Pictet Asset Management Holding SA Has $48.32 Million Position in The PNC Financial Services Group, Inc $PNC

Pictet Asset Management Holding SA cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 16.1% during the first quarter, HoldingsChannel.com reports. The firm owned 232,203 shares of the financial services provider’s stock after selling 44,450 shares during the period. Pictet Asset Management Holding SA’s holdings in The PNC Financial Services Group were worth $48,319,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. ABN AMRO Bank N.V. boosted its stake in shares of The PNC Financial Services Group by 1.0% during the 1st quarter. ABN AMRO Bank N.V. now owns 6,539 shares of the financial services provider’s stock valued at $1,368,000 after buying an additional 62 shares during the period. Sterling Capital Management LLC increased its stake in shares of The PNC Financial Services Group by 453.5% in the first quarter. Sterling Capital Management LLC now owns 49,295 shares of the financial services provider’s stock worth $10,258,000 after acquiring an additional 40,389 shares during the last quarter. Cambient Family Office LLC increased its stake in shares of The PNC Financial Services Group by 17.6% in the first quarter. Cambient Family Office LLC now owns 3,064 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 459 shares during the last quarter. Laurel Oak Wealth Management LLC raised its holdings in shares of The PNC Financial Services Group by 6.8% during the first quarter. Laurel Oak Wealth Management LLC now owns 2,728 shares of the financial services provider’s stock worth $568,000 after acquiring an additional 174 shares in the last quarter. Finally, GHP Investment Advisors Inc. raised its holdings in shares of The PNC Financial Services Group by 1.5% during the first quarter. GHP Investment Advisors Inc. now owns 14,157 shares of the financial services provider’s stock worth $2,946,000 after acquiring an additional 210 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $246.89 on Tuesday. The stock has a market capitalization of $99.14 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.00 and a beta of 0.92. The business has a 50-day moving average of $225.07 and a two-hundred day moving average of $219.59. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $249.01. 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 PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the firm posted $3.51 EPS. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.81 EPS 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 $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.8%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Analysts Set New Price Targets

PNC has been the topic of a number of recent research reports. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Barclays raised their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Bank of America lifted their price target on 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. Truist Financial boosted their price target on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a research note on Friday. Finally, Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $248.00.

Insider Activity

In related news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction 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 completion of the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,300 shares of company stock valued at $10,694,574 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group 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.