Conning Inc. Reduces Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Conning Inc. lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 204,673 shares of the financial services provider’s stock after selling 25,068 shares during the quarter. Conning Inc. owned about 0.05% of The PNC Financial Services Group worth $37,834,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PNC. International Assets Investment Management LLC raised its position in The PNC Financial Services Group by 12,940.0% in the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock valued at $99,262,000 after purchasing an additional 532,871 shares during the period. Assenagon Asset Management S.A. increased its position in shares of The PNC Financial Services Group by 160.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock worth $129,836,000 after purchasing an additional 433,178 shares during the last quarter. Jennison Associates LLC raised its holdings in The PNC Financial Services Group by 38.4% in the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after buying an additional 291,769 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in The PNC Financial Services Group by 152.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after buying an additional 276,200 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after buying an additional 262,654 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $187.15 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $114.51 and a 12 month high of $196.64. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $74.39 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 2.00 and a beta of 1.13. The business’s fifty day moving average price is $183.94 and its 200 day moving average price is $169.50.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the business posted $3.60 EPS. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.34 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be issued a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.42%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insider Transactions at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now directly owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $171.80, for a total transaction of $213,375.60. Following the sale, the chief executive officer now owns 557,185 shares in the company, valued at approximately $95,724,383. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares of the company’s stock, valued at $170,299.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,279 shares of company stock worth $2,418,591. 0.42% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. UBS Group raised their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Finally, Morgan Stanley lifted their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $185.71.

The PNC Financial Services Group Profile

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.