Victory Capital Management Inc. Grows Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Victory Capital Management Inc. raised its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 61.1% during the fourth quarter, HoldingsChannel reports. The fund owned 546,550 shares of the financial services provider’s stock after acquiring an additional 207,283 shares during the quarter. Victory Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $84,633,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Raymond James Financial Services Advisors Inc. boosted its position in shares of The PNC Financial Services Group by 22.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 139,150 shares of the financial services provider’s stock valued at $17,083,000 after buying an additional 25,304 shares during the period. Stratos Wealth Advisors LLC raised its position in The PNC Financial Services Group by 10.6% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 3,445 shares of the financial services provider’s stock valued at $423,000 after purchasing an additional 329 shares in the last quarter. Independent Advisor Alliance lifted its holdings in shares of The PNC Financial Services Group by 6.9% in the 3rd quarter. Independent Advisor Alliance now owns 15,627 shares of the financial services provider’s stock worth $1,919,000 after buying an additional 1,010 shares during the period. Mn Services Vermogensbeheer B.V. increased its position in The PNC Financial Services Group by 2.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 195,109 shares of the financial services provider’s stock valued at $23,954,000 after purchasing an additional 5,100 shares during the period. Finally, Forsta AP Fonden increased its holdings in The PNC Financial Services Group by 4.5% during the third quarter. Forsta AP Fonden now owns 83,900 shares of the financial services provider’s stock valued at $10,300,000 after buying an additional 3,600 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $156.22 on Friday. The firm has a fifty day moving average price of $153.38 and a 200 day moving average price of $144.15. The stock has a market cap of $62.15 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 1.76 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the prior year, the firm earned $3.98 EPS. The business’s revenue was down 8.2% on a year-over-year basis. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 12.65 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Analyst Ratings Changes

Several analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a report on Monday, April 1st. JPMorgan Chase & Co. decreased their price objective on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price objective for the stock from $141.00 to $155.00 in a research report on Thursday, March 28th. Finally, Wells Fargo & Company increased their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $157.02.

Insiders Place Their Bets

In other news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.