Varma Mutual Pension Insurance Co Invests $20.69 Million in The PNC Financial Services Group, Inc $PNC

Varma Mutual Pension Insurance Co purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 84,034 shares of the financial services provider’s stock, valued at approximately $20,691,000.

A number of other institutional investors also recently modified their holdings of PNC. Emerald Investment Advisers LLC bought a new stake in shares of The PNC Financial Services Group in the second quarter worth about $12,183,000. Westpac Banking Corp purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at about $2,063,000. TRB Wealth Management LLC purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at about $337,000. Sumitomo Life Insurance Co. bought a new position in The PNC Financial Services Group during the 2nd quarter valued at approximately $932,000. Finally, Korea Investment CORP bought a new position in The PNC Financial Services Group during the 2nd quarter valued at approximately $39,317,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Argus upped their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. UBS Group increased their target price on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Oppenheimer lifted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

Insiders Place Their Bets

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 over the last quarter. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Up 0.6%

Shares of PNC stock opened at $243.05 on Friday. 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 firm has a fifty day moving average price of $248.28 and a 200-day moving average price of $229.34. The company has a market cap of $96.96 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.85 earnings per share. As a group, equities analysts predict 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 declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders 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%. The ex-dividend date was Monday, July 20th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

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.