Vancity Investment Management Ltd Buys 7,302 Shares of The PNC Financial Services Group, Inc $PNC

Vancity Investment Management Ltd increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 22.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,789 shares of the financial services provider’s stock after purchasing an additional 7,302 shares during the quarter. The PNC Financial Services Group makes up 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 Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the 4th quarter worth about $25,000. Highland Investment Advisors LLC bought a new position in The PNC Financial Services Group in the second quarter valued at about $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in The PNC Financial Services Group in the second quarter valued at about $28,000. Finally, Modus Advisors LLC bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $29,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.0%

Shares of PNC opened at $245.64 on Monday. The stock’s 50-day moving average price is $249.54 and its two-hundred day moving average price is $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 company has a market capitalization of $98.00 billion, a PE ratio of 13.52, a PEG ratio of 1.23 and a beta of 0.90. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the firm posted $3.85 earnings per share. The business’s quarterly revenue was up 21.4% on a year-over-year basis. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. 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. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Oppenheimer boosted their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered 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. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped 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. One research 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 stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $265.73.

Insider Buying and Selling

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction 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 sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Thomas sold 1,500 shares of the 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 sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.38% of the company’s stock.

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.