PNC Financial Services Group Inc (PNC) Expected to Announce Quarterly Sales of $4.16 Billion

Wall Street analysts expect that PNC Financial Services Group Inc (NYSE:PNC) will post sales of $4.16 billion for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for PNC Financial Services Group’s earnings, with the highest sales estimate coming in at $4.20 billion and the lowest estimate coming in at $4.11 billion. PNC Financial Services Group posted sales of $3.88 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.2%. The firm is expected to report its next earnings report before the market opens on Friday, April 13th.

On average, analysts expect that PNC Financial Services Group will report full year sales of $4.16 billion for the current year, with estimates ranging from $17.04 billion to $17.46 billion. For the next fiscal year, analysts forecast that the company will report sales of $18.05 billion per share, with estimates ranging from $17.74 billion to $18.59 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow PNC Financial Services Group.

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PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 12th. The financial services provider reported $2.29 EPS for the quarter, beating the Zacks’ consensus estimate of $2.20 by $0.09. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.15 billion. PNC Financial Services Group had a return on equity of 9.51% and a net margin of 29.60%. PNC Financial Services Group’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.97 earnings per share.

A number of brokerages recently commented on PNC. BMO Capital Markets reiterated a “buy” rating on shares of PNC Financial Services Group in a research report on Thursday, January 25th. ValuEngine downgraded PNC Financial Services Group from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Wells Fargo set a $157.00 price target on PNC Financial Services Group and gave the company a “hold” rating in a report on Tuesday, January 16th. Royal Bank of Canada boosted their price target on PNC Financial Services Group to $170.00 and gave the company an “average” rating in a report on Friday, January 12th. Finally, Argus boosted their price target on PNC Financial Services Group to $170.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Nineteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $146.89.

In other news, insider Michael J. Hannon sold 8,011 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $154.20, for a total transaction of $1,235,296.20. Following the completion of the transaction, the insider now directly owns 58,820 shares of the company’s stock, valued at approximately $9,070,044. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.38% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Community Bank N.A. raised its stake in shares of PNC Financial Services Group by 75.8% during the 4th quarter. Community Bank N.A. now owns 5,975 shares of the financial services provider’s stock worth $862,000 after buying an additional 2,576 shares during the period. California Public Employees Retirement System raised its stake in shares of PNC Financial Services Group by 1.6% during the 3rd quarter. California Public Employees Retirement System now owns 1,407,491 shares of the financial services provider’s stock worth $189,688,000 after buying an additional 22,434 shares during the period. Lazard Asset Management LLC increased its position in shares of PNC Financial Services Group by 37.1% during the fourth quarter. Lazard Asset Management LLC now owns 229,404 shares of the financial services provider’s stock worth $33,100,000 after purchasing an additional 62,048 shares in the last quarter. Stifel Financial Corp increased its position in shares of PNC Financial Services Group by 52.8% during the third quarter. Stifel Financial Corp now owns 385,627 shares of the financial services provider’s stock worth $51,963,000 after purchasing an additional 133,232 shares in the last quarter. Finally, AXA increased its position in shares of PNC Financial Services Group by 2.1% during the third quarter. AXA now owns 337,039 shares of the financial services provider’s stock worth $45,423,000 after purchasing an additional 6,903 shares in the last quarter. 82.24% of the stock is owned by institutional investors and hedge funds.

NYSE PNC traded down $4.81 during trading hours on Friday, reaching $147.95. The stock had a trading volume of 2,067,504 shares, compared to its average volume of 2,311,627. The firm has a market cap of $71,917.53, a P/E ratio of 17.41, a P/E/G ratio of 1.41 and a beta of 0.91. PNC Financial Services Group has a 52-week low of $115.45 and a 52-week high of $163.59. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 1.14.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, May 5th. Stockholders of record on Monday, April 16th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Friday, April 13th. PNC Financial Services Group’s payout ratio is 35.29%.

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About PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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

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