PNC Financial Services (PNC): Are Hedge Funds Right About This Stock?

Page 1 of 2

PNC Financial Services (NYSE:PNC) has experienced a decrease in activity from the world’s largest hedge funds of late.

According to most traders, hedge funds are seen as unimportant, outdated investment vehicles of years past. While there are over 8000 funds trading at the moment, we at Insider Monkey look at the aristocrats of this club, around 450 funds. It is widely believed that this group controls the majority of the hedge fund industry’s total asset base, and by monitoring their highest performing picks, we have brought to light a number of investment strategies that have historically outpaced Mr. Market. Our small-cap hedge fund strategy outpaced the S&P 500 index by 18 percentage points per annum for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have outpaced the S&P 500 index by 23.3 percentage points in 8 months (see all of our picks from August).

PNC Financial Services (NYSE:PNC)Equally as key, optimistic insider trading activity is another way to break down the marketplace. There are a variety of reasons for a corporate insider to get rid of shares of his or her company, but just one, very simple reason why they would buy. Various empirical studies have demonstrated the valuable potential of this method if shareholders understand what to do (learn more here).

With all of this in mind, let’s take a peek at the key action surrounding PNC Financial Services (NYSE:PNC).

Hedge fund activity in PNC Financial Services (NYSE:PNC)

At Q1′s end, a total of 31 of the hedge funds we track were long in this stock, a change of -26% from the first quarter. With hedgies’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were boosting their stakes substantially.

When looking at the hedgies we track, Ken Griffin’s Citadel Investment Group had the biggest position in PNC Financial Services (NYSE:PNC), worth close to $245.9 million, accounting for 0.4% of its total 13F portfolio. Coming in second is Pzena Investment Management, managed by Richard S. Pzena, which held a $230.5 million position; the fund has 1.6% of its 13F portfolio invested in the stock. Other peers that are bullish include Ric Dillon’s Diamond Hill Capital, Phill Gross and Robert Atchinson’s Adage Capital Management and Mario Gabelli’s GAMCO Investors.

Judging by the fact that PNC Financial Services (NYSE:PNC) has experienced bearish sentiment from hedge fund managers, it’s easy to see that there lies a certain “tier” of money managers who were dropping their full holdings in Q1. It’s worth mentioning that Jim Simons’s Renaissance Technologies dumped the biggest position of the “upper crust” of funds we monitor, valued at an estimated $27.5 million in stock.. George Soros’s fund, Soros Fund Management, also sold off its stock, about $21.6 million worth. These moves are interesting, as total hedge fund interest dropped by 11 funds in Q1.

What do corporate executives and insiders think about PNC Financial Services (NYSE:PNC)?

Insider purchases made by high-level executives is best served when the company in focus has seen transactions within the past 180 days. Over the last 180-day time period, PNC Financial Services (NYSE:PNC) has experienced zero unique insiders purchasing, and 12 insider sales (see the details of insider trades here).

Let’s also review hedge fund and insider activity in other stocks similar to PNC Financial Services (NYSE:PNC). These stocks are SunTrust Banks, Inc. (NYSE:STI), Toronto-Dominion Bank (USA) (NYSE:TD), The Bank of Nova Scotia (USA) (NYSE:BNS), Bank of Montreal (USA) (NYSE:BMO), and Canadian Imperial Bank of Commerce (USA) (NYSE:CM). This group of stocks belong to the money center banks industry and their market caps resemble PNC’s market cap.

Page 1 of 2

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!