Pictet Asset Management Holding SA Purchases 25,738 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Pictet Asset Management Holding SA grew its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 240,534 shares of the financial services provider’s stock after purchasing an additional 25,738 shares during the quarter. Pictet Asset Management Holding SA’s holdings in The PNC Financial Services Group were worth $46,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Winch Advisory Services LLC bought a new stake in The PNC Financial Services Group during the fourth quarter valued at about $25,000. Richardson Financial Services Inc. grew its position in shares of The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 140 shares in the last quarter. Albion Financial Group UT bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $30,000. Synergy Asset Management LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $32,000. Finally, Rialto Wealth Management LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $32,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 10th. The stock was sold at an average price of $192.88, for a total transaction of $239,556.96. Following the completion of the sale, the chief executive officer now directly owns 526,313 shares of the company’s stock, valued at $101,515,251.44. The trade was a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 12,420 shares of company stock worth $2,342,313. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNC. Barclays upped their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Citigroup decreased their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Piper Sandler raised their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group decreased their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $204.25.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $171.83 on Monday. The stock has a 50 day moving average price of $187.91 and a 200 day moving average price of $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 debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $68.00 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.55 and a beta 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, beating analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates 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 business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.16 earnings per share. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

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

About The PNC Financial Services Group

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.