PNC Financial Services Group (NYSE:PNC) announced that its Board of Directors has approved a stock buyback program, which authorizes the company to buyback $300 million in outstanding shares on Monday, January 30th, EventVestor reports. This buyback authorization authorizes the financial services provider to purchase up to 0.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
PNC Financial Services Group (NYSE:PNC) traded up 2.02% during midday trading on Thursday, reaching $118.83. 2,053,899 shares of the company’s stock traded hands. PNC Financial Services Group has a 52 week low of $77.40 and a 52 week high of $131.83. The stock has a market capitalization of $57.63 billion, a price-to-earnings ratio of 15.67 and a beta of 0.91. The company’s 50-day moving average price is $121.86 and its 200 day moving average price is $113.57.
PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, April 13th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.13. PNC Financial Services Group had a return on equity of 8.96% and a net margin of 23.90%. The company had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same period in the prior year, the firm posted $1.68 EPS. PNC Financial Services Group’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts expect that PNC Financial Services Group will post $8.20 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 5th. Investors of record on Monday, April 17th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, April 12th. This represents a $2.20 annualized dividend and a dividend yield of 1.85%. PNC Financial Services Group’s dividend payout ratio is currently 30.10%.
PNC has been the topic of several research analyst reports. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of PNC Financial Services Group in a research note on Monday, January 16th. Macquarie upgraded shares of PNC Financial Services Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, January 17th. Credit Suisse Group AG reiterated a “hold” rating and set a $112.00 price target on shares of PNC Financial Services Group in a research note on Sunday, February 5th. Zacks Investment Research downgraded shares of PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Monday, February 27th. Finally, Hilliard Lyons downgraded shares of PNC Financial Services Group from a “neutral” rating to an “underperform” rating and set a $127.00 price objective on the stock. in a research report on Thursday, March 2nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $112.02.
In other PNC Financial Services Group news, Director Charles E. Bunch acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 9th. The stock was acquired at an average cost of $122.79 per share, for a total transaction of $122,790.00. Following the transaction, the director now directly owns 2,781 shares in the company, valued at $341,478.99. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen L. Larrimer sold 2,000 shares of the stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $128.40, for a total value of $256,800.00. Following the completion of the transaction, the insider now owns 23,820 shares of the company’s stock, valued at $3,058,488. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 176,942 shares of company stock valued at $22,484,058. 0.57% of the stock is owned by corporate insiders.
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, corporate and institutional banking, asset management and residential mortgage banking, providing its products and services nationally, as well as other products and services.
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