The PNC Financial Services Group, Inc $PNC Stock Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 36.5% in the 3rd quarter, HoldingsChannel reports. 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’s holdings in The PNC Financial Services Group were worth $79,999,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of PNC. BlackRock Inc. bought a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $7,921,455,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $2,102,631,000. Deutsche Bank AG bought a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $1,054,189,000. Jupiter Topco LLC bought a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $756,877,000. Finally, Legal & General Group Plc bought a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $669,168,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $231.52 on Tuesday. The company’s 50 day moving average price is $228.37 and its two-hundred day moving average price is $229.23. The PNC Financial Services Group, Inc has a 12-month low of $177.08 and a 12-month high of $258.96. The firm has a market cap of $91.86 billion, a PE ratio of 12.32, a PEG ratio of 1.21 and a beta of 0.92. 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 announced 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 PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same period last year, the firm earned $4.35 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.24 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 Thursday, November 5th. Investors of record on Wednesday, October 14th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group’s payout ratio is 42.58%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on The PNC Financial Services Group from $258.00 to $259.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. DA Davidson upped their price objective on The PNC Financial Services Group from $247.00 to $281.00 and gave the company a “buy” rating in a report on Thursday, July 16th. The Goldman Sachs Group lowered their price objective on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Robert W. Baird lifted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, Barclays lifted their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $266.04.

The PNC Financial Services Group Company Profile

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.