Conning Inc. Has $33.46 Million Stock Position in The PNC Financial Services Group, Inc $PNC

Conning Inc. lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 15.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,513 shares of the financial services provider’s stock after selling 30,046 shares during the quarter. Conning Inc.’s holdings in The PNC Financial Services Group were worth $33,457,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PNC. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $1,477,836,000. Viking Global Investors LP bought a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $442,871,000. AQR Capital Management LLC grew its position in The PNC Financial Services Group by 134.9% during the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after buying an additional 1,917,530 shares in the last quarter. Federated Hermes Inc. increased its stake in The PNC Financial Services Group by 43.8% during the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock valued at $517,598,000 after acquiring an additional 845,148 shares during the period. Finally, Marshall Wace LLP raised its holdings in The PNC Financial Services Group by 491.7% in the 2nd quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock valued at $187,525,000 after acquiring an additional 835,926 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Down 0.2%

Shares of NYSE PNC opened at $212.07 on Thursday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $220.54. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The business has a fifty day moving average of $201.26 and a two-hundred day moving average of $196.88. The stock has a market cap of $83.16 billion, a PE ratio of 13.70, a PEG ratio of 0.91 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The business had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter last year, the company posted $3.49 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $215.00 to $228.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, October 3rd. Finally, Evercore ISI lifted their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $222.06.

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.