Pictet Asset Management Ltd. trimmed its stake in PNC Financial Services Group Inc (NYSE:PNC) by 8.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 251,919 shares of the financial services provider’s stock after selling 22,000 shares during the period. Pictet Asset Management Ltd. owned about 0.05% of PNC Financial Services Group worth $34,309,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. D.A. Davidson & CO. boosted its stake in PNC Financial Services Group by 10.2% in the third quarter. D.A. Davidson & CO. now owns 51,057 shares of the financial services provider’s stock worth $6,954,000 after purchasing an additional 4,714 shares in the last quarter. Westpac Banking Corp boosted its stake in PNC Financial Services Group by 39.4% in the third quarter. Westpac Banking Corp now owns 58,594 shares of the financial services provider’s stock worth $7,980,000 after purchasing an additional 16,548 shares in the last quarter. CIBC World Markets Inc. boosted its stake in PNC Financial Services Group by 7.5% in the third quarter. CIBC World Markets Inc. now owns 22,411 shares of the financial services provider’s stock worth $3,052,000 after purchasing an additional 1,561 shares in the last quarter. Sarasin & Partners LLP acquired a new position in PNC Financial Services Group in the third quarter worth $7,150,000. Finally, Rafferty Asset Management LLC boosted its stake in PNC Financial Services Group by 17.9% in the third quarter. Rafferty Asset Management LLC now owns 149,476 shares of the financial services provider’s stock worth $20,357,000 after purchasing an additional 22,655 shares in the last quarter. Hedge funds and other institutional investors own 79.09% of the company’s stock.
Shares of PNC opened at $135.78 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.11. PNC Financial Services Group Inc has a 12-month low of $116.55 and a 12-month high of $163.59. The firm has a market cap of $62.65 billion, a PE ratio of 15.97, a PEG ratio of 1.34 and a beta of 0.92.
PNC Financial Services Group declared that its Board of Directors has initiated a stock repurchase plan on Thursday, November 8th that permits the company to buyback $900.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Wednesday, October 17th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.71%.
In other news, EVP Robert Q. Reilly sold 24,710 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the transaction, the executive vice president now owns 131,020 shares of the company’s stock, valued at $18,406,999.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.38% of the company’s stock.
PNC has been the topic of a number of recent analyst reports. Deutsche Bank raised PNC Financial Services Group from a “hold” rating to a “buy” rating in a research note on Monday, October 15th. Vining Sparks reissued a “buy” rating and issued a $160.00 price objective on shares of PNC Financial Services Group in a research note on Tuesday, October 9th. Morgan Stanley reduced their price objective on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Monday, October 15th. ValuEngine raised PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Finally, UBS Group set a $137.00 price objective on PNC Financial Services Group and gave the stock a “hold” rating in a research note on Monday, October 15th. Fourteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $155.50.
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About PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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