Sarasin Reshapes Portfolio
J. Safra Sarasin Adjusts Portfolio, Increasing PNC and RGA Stakes While Trimming Deere and UBS
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Key Points
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J. Safra Sarasin cut its Deere & Company stake by selling 26,972 shares in Q1, leaving 41,828 shares valued at about $23.56 million.
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J. Safra Sarasin sharply expanded its position in Reinsurance Group of America, boosting holdings by 212.3% to 63,159 shares (an addition of 42,936 shares) worth about $12.895 million.
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J. Safra Sarasin trimmed its UBS Group stake by 3.0% in Q1, selling 34,011 shares to hold 1,086,608 shares worth about $41.469 million.
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Separately, PNC-related activity shows EVP Stephanie Novosel selling 1,800 PNC shares on June 5 at an average price of $228.73, leaving about 3,107 shares worth roughly $710,664.
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In Clean Harbors, JSS reduced its stake by 4.5% to 52,198 shares (about $14.93 million); broader Clean Harbors activity included Fifth Third Bancorp increasing to 14,771 shares and Candriam S.C.A. rising to 36,781 shares, with analysts like Oppenheimer and Barclays nudging targets higher.
J. Safra Sarasin Holding AG made a series of notable portfolio moves in the first quarter, including a 13% increase in its stake in PNC Financial Services Group, bringing its holdings to 152,617 shares worth about $31.75 million, according to Ticker Report.
The Swiss private bank did not stop there. It sharply boosted its position in Reinsurance Group of America by 212.3%, adding 42,936 shares to reach 63,159 shares valued at roughly $12.90 million. At the same time, it cut back on Deere & Company and UBS Group holdings.
PNC and Reinsurance Group See Big Position Increases
J. Safra Sarasin lifted its PNC Financial Services stake by 13% in Q1, according to Ticker Report. The firm now holds 152,617 PNC shares. Those shares are worth about $31.75 million. PNC is one of the largest US banks, with operations across retail, corporate, and asset management banking.
The firm's move into Reinsurance Group of America was even more aggressive. It added 42,936 shares, a jump of 212.3%, to hold 63,159 shares worth around $12.90 million. That is one of the largest percentage increases across its entire Q1 portfolio shuffle.
Deere and UBS Stakes Cut as Firm Trims Positions
J. Safra Sarasin sold 26,972 shares of Deere & Company in Q1, slashing its stake by 39.2%, according to Ticker Report. It now holds 41,828 shares worth about $23.56 million. Deere makes farm and construction equipment. The reduction signals a pullback from the industrial sector.
The firm also trimmed its UBS Group stake by 3.0%, selling 34,011 shares. It now holds 1,086,608 UBS shares worth roughly $41.47 million. UBS is the firm's largest holding by value among the positions reported. The cut was modest compared to its Deere move.
Clean Harbors Stake Reduced Amid Broader Industry Activity
J. Safra Sarasin cut its Clean Harbors stake by 4.5% in Q1, selling shares to hold 52,198 shares worth about $14.93 million, according to Ticker Report. Clean Harbors provides hazardous waste and environmental services across North America.
Other investors moved in a different direction on Clean Harbors. Fifth Third Bancorp increased its position to 14,771 shares, and Candriam S.C.A. raised its stake to 36,781 shares. Analysts at Oppenheimer and Barclays both nudged their price targets higher on the stock, signaling continued confidence in the company's outlook.
PNC Insider Sells Shares as Bank Stock Stays Active
Separately from J. Safra Sarasin's moves, PNC saw insider selling in early June. EVP Stephanie Novosel sold 1,800 PNC shares on June 5 at an average price of $228.73 per share, according to Watchlist News. After the sale, she held about 3,107 shares worth roughly $710,664.
Insider sales are common at large banks and do not always signal a negative view of a stock. Still, the timing adds a layer of activity around PNC just as J. Safra Sarasin was building its position during the first quarter.
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