Conning Inc. increased its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 25.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 285,304 shares of the financial services provider’s stock after buying an additional 57,235 shares during the quarter. Conning Inc. owned about 0.07% of The PNC Financial Services Group worth $35,864,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PNC. Blair William & Co. IL lifted its holdings in shares of The PNC Financial Services Group by 0.5% during the first quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider’s stock valued at $3,135,000 after purchasing an additional 89 shares during the last quarter. Cetera Investment Advisers raised its position in The PNC Financial Services Group by 12.0% during the first quarter. Cetera Investment Advisers now owns 16,141 shares of the financial services provider’s stock valued at $2,977,000 after buying an additional 1,724 shares during the period. Covestor Ltd raised its position in The PNC Financial Services Group by 68.8% during the first quarter. Covestor Ltd now owns 336 shares of the financial services provider’s stock valued at $62,000 after buying an additional 137 shares during the period. West Family Investments Inc. raised its position in The PNC Financial Services Group by 9.1% during the first quarter. West Family Investments Inc. now owns 1,164 shares of the financial services provider’s stock valued at $215,000 after buying an additional 97 shares during the period. Finally, Ergoteles LLC raised its position in The PNC Financial Services Group by 137.9% during the first quarter. Ergoteles LLC now owns 21,048 shares of the financial services provider’s stock valued at $3,882,000 after buying an additional 12,201 shares during the period. Institutional investors and hedge funds own 80.14% of the company’s stock.
The PNC Financial Services Group Stock Performance
NYSE:PNC traded down $2.75 during mid-day trading on Monday, hitting $120.02. 1,993,257 shares of the company’s stock traded hands, compared to its average volume of 3,015,872. The firm has a 50 day moving average of $125.06 and a two-hundred day moving average of $124.24. The PNC Financial Services Group, Inc. has a 12 month low of $110.31 and a 12 month high of $170.27. The firm has a market capitalization of $47.80 billion, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 1.12 and a beta of 1.12. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.33.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.05. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter in the prior year, the company earned $3.42 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.51 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Sunday, November 5th. Investors of record on Tuesday, October 17th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 5.17%. The PNC Financial Services Group’s payout ratio is 42.49%.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on PNC shares. Wells Fargo & Company dropped their price target on The PNC Financial Services Group from $186.00 to $176.00 in a research report on Wednesday, July 19th. Credit Suisse Group dropped their price target on The PNC Financial Services Group from $145.00 to $135.00 in a research report on Wednesday, July 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 target price on shares of The PNC Financial Services Group in a research report on Friday. Odeon Capital Group lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Finally, Piper Sandler upped their target price on The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a research report on Friday, September 15th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $155.78.
Read Our Latest Stock Analysis on The PNC Financial Services Group
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 certificates of 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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