Pictet Asset Management Holding SA Increases Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Pictet Asset Management Holding SA grew its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 240,534 shares of the financial services provider’s stock after buying an additional 25,738 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of The PNC Financial Services Group worth $46,387,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. AssuredPartners Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $739,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of The PNC Financial Services Group by 25.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after acquiring an additional 8,081 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of The PNC Financial Services Group by 48.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock worth $5,160,000 after acquiring an additional 8,735 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its stake in shares of The PNC Financial Services Group by 2.0% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock valued at $30,202,000 after purchasing an additional 3,100 shares during the period. Finally, PKS Advisory Services LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $357,000. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a report on Friday, January 17th. Wells Fargo & Company dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday. Compass Point raised their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial boosted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Finally, Piper Sandler raised their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $204.25.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $192.88, for a total value of $239,556.96. Following the transaction, the chief executive officer now owns 526,313 shares of the company’s stock, valued at approximately $101,515,251.44. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 12,420 shares of company stock worth $2,342,313 in the last three months. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $171.83 on Monday. The firm’s 50-day moving average price is $187.91 and its 200-day moving average price is $192.21. The PNC Financial Services Group, Inc. has a 52-week low of $143.52 and a 52-week high of $216.26. The company has a market cap of $68.00 billion, a PE ratio of 12.50, a PEG ratio of 1.55 and a beta of 1.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $3.16 earnings per share. As a group, analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were given a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.72%. The PNC Financial Services Group’s payout ratio is 46.55%.

The PNC Financial Services Group Company 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.