Lombard Odier Asset Management Switzerland SA Increases Holdings in The PNC Financial Services Group, Inc $PNC

Lombard Odier Asset Management Switzerland SA increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 110.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,016 shares of the financial services provider’s stock after purchasing an additional 14,200 shares during the quarter. Lombard Odier Asset Management Switzerland SA’s holdings in The PNC Financial Services Group were worth $5,639,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Quarry LP bought a new stake in The PNC Financial Services Group in the 3rd quarter worth approximately $25,000. Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $32,000. Beacon Financial Strategies CORP purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $35,000. Finally, JPL Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PNC shares. Stephens started coverage on shares of The PNC Financial Services Group in a report on Monday. They issued an “overweight” rating and a $265.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Bank of America raised their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Finally, Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $246.72.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 48,300 shares of company stock worth $10,694,574. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $234.71 on Wednesday. The company has a market capitalization of $94.25 billion, a PE ratio of 13.64, a P/E/G ratio of 0.96 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a 50-day simple moving average of $221.67 and a two-hundred day simple moving average of $216.86. The PNC Financial Services Group, Inc has a one year low of $172.88 and a one year high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.51 earnings per share. Research analysts expect that The PNC Financial Services Group, Inc will post 18.79 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.