Varma Mutual Pension Insurance Co Acquires Shares of 84,034 The PNC Financial Services Group, Inc $PNC

Varma Mutual Pension Insurance Co purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 the business. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $25,000. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter valued at $28,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $29,000. Finally, Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at $31,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.6%

NYSE PNC opened at $243.05 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The stock’s 50-day simple moving average is $248.28 and its two-hundred day simple moving average is $229.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The company has a market capitalization 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 (NYSE:PNC) last posted its quarterly earnings data 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 PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the business earned $3.85 EPS. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently commented on PNC. Oppenheimer boosted their price objective on shares of 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. JPMorgan Chase & Co. increased their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. UBS Group raised their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Finally, Citigroup boosted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. One research 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. 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 at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction dated 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 sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 over the last 90 days. Company 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.