Victory Capital Management Inc. Has $120.12 Million Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Victory Capital Management Inc. lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 20.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 772,553 shares of the financial services provider’s stock after buying an additional 132,678 shares during the period. Victory Capital Management Inc. owned about 0.19% of The PNC Financial Services Group worth $120,117,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Capital International Investors raised its position in The PNC Financial Services Group by 0.5% in the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock valued at $2,556,195,000 after purchasing an additional 78,407 shares during the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $1,039,481,000. Franklin Resources Inc. raised its holdings in The PNC Financial Services Group by 165.4% in the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after buying an additional 3,046,226 shares during the last quarter. Capital Research Global Investors increased its position in The PNC Financial Services Group by 19.5% in the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after acquiring an additional 778,264 shares during the period. Finally, Putnam Investments LLC grew its stake in shares of The PNC Financial Services Group by 3.2% in the fourth quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock worth $568,662,000 after purchasing an additional 114,960 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PNC shares. Evercore ISI lifted their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, UBS Group raised their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $177.02.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at approximately $101,604,582.17. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the transaction, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the transaction, the chief executive officer now directly owns 554,701 shares in the company, valued at approximately $101,604,582.17. The disclosure for this sale can be found here. Insiders have sold a total of 25,263 shares of company stock valued at $4,418,109 in the last 90 days. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Down 2.3 %

Shares of NYSE PNC opened at $176.70 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84. The stock has a market capitalization of $70.24 billion, a P/E ratio of 14.84, a P/E/G ratio of 2.05 and a beta of 1.14. The company has a 50-day moving average price of $173.04 and a 200-day moving average price of $160.53.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the company posted $3.36 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were given a dividend of $1.60 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

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.