Conning Inc. Reduces Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Conning Inc. reduced its PNC stake by 3.2% in the fourth quarter, selling 5,334 shares and leaving it with 161,179 shares valued at about $33.6 million.
• PNC posted better-than-expected quarterly earnings, reporting $4.32 EPS versus the $3.92 estimate, while revenue rose 13.1% year over year to $6.17 billion.
• Insiders have been selling shares, including CEO William S. Demchak and EVP Louis Robert Cestello, even as analysts broadly remain constructive with a consensus “Moderate Buy” rating and a $243.11 price target.

Conning Inc. trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 161,179 shares of the financial services provider's stock after selling 5,334 shares during the period. The PNC Financial Services Group accounts for approximately 1.1% of Conning Inc.'s portfolio, making the stock its 26th largest holding. Conning Inc.'s holdings in The PNC Financial Services Group were worth $33,643,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PNC. Viking Global Investors LP grew its stake in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the period. Wellington Management Group LLP raised its stake in The PNC Financial Services Group by 50.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock valued at $700,305,000 after acquiring an additional 1,162,964 shares during the period. AQR Capital Management LLC raised its stake in The PNC Financial Services Group by 32.6% in the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock valued at $889,297,000 after acquiring an additional 1,086,941 shares during the period. Capital International Investors lifted its holdings in The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock valued at $2,177,318,000 after purchasing an additional 609,755 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at about $123,940,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president directly owned 18,867 shares of the company's stock, valued at $4,415,066.67. This represents a 18.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 64,186 shares of company stock worth $14,840,973. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Trading Up 1.8%

Shares of The PNC Financial Services Group stock opened at $213.57 on Friday. The company's 50-day moving average price is $213.48 and its 200-day moving average price is $210.55. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 12-month low of $169.32 and a 12-month high of $243.94. The company has a market cap of $85.76 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 0.87 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group's revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.51 earnings per share. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PNC shares. Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Barclays raised their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. Bank of America boosted their target price on shares of 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. Finally, Truist Financial increased their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

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.

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