PNC Financial Services Group Inc (PNC) Expected to Announce Quarterly Sales of $4.18 Billion

Brokerages expect PNC Financial Services Group Inc (NYSE:PNC) to post sales of $4.18 billion for the current quarter, according to Zacks. Five analysts have issued estimates for PNC Financial Services Group’s earnings. The lowest sales estimate is $4.10 billion and the highest is $4.26 billion. PNC Financial Services Group posted sales of $3.87 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 8%. The company is scheduled to issue its next earnings report before the market opens on Friday, January 12th.

According to Zacks, analysts expect that PNC Financial Services Group will report full-year sales of $4.18 billion for the current financial year, with estimates ranging from $16.17 billion to $16.48 billion. For the next fiscal year, analysts expect that the firm will post sales of $17.16 billion per share, with estimates ranging from $16.78 billion to $17.55 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover PNC Financial Services Group.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.13 by $0.03. The business had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.09 billion. PNC Financial Services Group had a net margin of 27.34% and a return on equity of 9.07%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.84 EPS.

PNC has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Deutsche Bank reiterated a “hold” rating and set a $136.00 price objective (up from $130.00) on shares of PNC Financial Services Group in a research report on Tuesday, September 26th. Nomura upped their price objective on shares of PNC Financial Services Group from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, September 28th. Instinet reiterated a “neutral” rating and set a $132.00 price objective (up from $129.00) on shares of PNC Financial Services Group in a research report on Saturday, September 30th. Finally, Robert W. Baird reiterated a “buy” rating and set a $135.00 price objective on shares of PNC Financial Services Group in a research report on Sunday, October 1st. Sixteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. PNC Financial Services Group currently has an average rating of “Hold” and an average price target of $140.43.

In other news, insider Robert Q. Reilly sold 19,576 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $145.51, for a total value of $2,848,503.76. Following the sale, the insider now directly owns 103,299 shares of the company’s stock, valued at approximately $15,031,037.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Karen L. Larrimer sold 3,135 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $136.98, for a total transaction of $429,432.30. Following the completion of the sale, the insider now directly owns 20,449 shares in the company, valued at $2,801,104.02. The disclosure for this sale can be found here. Insiders have sold a total of 108,523 shares of company stock worth $15,392,168 over the last three months. Insiders own 0.43% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Washington Trust Bank boosted its stake in shares of PNC Financial Services Group by 2.9% in the 4th quarter. Washington Trust Bank now owns 54,958 shares of the financial services provider’s stock valued at $7,930,000 after purchasing an additional 1,538 shares during the last quarter. AXA boosted its stake in shares of PNC Financial Services Group by 2.1% in the 3rd quarter. AXA now owns 337,039 shares of the financial services provider’s stock valued at $45,423,000 after purchasing an additional 6,903 shares during the last quarter. Wagner Bowman Management Corp boosted its stake in shares of PNC Financial Services Group by 16.7% in the 3rd quarter. Wagner Bowman Management Corp now owns 2,993 shares of the financial services provider’s stock valued at $403,000 after purchasing an additional 428 shares during the last quarter. Shelton Capital Management boosted its stake in shares of PNC Financial Services Group by 5.6% in the 3rd quarter. Shelton Capital Management now owns 21,881 shares of the financial services provider’s stock valued at $2,949,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of PNC Financial Services Group in the 3rd quarter valued at $504,000. 81.48% of the stock is currently owned by institutional investors.

PNC Financial Services Group (NYSE PNC) opened at $144.59 on Thursday. The stock has a market cap of $68,800.00, a P/E ratio of 17.61, a P/E/G ratio of 1.74 and a beta of 0.90. PNC Financial Services Group has a 12-month low of $113.66 and a 12-month high of $147.28. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.24.

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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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