The PNC Financial Services Group, Inc $PNC Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its stake in PNC by 16.1% in the first quarter, selling 44,450 shares and ending with 232,203 shares valued at about $48.3 million.
• Wall Street remains cautiously bullish on PNC: analysts have a consensus “Moderate Buy” rating with an average price target of $248, while several firms recently lifted their targets into the $257-$278 range.
• PNC reported strong quarterly results, posting $4.32 in EPS versus the $3.92 estimate and growing revenue 13.1% year over year, while also paying a quarterly dividend of $1.70 per share.

Pictet Asset Management Holding SA decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,203 shares of the financial services provider's stock after selling 44,450 shares during the period. Pictet Asset Management Holding SA owned 0.06% of The PNC Financial Services Group worth $48,319,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $1,967,080,000. Viking Global Investors LP boosted its stake in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC grew its holdings in The PNC Financial Services Group by 961.7% during the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider's stock worth $549,023,000 after acquiring an additional 2,382,552 shares during the period. Deutsche Bank AG grew its holdings in The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock worth $800,884,000 after acquiring an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP raised its position in The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after acquiring an additional 1,162,964 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Truist Financial increased their target price on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the company a "hold" rating in a research note on Friday. Oppenheimer raised their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Finally, Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research report on Monday. One 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 company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average price target of $248.00.

The PNC Financial Services Group Trading Up 0.8%

Shares of PNC opened at $246.89 on Tuesday. The business's 50-day moving average price is $225.07 and its 200 day moving average price is $219.59. 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 PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $249.01. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted 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 net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the prior year, the firm earned $3.51 earnings per share. The business's quarterly revenue was up 13.1% on a year-over-year basis. Analysts expect that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is 39.51%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by corporate insiders.

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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