Brokers Set Expectations for The PNC Financial Services Group, Inc.’s Q2 2023 Earnings (NYSE:PNC)

Posted by Defense World Staff on Apr 26th, 2023

The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) – Stock analysts at Zacks Research reduced their Q2 2023 earnings estimates for The PNC Financial Services Group in a research report issued on Monday, April 24th. Zacks Research analyst D. Chamria now forecasts that the financial services provider will post earnings per share of $3.39 for the quarter, down from their previous forecast of $3.69. The consensus estimate for The PNC Financial Services Group’s current full-year earnings is $14.16 per share. Zacks Research also issued estimates for The PNC Financial Services Group’s Q3 2023 earnings at $3.43 EPS, Q4 2023 earnings at $3.28 EPS, FY2023 earnings at $14.07 EPS, Q1 2024 earnings at $3.16 EPS, Q1 2025 earnings at $3.57 EPS and FY2025 earnings at $14.63 EPS.

Several other research firms have also issued reports on PNC. Credit Suisse Group lowered their target price on shares of The PNC Financial Services Group from $165.00 to $145.00 in a report on Tuesday, April 18th. Robert W. Baird decreased their price objective on shares of The PNC Financial Services Group from $210.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, January 19th. Odeon Capital Group upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $176.27 price objective for the company in a report on Tuesday, January 10th. UBS Group boosted their price objective on shares of The PNC Financial Services Group from $130.00 to $134.00 and gave the stock a “neutral” rating in a report on Monday, April 17th. Finally, Bank of America lowered shares of The PNC Financial Services Group from a “neutral” rating to an “underperform” rating and boosted their price objective for the stock from $157.00 to $160.00 in a report on Thursday, January 5th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $162.30.

The PNC Financial Services Group Price Performance

PNC stock opened at $123.70 on Tuesday. The firm has a 50 day moving average price of $135.87 and a 200-day moving average price of $150.77. The PNC Financial Services Group has a 52-week low of $117.51 and a 52-week high of $176.47. The firm has a market capitalization of $49.44 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 1.08 and a beta of 1.12. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.80 and a current ratio of 0.80.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last issued its quarterly earnings data on Friday, April 14th. The financial services provider reported $3.98 EPS for the quarter, topping the consensus estimate of $3.60 by $0.38. The PNC Financial Services Group had a net margin of 23.95% and a return on equity of 13.41%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same period last year, the business posted $3.29 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 19.4% compared to the same quarter last year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 5th. Shareholders of record on Tuesday, April 18th will be paid a $1.50 dividend. The ex-dividend date is Monday, April 17th. This represents a $6.00 dividend on an annualized basis and a yield of 4.85%. The PNC Financial Services Group’s dividend payout ratio is currently 41.04%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Joseph Alvarado acquired 1,000 shares of the company’s stock in a transaction dated Friday, April 21st. The shares were purchased at an average cost of $123.89 per share, for a total transaction of $123,890.00. Following the completion of the purchase, the director now owns 1,100 shares in the company, valued at $136,279. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PNC. Blair William & Co. IL raised its holdings in shares of The PNC Financial Services Group by 0.5% in the first quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider’s stock worth $3,135,000 after buying an additional 89 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of The PNC Financial Services Group by 12.0% in the first quarter. Cetera Investment Advisers now owns 16,141 shares of the financial services provider’s stock worth $2,977,000 after buying an additional 1,724 shares during the last quarter. Covestor Ltd raised its holdings in shares of The PNC Financial Services Group by 68.8% during the first quarter. Covestor Ltd now owns 336 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 137 shares during the last quarter. West Family Investments Inc. raised its holdings in shares of 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’s stock worth $215,000 after purchasing an additional 97 shares during the last quarter. Finally, Ergoteles LLC raised its holdings in shares of The PNC Financial Services Group by 137.9% during the first quarter. Ergoteles LLC now owns 21,048 shares of the financial services provider’s stock worth $3,882,000 after purchasing an additional 12,201 shares during the last quarter. Hedge funds and other institutional investors own 82.05% of the company’s stock.

The PNC Financial Services Group Company Profile

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.