Vancity Investment Management Ltd Has $9.80 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Vancity Investment Management increased its PNC stake by 22.5% in the second quarter, owning 39,789 shares valued at approximately $9.8 million. Institutional investors collectively hold 83.53% of PNC’s stock.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $265.73; recent targets range from $265 to $284.
• PNC exceeded quarterly earnings expectations with $4.85 in EPS and $6.88 billion in revenue, while increasing its quarterly dividend to $2.00, equivalent to an annualized yield of about 3.3%.

Vancity Investment Management Ltd increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 22.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 39,789 shares of the financial services provider's stock after buying an additional 7,302 shares during the period. The PNC Financial Services Group accounts for about 1.5% of Vancity Investment Management Ltd's portfolio, making the stock its 29th largest holding. Vancity Investment Management Ltd's holdings in The PNC Financial Services Group were worth $9,797,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Highland Investment Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at about $28,000. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at about $25,000. Quarry LP bought a new position in The PNC Financial Services Group during the third quarter worth about $25,000. Finally, Archer Investment Corp bought a new position in The PNC Financial Services Group during the second quarter worth about $33,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Analysts Set New Price Targets

PNC has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective for the company. in a report on Thursday, July 23rd. Royal Bank Of Canada raised their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Barclays lifted their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Oppenheimer boosted their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Trading Up 0.0%

PNC opened at $245.64 on Monday. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The company has a 50-day simple moving average of $249.54 and a 200 day simple moving average of $229.85. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $98.00 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.23 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the firm earned $3.85 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Thomas sold 1,500 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Stacy Juchno sold 3,354 shares of the company's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.38% of the company's stock.

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.

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