The company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.18.
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Lower net interest income and noninterest income drove the revenue decline. Hartford Financial Services Group has a 12-month low of $34.73 and a 12-month high of $50.95. The rating is an average of the various different ratings given by analysts and brokers to Pnc Financial Services Group, and then averaged into one rating by a team of analysts at Zacks in Chicago, Illinois. The company’s stock had a trading volume of 1,382,638 shares. The 50-day moving average is $45.67 and the 200 day moving average is recorded at $44.04. The company has a market cap of $19,440 million and the number of outstanding shares have been calculated to be 414,845,000 shares.
PNC shares fell more than 1.5% in early afternoon trading Wednesday, while the broader KBW Nasdaq Bank index was down about 1.1%.
The PNC Financial Services Group, Inc. Noninterest income fell 1.4% from a year prior to $1.71 billion, driven by lower asset- management and residential-mortgage income. Analysts projected $1.79 in per-share profit and $3.80 billion in revenue, according to Thomson Reuters.
The business also recently announced a dividend, which was paid on Thursday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 2.30%.
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PNC Chief Executive William Demchak on Wednesday called it “just an okay quarter” on a call with analysts where he also voiced disappointment with the Federal Reserve’s decision to not raise rates in September. The company now has an average rating of Hold and an average price target of $99.50. Finally, Sanford C. Bernstein boosted their price target on PNC Financial Services Group from $95.00 to $100.00 in a research note on Tuesday, June 16th. Nomura dropped their target price on PNC Financial Services Group from $111.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Zacks raised shares of PNC Financial Services Group from a sell rating to a hold rating in a research note on Monday, June 22nd. On average, equities analysts predict that Hartford Financial Services Group will post $4.00 earnings per share for the current year. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. (PNC) is a financial service company. The Hartford conducts business principally in six segments, including Commercial Lines (formerly Property & Casualty Commercial), Private Lines (previously Consumer Marketplaces), Property & Casualty Other Businesses, Group Benefits, Mutual Funds and Talcott Resolution, along with a Corporate class. The Hartford comprises in its Corporate group the Company’s debt financing and associated interest expense, along with other capital raising activities, and purchase accounting adjustments related to goodwill along with other expenses not allocated to other sections.
