PNC Financial Services Group Inc. Reduces Stake in Victory Capital Holdings, Inc. $VCTR

Key Points

• PNC Financial Services Group Inc. cut its holdings in Victory Capital Holdings, Inc. by 43.8%, selling 3,921 shares and retaining 5,027 shares worth approximately $291,000.
• Victory Capital recently reported earnings of $1.57 per share, exceeding analysts' expectations, with revenues increasing 59.9% year-over-year to $351.21 million.
• The company announced a quarterly dividend of $0.49, set to be paid on September 25th, which represents an annual yield of 2.8%.

PNC Financial Services Group Inc. reduced its holdings in Victory Capital Holdings, Inc. (NASDAQ:VCTR - Free Report) by 43.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,027 shares of the company's stock after selling 3,921 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Victory Capital were worth $291,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VCTR. Wells Fargo & Company MN boosted its holdings in shares of Victory Capital by 8.9% in the 4th quarter. Wells Fargo & Company MN now owns 71,957 shares of the company's stock worth $4,710,000 after purchasing an additional 5,861 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Victory Capital by 22.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 123,684 shares of the company's stock worth $8,096,000 after purchasing an additional 23,041 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Victory Capital by 25.7% in the 4th quarter. Legal & General Group Plc now owns 48,065 shares of the company's stock worth $3,146,000 after purchasing an additional 9,812 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Victory Capital in the 4th quarter worth about $3,813,000. Finally, Summit Investment Advisors Inc. boosted its holdings in shares of Victory Capital by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,303 shares of the company's stock worth $282,000 after purchasing an additional 273 shares in the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

VCTR has been the subject of a number of research reports. B. Riley upped their price objective on Victory Capital from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Wall Street Zen cut Victory Capital from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Royal Bank Of Canada increased their target price on Victory Capital from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Tuesday, May 13th. Barclays increased their target price on Victory Capital from $62.00 to $68.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley increased their target price on Victory Capital from $66.00 to $67.00 and gave the company an "equal weight" rating in a report on Monday. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.33.

Victory Capital Stock Down 1.1%

VCTR traded down $0.7910 during trading on Wednesday, hitting $70.0790. 332,939 shares of the company's stock traded hands, compared to its average volume of 424,973. The company's 50 day simple moving average is $66.69 and its two-hundred day simple moving average is $62.84. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. Victory Capital Holdings, Inc. has a 12-month low of $47.00 and a 12-month high of $73.42. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 0.77 and a beta of 1.04.

Victory Capital (NASDAQ:VCTR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.47 by $0.10. Victory Capital had a return on equity of 26.46% and a net margin of 27.18%.The business had revenue of $351.21 million for the quarter, compared to the consensus estimate of $348.89 million. During the same period last year, the business posted $1.31 EPS. The company's revenue was up 59.9% compared to the same quarter last year. Analysts predict that Victory Capital Holdings, Inc. will post 6.16 earnings per share for the current fiscal year.

Victory Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, September 10th. Victory Capital's dividend payout ratio (DPR) is currently 48.40%.

Victory Capital Company Profile

Victory Capital Holdings, Inc, together with its subsidiaries, operates as an asset management company in the United States and internationally. It offers investment advisory, fund administration, fund compliance, fund transfer agent, fund distribution, and other management services. The company provides specialized investment strategies to institutions, intermediaries, retirement platforms, and individual investors.