$5.13 billion in sales expected for The PNC Financial Services Group, Inc. (NYSE:PNC) this quarter


Equity analysts expect The PNC Financial Services Group, Inc. (NYSE: PNC – Get Rating) to report revenue of $5.13 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have released earnings estimates for The PNC Financial Services Group, with the lowest sales estimate of $4.99 billion and the highest estimate of $5.31 billion. Financial services group PNC reported sales of $4.67 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 9.9%. The company is expected to release its next earnings report before the market opens on Monday, January 1.

On average, analysts expect PNC Financial Services Group to post revenue of $20.73 billion in the current fiscal year, with estimates ranging from $20.13 billion to $20.96 billion. dollars. For next year, analysts expect the company to post sales of $22.69 billion, with estimates ranging from $22.09 billion to $23.45 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover the PNC financial services group.

PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its results on Thursday, April 14. The financial services provider reported earnings per share of $3.29 for the quarter, beating analyst consensus estimates of $2.78 by $0.51. The company posted revenue of $4.69 billion for the quarter, versus a consensus estimate of $4.72 billion. The PNC Financial Services group achieved a net margin of 26.14% and a return on equity of 12.43%. PNC Financial Services Group quarterly revenue increased 11.2% year-over-year. During the same period last year, the firm posted earnings per share of $4.10.

A number of brokerages have commented on PNC. Raymond James cut his price target on PNC Financial Services Group shares from $215.00 to $210.00 and set an “outperform” rating on the stock in a Monday, April 18 research report. StockNews.com began covering PNC Financial Services Group stocks in a research report on Thursday, March 31. They have placed a “holding” rating on the stock. JPMorgan Chase & Co. raised its price target on PNC Financial Services Group shares from $229.50 to $232.50 in a Thursday, Feb. 3 research report. Wolfe Research cut its price target on PNC Financial Services Group shares from $223.00 to $177.00 and set an “outperform” rating on the stock in a research report Thursday. Finally, Piper Sandler cut her price target on PNC Financial Services Group shares from $215.00 to $201.00 and set a “neutral” rating on the stock in a research report on Friday, April 1. One research analyst rated the stock with a sell rating, ten assigned a hold rating, and seven assigned the company a buy rating. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $215.67.

Shares of PNC opened at $175.05 on Monday. PNC Financial Services Group has a 1-year low of $152.35 and a 1-year high of $228.14. The company has a debt ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.74. The company’s 50-day simple moving average is $174.56 and its 200-day simple moving average is $192.83. The company has a market capitalization of $72.40 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.44 and a beta of 1.24.

The company also recently declared a quarterly dividend, which was paid on Thursday, May 5. Investors of record on Wednesday, April 13 received a dividend of $1.50. The ex-dividend date was Tuesday, April 12. This represents an annualized dividend of $6.00 and a yield of 3.43%. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $1.25. The payout ratio of PNC Financial Services Group is 50.76%.

In other news from The PNC Financial Services Group, Guild Executive Vice President Deborah sold 1,257 shares of the company in a trade on Tuesday, May 3. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the transaction, the executive vice president now owns 23,360 shares of the company, valued at $3,984,281.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Additionally, director Robert A. Niblock acquired 2,000 shares in a trade on Friday, May 6. The shares were purchased at an average cost of $167.07 per share, with a total value of $334,140.00. As a result of the transaction, the administrator now directly owns 6,063 shares of the company, valued at approximately $1,012,945.41. Disclosure of this purchase can be found here. Insiders own 0.34% of the shares of the company.

A number of institutional investors have recently changed their positions in the company. Quantinno Capital Management LP increased its position in The PNC Financial Services Group by 3.0% during the third quarter. Quantinno Capital Management LP now owns 1,686 shares of the financial services provider valued at $330,000 after purchasing 49 additional shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in PNC Financial Services Group shares by 0.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,197 shares of the financial services provider worth $2,386,000 after buying 51 additional shares in the last quarter. Gradient Investments LLC increased its position in shares of The PNC Financial Services Group by 12.0% in the fourth quarter. Gradient Investments LLC now owns 476 shares of the financial services provider worth $95,000 after buying 51 additional shares in the last quarter. Manchester Capital Management LLC raised its position in shares of The PNC Financial Services Group by 1.5% in the fourth quarter. Manchester Capital Management LLC now owns 3,652 shares of the financial services provider worth $732,000 after buying 53 additional shares in the last quarter. Finally, Cetera Investment Advisers raised its position in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Cetera Investment Advisers now owns 14,417 shares of the financial services provider worth $2,891,000 after buying 53 additional shares in the last quarter. 83.54% of the shares are held by institutional investors and hedge funds.

PNC Financial Services Group Company Profile (Get a rating)

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.

Further reading

Get a Free Copy of Zacks’ Research Report on the PNC Financial Services Group (PNC)

For more information on Zacks Investment Research’s research offerings, visit Zacks.com

Earnings history and estimates for PNC Financial Services Group (NYSE:PNC)



Receive daily news and reviews for PNC Financial Services Group – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for PNC Financial Services Group and related companies with MarketBeat.com’s FREE daily newsletter.

About Scott Conley

Check Also

Stone Accelerates Growth, Returns to Profitability and Records Record Revenue of BRL 2.07 Billion in 1Q22, up 138.6% Year-on-Year

Company beats forecast with pre-tax profit 16% higher than forecast and 10 times higher than …