Wall Street brokerages predict that PNC Financial Services Group Inc (NYSE:PNC) will announce sales of $4.10 billion for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for PNC Financial Services Group’s earnings, with estimates ranging from $4.06 billion to $4.15 billion. PNC Financial Services Group reported sales of $3.83 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 7%. The business is expected to report its next quarterly earnings results before the market opens on Friday, October 13th.

According to Zacks, analysts expect that PNC Financial Services Group will report full year sales of $4.10 billion for the current fiscal year, with estimates ranging from $16.08 billion to $16.41 billion. For the next fiscal year, analysts expect that the company will post sales of $17.06 billion per share, with estimates ranging from $16.75 billion to $17.70 billion. Zacks’ sales averages are an average based on a survey of research firms that cover PNC Financial Services Group.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. PNC Financial Services Group had a return on equity of 8.96% and a net margin of 27.07%. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same period in the previous year, the firm earned $1.82 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year.

A number of equities analysts have issued reports on PNC shares. Zacks Investment Research downgraded PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Tuesday. Instinet lowered their price target on PNC Financial Services Group from $127.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. BidaskClub upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. BMO Capital Markets reiterated a “buy” rating and set a $134.00 price target on shares of PNC Financial Services Group in a research report on Friday, June 23rd. Finally, Wells Fargo & Company started coverage on PNC Financial Services Group in a research report on Wednesday, August 9th. They set a “market perform” rating and a $119.00 price target on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $124.12.

In related news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

A number of hedge funds have recently bought and sold shares of PNC. Financial Consulate Inc. increased its stake in PNC Financial Services Group by 18.4% during the first quarter. Financial Consulate Inc. now owns 11,567 shares of the financial services provider’s stock worth $1,391,000 after acquiring an additional 1,800 shares during the last quarter. Greenleaf Trust acquired a new stake in PNC Financial Services Group during the first quarter worth $284,000. Canada Pension Plan Investment Board increased its stake in PNC Financial Services Group by 103.4% during the first quarter. Canada Pension Plan Investment Board now owns 549,562 shares of the financial services provider’s stock worth $66,079,000 after acquiring an additional 279,392 shares during the last quarter. Brookstone Capital Management increased its stake in PNC Financial Services Group by 7.0% during the first quarter. Brookstone Capital Management now owns 1,927 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 126 shares during the last quarter. Finally, Quadrant Capital Management LLC increased its stake in PNC Financial Services Group by 0.8% during the first quarter. Quadrant Capital Management LLC now owns 26,605 shares of the financial services provider’s stock worth $3,199,000 after acquiring an additional 205 shares during the last quarter. 81.18% of the stock is owned by institutional investors.

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PNC Financial Services Group (NYSE PNC) opened at 127.12 on Friday. The company has a 50-day moving average price of $127.69 and a 200-day moving average price of $123.79. PNC Financial Services Group has a 12-month low of $87.04 and a 12-month high of $133.26. The stock has a market capitalization of $60.92 billion, a PE ratio of 16.18 and a beta of 0.93.

PNC Financial Services Group declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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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