Conning Inc. Sells 22,423 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Conning Inc. decreased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 182,250 shares of the financial services provider’s stock after selling 22,423 shares during the quarter. Conning Inc.’s holdings in The PNC Financial Services Group were worth $35,147,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its stake in The PNC Financial Services Group by 0.6% during the 3rd quarter. State Street Corp now owns 17,299,381 shares of the financial services provider’s stock worth $3,197,791,000 after acquiring an additional 100,573 shares during the period. Franklin Resources Inc. raised its stake in The PNC Financial Services Group by 1.2% during the 3rd quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider’s stock worth $1,939,154,000 after acquiring an additional 123,994 shares during the period. Geode Capital Management LLC raised its stake in The PNC Financial Services Group by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock worth $1,541,155,000 after acquiring an additional 166,138 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of The PNC Financial Services Group by 1.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,950,394 shares of the financial services provider’s stock valued at $545,380,000 after buying an additional 42,887 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of The PNC Financial Services Group by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,440,098 shares of the financial services provider’s stock valued at $451,052,000 after buying an additional 6,438 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PNC. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Evercore ISI lifted their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Stephens reiterated an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $205.00.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $189.29, for a total transaction of $235,098.18. Following the completion of the sale, the chief executive officer now directly owns 530,039 shares of the company’s stock, valued at approximately $100,331,082.31. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,413 shares of company stock valued at $6,037,230 over the last three months. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Down 0.8 %

NYSE PNC opened at $200.80 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The company has a fifty day moving average of $198.68 and a two-hundred day moving average of $190.28. The firm has a market capitalization of $79.67 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 1.64 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 52 week low of $139.69 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.16 earnings per share. On average, analysts predict that The PNC Financial Services Group, Inc. will post 15.3 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 Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

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.