The PNC Financial Services Group, Inc $PNC Stock: Pictet Asset Management Holding SA Boosts Stake

Pictet Asset Management Holding SA grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 36.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 360,047 shares of the financial services provider’s stock after purchasing an additional 96,276 shares during the quarter. Pictet Asset Management Holding SA owned about 0.09% of The PNC Financial Services Group worth $79,999,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Highland Investment Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the second quarter valued at $28,000. Archer Investment Corp bought a new position in shares of The PNC Financial Services Group in the second quarter valued at $33,000. Wilkerson Advisory Group LLC increased its holdings in The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after buying an additional 71 shares during the last quarter. Finally, Dunhill Financial LLC acquired a new position in The PNC Financial Services Group during the second quarter worth $37,000. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

PNC has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of The PNC Financial Services Group in a research report on Tuesday, October 27th. They set a “peer perform” rating on the stock. Argus lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Royal Bank Of Canada decreased their price objective on shares of The PNC Financial Services Group from $273.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, October 16th. The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Finally, Oppenheimer upped their target price on shares of The PNC Financial Services Group from $269.00 to $274.00 and gave the company an “outperform” rating in a report on Monday, November 2nd. Seventeen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.04.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

PNC opened at $231.52 on Tuesday. The PNC Financial Services Group, Inc has a 12-month low of $177.08 and a 12-month high of $258.96. The stock has a market cap of $91.86 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.21 and a beta of 0.92. The business has a 50 day moving average of $228.37 and a 200-day moving average of $229.23. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.28.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping the consensus estimate of $4.91 by $0.18. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company posted $4.35 EPS. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Wednesday, October 14th. This represents a $8.00 annualized dividend and a yield of 3.5%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.58%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services.

PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.

The company traces its history to 1852 and took its current name following the 1983 merger of Pittsburgh National Corporation and Provident National Corporation.