Varma Mutual Pension Insurance Co Raises Stock Holdings in The PNC Financial Services Group, Inc $PNC

Varma Mutual Pension Insurance Co lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 21.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,234 shares of the financial services provider’s stock after purchasing an additional 14,800 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in The PNC Financial Services Group were worth $16,523,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PNC. IMG Wealth Management Inc. bought a new position in The PNC Financial Services Group during the second quarter valued at $27,000. Westfuller Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at about $34,000. FNY Investment Advisers LLC bought a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $37,000. True Wealth Design LLC grew its position in The PNC Financial Services Group by 1,133.3% in the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 204 shares in the last quarter. Finally, Bayforest Capital Ltd grew its position in The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 147 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 2.5%

PNC stock opened at $229.65 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94. The firm’s 50-day moving average is $218.21 and its 200 day moving average is $201.62. The company has a market capitalization of $90.06 billion, a PE ratio of 13.84, a P/E/G ratio of 0.98 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.77 EPS. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.0%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. TD Cowen lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, Wells Fargo & Company increased their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.