Oppenheimer Analysts Reduce Earnings Estimates for PNC Financial Services Group Inc (PNC)
PNC Financial Services Group Inc (NYSE:PNC) – Equities research analysts at Oppenheimer lowered their Q1 2018 EPS estimates for PNC Financial Services Group in a research note issued to investors on Tuesday. Oppenheimer analyst B. Chittenden now forecasts that the financial services provider will post earnings per share of $2.28 for the quarter, down from their previous forecast of $2.32. Oppenheimer has a “Hold” rating on the stock. Oppenheimer also issued estimates for PNC Financial Services Group’s Q2 2018 earnings at $2.58 EPS, Q3 2018 earnings at $2.64 EPS, Q4 2018 earnings at $2.81 EPS, FY2018 earnings at $10.30 EPS and FY2019 earnings at $11.67 EPS.
A number of other research analysts have also recently commented on PNC. Zacks Investment Research upgraded shares of PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $144.00 price target on the stock in a report on Tuesday, September 19th. Deutsche Bank restated a “hold” rating and issued a $136.00 price target (up from $130.00) on shares of PNC Financial Services Group in a report on Tuesday, September 26th. Nomura upped their price target on shares of PNC Financial Services Group from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, September 28th. Instinet reaffirmed a “neutral” rating and issued a $132.00 price objective (up from $129.00) on shares of PNC Financial Services Group in a research note on Saturday, September 30th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $135.00 price objective on shares of PNC Financial Services Group in a research note on Sunday, October 1st. Eighteen research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $144.02.
PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $2.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.20 by $0.09. The business had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.15 billion. PNC Financial Services Group had a net margin of 29.60% and a return on equity of 9.52%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.97 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 5th. Investors of record on Wednesday, January 17th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Tuesday, January 16th. PNC Financial Services Group’s payout ratio is currently 17.74%.
In related news, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $135.00, for a total value of $675,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Karen L. Larrimer sold 3,135 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $136.98, for a total transaction of $429,432.30. Following the completion of the transaction, the insider now owns 20,449 shares in the company, valued at approximately $2,801,104.02. The disclosure for this sale can be found here. Insiders sold a total of 108,523 shares of company stock valued at $15,392,168 over the last ninety days. 0.43% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of PNC. Tower Research Capital LLC TRC grew its stake in PNC Financial Services Group by 12.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 821 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 91 shares during the period. Atlantic Trust LLC purchased a new position in PNC Financial Services Group in the 2nd quarter valued at $129,000. Legacy Advisors LLC purchased a new position in PNC Financial Services Group in the 3rd quarter valued at $136,000. Capital Guardian Trust Co. purchased a new position in PNC Financial Services Group in the 3rd quarter valued at $154,000. Finally, Zions Bancorporation lifted its holdings in PNC Financial Services Group by 3,170.0% in the 3rd quarter. Zions Bancorporation now owns 1,308 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 1,268 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.
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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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