Pictet Asset Management Holding SA Has $57.75 Million Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Pictet Asset Management increased its stake in The PNC Financial Services Group by 16% in Q4 to 276,653 shares, valued at about $57.75 million (roughly 0.07% of PNC).
• PNC beat EPS expectations, reporting $4.32 vs. $3.92 consensus while revenue was $6.17 billion (slightly below estimates) and up 13.1% year‑over‑year; the bank also announced a quarterly dividend of $1.70 per share (annualized $6.80, ~3.1% yield), ex‑dividend April 14 and payable May 5.
• Institutional investors own 83.53% of PNC and analysts have leaned positive (average target ~$241.69, overall "Moderate Buy"), while insiders recently sold 64,186 shares valued at about $14.8 million.

Pictet Asset Management Holding SA grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 16.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 276,653 shares of the financial services provider's stock after purchasing an additional 38,252 shares during the quarter. Pictet Asset Management Holding SA owned about 0.07% of The PNC Financial Services Group worth $57,751,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. State Street Corp increased its position in The PNC Financial Services Group by 0.5% in the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock valued at $3,464,462,000 after acquiring an additional 85,291 shares in the last quarter. Capital International Investors increased its position in The PNC Financial Services Group by 6.0% in the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock valued at $2,177,318,000 after acquiring an additional 609,755 shares in the last quarter. Viking Global Investors LP raised its stake in shares of The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 32.6% in the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after acquiring an additional 1,086,941 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Down 0.2%

The PNC Financial Services Group stock opened at $220.83 on Wednesday. The PNC Financial Services Group, Inc has a fifty-two week low of $156.70 and a fifty-two week high of $243.94. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $89.08 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.92 and a beta of 0.96. The company's 50 day simple moving average is $214.34 and its 200 day simple moving average is $208.12.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share 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 net margin of 20.89% and a return on equity of 12.10%. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the business posted $3.51 earnings per share. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNC. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. Barclays upped their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an "overweight" rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $241.69.

Insiders Place Their Bets

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president owned 21,120 shares of the company's stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares in the company, valued at $4,415,066.67. This trade represents a 18.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 64,186 shares of company stock valued at $14,840,973. Insiders own 0.38% of the company's stock.

About The PNC Financial Services Group

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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