Services Group by 33.5% during the first quarter. 1832 Asset Management LP now owns 267 shares of the financial services provider worth $49,000 after buying 67 more shares in the last quarter. Covestor Ltd increased its position in The PNC Financial Services Group by 68.8% during the first quarter. Covestor Ltd now owns 336 shares of the financial services provider worth $62,000 after buying 137 more shares in the last quarter. West Family Investments Inc. increased its position in The PNC Financial Services Group by 9.1% during the first quarter. West Family Investments Inc. now owns 1,164 shares of the financial services provider worth $215,000 after buying 97 more shares in the last quarter. Nations Financial Group Inc. IA ADV bought a new position in PNC Financial Services Group during Q1 worth approximately $220,000. Finally, KCM Investment Advisors LLC increased its position in The PNC Financial Services Group by 7.1% in the 1st quarter. KCM Investment Advisors LLC now owns 1,194 shares of the financial services provider worth $220,000 after buying 79 additional shares in the last quarter. 83.54% of the shares are currently held by institutional investors.

A number of analysts have recently commented on PNC shares. Argus lowered its price target on PNC Financial Services Group from $245.00 to $220.00 in a Monday, April 18 report. Raymond James lowered his price target on PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating for the company in a Monday, April 18 report. Morgan Stanley lowered its price target on PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating for the company in a Monday, March 28 report. Piper Sandler lowered its price target on PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating for the company in a Friday, April 1 report. Finally, Wells Fargo & Company lowered its price target on PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating for the company in a report released Friday. One financial analyst gave the stock a sell rating, nine gave the company a hold rating and seven gave the company a buy rating. According to MarketBeat.com, the PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $214.40.

About PNC Financial Services Group (Get a rating)

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.

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Dividend history for The PNC Financial Services Group (NYSE:PNC)

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