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

Victory Capital Management Inc. grew its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 13.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 876,234 shares of the financial services provider's stock after purchasing an additional 103,681 shares during the period. Victory Capital Management Inc. owned approximately 0.22% of The PNC Financial Services Group worth $161,972,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNC. Commonwealth Retirement Investments LLC grew its stake in The PNC Financial Services Group by 2.3% during the third quarter. Commonwealth Retirement Investments LLC now owns 15,104 shares of the financial services provider's stock worth $2,792,000 after purchasing an additional 341 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of The PNC Financial Services Group in the third quarter valued at $268,000. Nations Financial Group Inc. IA ADV acquired a new position in The PNC Financial Services Group during the 3rd quarter valued at about $230,000. Versor Investments LP raised its position in The PNC Financial Services Group by 37.5% in the 3rd quarter. Versor Investments LP now owns 3,300 shares of the financial services provider's stock valued at $610,000 after buying an additional 900 shares during the last quarter. Finally, Kennebec Savings Bank purchased a new stake in The PNC Financial Services Group in the 3rd quarter valued at about $567,000. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PNC has been the topic of a number of research reports. Evercore ISI lifted their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 17th. Stephens lifted their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an "underperform" rating in a research report on Wednesday, October 16th. Finally, Barclays lifted their price objective on The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $185.71.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $1.77 during trading hours on Wednesday, hitting $209.27. The company's stock had a trading volume of 1,653,212 shares, compared to its average volume of 1,873,543. The company has a market cap of $83.03 billion, a P/E ratio of 17.69, a price-to-earnings-growth ratio of 2.23 and a beta of 1.13. The company's 50 day simple moving average is $186.55 and its two-hundred day simple moving average is $171.93. The PNC Financial Services Group, Inc. has a 12 month low of $122.75 and a 12 month high of $214.19. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the previous year, the company posted $3.60 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 13.41 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.06%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group's payout ratio is currently 54.10%.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $171.80, for a total transaction of $213,375.60. Following the transaction, the chief executive officer now directly owns 557,185 shares in the company, valued at approximately $95,724,383. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Andrew T. Feldstein sold 14,509 shares of the firm's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares in the company, valued at approximately $8,119,768.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $171.80, for a total value of $213,375.60. Following the transaction, the chief executive officer now owns 557,185 shares in the company, valued at approximately $95,724,383. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,788 shares of company stock worth $5,490,869. 0.42% of the stock is currently owned by corporate insiders.

About The PNC Financial Services Group

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.