VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $52.89 Million Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Virginia Retirement Systems purchased 214,800 shares of PNC worth approximately $52.9 million, while institutional investors collectively own 83.53% of the bank’s stock.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion.
• PNC increased its quarterly dividend from $1.70 to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.3% yield; analysts maintain a “Moderate Buy” consensus with a $265.73 target price.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 214,800 shares of the financial services provider's stock, valued at approximately $52,888,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.05% of The PNC Financial Services Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new position in The PNC Financial Services Group in the third quarter worth approximately $25,000. Monetary Solutions Ltd purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at $25,000. Highland Investment Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $28,000. Finally, Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $29,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $245.64 on Monday. The stock has a market capitalization of $98.00 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.90. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The business has a 50-day moving average of $249.54 and a 200 day moving average of $229.85. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The company 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 revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.85 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PNC. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Wells Fargo & Company increased their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Stephens boosted their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Finally, Robert W. Baird upped their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $265.73.

Insider Activity at The PNC Financial Services Group

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

The PNC Financial Services Group Company 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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