Victory Capital Management Inc. Acquires 5,344 Shares of PNC Financial Services Group Inc (PNC)

Victory Capital Management Inc. boosted its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 313,465 shares of the financial services provider’s stock after acquiring an additional 5,344 shares during the period. Victory Capital Management Inc. owned about 0.07% of PNC Financial Services Group worth $42,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the business. TRUE Private Wealth Advisors bought a new stake in shares of PNC Financial Services Group in the 3rd quarter valued at about $127,000. Moneta Group Investment Advisors LLC bought a new stake in shares of PNC Financial Services Group in the 2nd quarter valued at about $143,000. Landaas & Co. WI ADV bought a new stake in shares of PNC Financial Services Group in the 2nd quarter valued at about $147,000. Archford Capital Strategies LLC boosted its holdings in shares of PNC Financial Services Group by 197.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,090 shares of the financial services provider’s stock valued at $147,000 after buying an additional 723 shares in the last quarter. Finally, Kaizen Advisory LLC boosted its holdings in shares of PNC Financial Services Group by 147.8% in the 2nd quarter. Kaizen Advisory LLC now owns 1,150 shares of the financial services provider’s stock valued at $155,000 after buying an additional 686 shares in the last quarter. Institutional investors own 79.84% of the company’s stock.

In related news, EVP Robert Q. Reilly sold 24,710 shares of PNC Financial Services Group stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $140.49, for a total value of $3,471,507.90. Following the completion of the sale, the executive vice president now directly owns 131,020 shares in the company, valued at approximately $18,406,999.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.

PNC stock opened at $134.23 on Friday. The company has a market capitalization of $61.50 billion, a P/E ratio of 12.99, a P/E/G ratio of 1.31 and a beta of 0.92. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.11. PNC Financial Services Group Inc has a 52 week low of $116.55 and a 52 week high of $163.59.

PNC Financial Services Group (NYSE:PNC) last released its earnings results on Friday, October 12th. The financial services provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.73 by $0.09. The company had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.32 billion. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. During the same period last year, the business earned $2.16 EPS. As a group, equities research analysts forecast that PNC Financial Services Group Inc will post 10.76 EPS for the current fiscal year.

PNC Financial Services Group declared that its board has initiated a share repurchase program on Thursday, November 8th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 1.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Wednesday, October 17th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.71%.

A number of research firms have recently weighed in on PNC. UBS Group set a $137.00 price target on shares of PNC Financial Services Group and gave the company a “hold” rating in a report on Monday, October 15th. Nomura lowered their price target on shares of PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a report on Monday, October 15th. Vining Sparks restated a “buy” rating and issued a $160.00 price target on shares of PNC Financial Services Group in a report on Tuesday, October 9th. ValuEngine upgraded shares of PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Finally, BMO Capital Markets lowered their price target on shares of PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a report on Monday, October 15th. They noted that the move was a valuation call. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $155.50.

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PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Read More: Price to Earnings Ratio (PE)

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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