PNC Financial Services Group Inc Announces Quarterly Dividend of $0.75 (PNC)
PNC Financial Services Group Inc (NYSE:PNC) announced a quarterly dividend on Thursday, January 4th, NASDAQ reports. Shareholders of record on Wednesday, January 17th will be paid a dividend of 0.75 per share by the financial services provider on Monday, February 5th. This represents a $3.00 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Tuesday, January 16th.
PNC Financial Services Group has increased its dividend payment by an average of 7.2% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. PNC Financial Services Group has a payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect PNC Financial Services Group to earn $9.49 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 31.6%.
Shares of PNC Financial Services Group (NYSE PNC) opened at $144.60 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.24. PNC Financial Services Group has a 52 week low of $113.66 and a 52 week high of $147.28. The stock has a market capitalization of $68,796.08, a PE ratio of 17.66, a price-to-earnings-growth ratio of 1.71 and a beta of 0.90.
In related news, insider Karen L. Larrimer sold 3,135 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $136.98, for a total transaction of $429,432.30. Following the sale, the insider now directly owns 20,449 shares in the company, valued at approximately $2,801,104.02. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert Q. Reilly sold 19,576 shares of the firm’s stock in a transaction dated 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 owns 103,299 shares in the company, valued at $15,031,037.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,523 shares of company stock worth $15,392,168. Company insiders own 0.43% of the company’s stock.
A number of brokerages have issued reports on PNC. Credit Suisse Group reissued a “hold” rating and issued a $150.00 price target on shares of PNC Financial Services Group in a research note on Friday. Goldman Sachs Group lowered PNC Financial Services Group from a “conviction-buy” rating to a “buy” rating in a research note on Thursday. Barclays raised their price target on PNC Financial Services Group from $139.00 to $168.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $162.00 price target on shares of PNC Financial Services Group in a research note on Friday, December 29th. Finally, Zacks Investment Research raised PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $164.00 price target on the stock in a research note on Tuesday, December 26th. Sixteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. PNC Financial Services Group has an average rating of “Hold” and an average price target of $141.08.
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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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