Conning Inc. Raises Position in The PNC Financial Services Group, Inc $PNC

Conning Inc. boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 9.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 176,746 shares of the financial services provider’s stock after buying an additional 15,567 shares during the period. The PNC Financial Services Group accounts for approximately 1.2% of Conning Inc.’s holdings, making the stock its 18th largest holding. Conning Inc.’s holdings in The PNC Financial Services Group were worth $36,779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. Monetary Solutions Ltd acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $29,000. Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 1st quarter worth approximately $31,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNC. UBS Group raised their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America increased their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Citigroup raised their price objective on The PNC Financial Services Group from $255.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. upped their target price on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $258.09.

The PNC Financial Services Group Trading Up 0.4%

NYSE:PNC opened at $251.99 on Friday. The company has a market cap of $101.19 billion, a PE ratio of 14.64, a P/E/G ratio of 1.03 and a beta of 0.91. The business’s 50 day moving average is $229.90 and its two-hundred day moving average is $222.05. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.00.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business’s revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.51 EPS. On average, analysts predict that The PNC Financial Services Group, Inc will post 18.83 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. 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 is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, 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. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

About The PNC Financial Services Group

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.