The PNC Financial Services Group, Inc $PNC Shares Bought by Conning Inc.

Key Points

• Conning Inc. increased its PNC stake by 9.7% in the first quarter, buying 15,567 additional shares and bringing its total holdings to 176,746 shares worth about $36.8 million.
• PNC reported stronger-than-expected quarterly earnings, with EPS of $4.32 topping estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The company raised its quarterly dividend to $2.00 per share from $1.70, putting the annualized payout at $8.00 and the dividend yield at 3.2%.

Conning Inc. lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 176,746 shares of the financial services provider's stock after acquiring an additional 15,567 shares during the period. The PNC Financial Services Group accounts for approximately 1.2% of Conning Inc.'s portfolio, making the stock its 18th biggest position. Conning Inc.'s holdings in The PNC Financial Services Group were worth $36,779,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 6.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 20,972 shares of the financial services provider's stock worth $4,364,000 after purchasing an additional 1,311 shares during the period. Relyea Zuckerberg Hanson LLC lifted its position in The PNC Financial Services Group by 3.2% in the first quarter. Relyea Zuckerberg Hanson LLC now owns 1,647 shares of the financial services provider's stock valued at $343,000 after buying an additional 51 shares during the last quarter. Kornitzer Capital Management Inc. KS lifted its position in The PNC Financial Services Group by 24.1% in the first quarter. Kornitzer Capital Management Inc. KS now owns 4,341 shares of the financial services provider's stock valued at $903,000 after buying an additional 844 shares during the last quarter. Manning & Napier Advisors LLC boosted its stake in The PNC Financial Services Group by 1.5% during the first quarter. Manning & Napier Advisors LLC now owns 41,328 shares of the financial services provider's stock worth $8,600,000 after buying an additional 604 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its stake in The PNC Financial Services Group by 0.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 127,115 shares of the financial services provider's stock worth $26,299,000 after buying an additional 820 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Citigroup lifted their target price on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Oppenheimer upped their price target on The PNC Financial Services Group from $268.00 to $271.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 30th. Stephens started coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They set an "overweight" rating and a $265.00 price target for the company. Wells Fargo & Company lifted their price objective 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. Finally, Morgan Stanley increased their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $258.09.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $251.99 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.00. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $101.19 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.03 and a beta of 0.91. The business's fifty day moving average price is $229.90 and its 200 day moving average price is $222.05.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly 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 company 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 firm's revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.51 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid 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 is Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

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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