Varma Mutual Pension Insurance Co Grows Position in The PNC Financial Services Group, Inc $PNC

Varma Mutual Pension Insurance Co raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 21.9% during the third quarter, HoldingsChannel reports. The firm owned 82,234 shares of the financial services provider’s stock after purchasing an additional 14,800 shares during the period. Varma Mutual Pension Insurance Co’s holdings in The PNC Financial Services Group were worth $16,523,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PNC. IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $27,000. Westfuller Advisors LLC purchased a new stake in The PNC Financial Services Group during the third quarter worth $34,000. FNY Investment Advisers LLC bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at $37,000. True Wealth Design LLC increased its holdings in shares of The PNC Financial Services Group by 1,133.3% in the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 204 shares during the period. Finally, Bayforest Capital Ltd raised its position in shares of The PNC Financial Services Group by 237.1% in the 3rd 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.

Analysts Set New Price Targets

PNC has been the topic of a number of recent research reports. TD Cowen raised their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Oppenheimer increased their price target on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $229.65 on Friday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The company has a market cap 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 quick ratio of 0.81 and a current ratio of 0.81. The business has a 50-day simple moving average of $218.21 and a two-hundred day simple moving average of $201.62.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.23 by $0.65. The firm had revenue of $6.07 billion during the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm posted $3.77 EPS. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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

About The PNC Financial Services Group

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.