Conning Inc. Sells 5,334 Shares of The PNC Financial Services Group, Inc $PNC

Conning Inc. lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 161,179 shares of the financial services provider’s stock after selling 5,334 shares during the quarter. The PNC Financial Services Group accounts for 1.1% of Conning Inc.’s investment portfolio, making the stock its 26th biggest position. Conning Inc.’s holdings in The PNC Financial Services Group were worth $33,643,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in The PNC Financial Services Group in the third quarter valued at $25,000. Westfuller Advisors LLC bought a new stake in The PNC Financial Services Group during the third quarter worth about $34,000. Beacon Financial Strategies CORP bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $35,000. JPL Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter worth about $37,000. Finally, Financial Life Planners bought a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at about $39,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $213.57 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a fifty-two week low of $169.32 and a fifty-two week high of $243.94. The firm has a market cap of $85.76 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 0.87 and a beta of 0.94. The business has a 50 day moving average price of $213.48 and a 200-day moving average price of $210.55.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the firm earned $3.51 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

Insider Activity

In other news, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PNC has been the topic of a number of research reports. Barclays raised their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 target price on the stock. TD Cowen lifted their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Citigroup boosted their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $243.11.

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.