Conning Inc. Grows Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Conning Inc. grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 196,217 shares of the financial services provider's stock after acquiring an additional 13,967 shares during the quarter. Conning Inc.'s holdings in The PNC Financial Services Group were worth $34,489,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PNC. Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $299,864,000. GAMMA Investing LLC raised its holdings in shares of The PNC Financial Services Group by 19,279.5% in the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after buying an additional 860,554 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after buying an additional 726,115 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Down 0.3%

PNC opened at $195.10 on Friday. The company has a fifty day moving average of $175.10 and a two-hundred day moving average of $180.09. The stock has a market capitalization of $77.18 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.65 and a beta of 1.07. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.04. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. On average, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a $1.70 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.49%. The PNC Financial Services Group's payout ratio is 45.20%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $179.14, for a total transaction of $222,491.88. Following the transaction, the chief executive officer owned 556,121 shares in the company, valued at $99,623,515.94. This trade represents a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Martin Pfinsgraff acquired 1,000 shares of The PNC Financial Services Group stock in a transaction on Friday, April 25th. The shares were bought at an average price of $158.22 per share, with a total value of $158,220.00. Following the completion of the transaction, the director directly owned 2,009 shares of the company's stock, valued at $317,863.98. This trade represents a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 10,787 shares of company stock valued at $1,782,794 in the last three months. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PNC has been the topic of several research reports. Citigroup cut their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Truist Financial cut their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a report on Wednesday, April 16th. Royal Bank Of Canada decreased their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Finally, TD Cowen began coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 price target for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $206.35.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

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