The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Canandaigua National Corp

Canandaigua National Corp lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 6.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,440 shares of the financial services provider’s stock after selling 312 shares during the period. Canandaigua National Corp’s holdings in The PNC Financial Services Group were worth $700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PNC. Citizens National Bank Trust Department acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $28,000. Guardian Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $32,000. Mascoma Wealth Management LLC grew its position in shares of The PNC Financial Services Group by 89.8% in the first quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 79 shares during the period. Covestor Ltd purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at about $40,000. Finally, Baltimore Washington Financial Advisors Inc. purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at about $227,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

Insider Activity

In other news, EVP Michael P. Lyons sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $166.96, for a total value of $584,360.00. Following the completion of the sale, the executive vice president now directly owns 174,651 shares of the company’s stock, valued at approximately $29,159,730.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PNC shares. Barclays reduced their price objective on The PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Deutsche Bank Aktiengesellschaft cut their target price on The PNC Financial Services Group from $215.00 to $200.00 and set a “hold” rating for the company in a research report on Monday, September 12th. Piper Sandler set a $160.00 target price on The PNC Financial Services Group in a report on Tuesday, July 19th. Jefferies Financial Group dropped their price target on shares of The PNC Financial Services Group from $188.00 to $156.00 in a research note on Monday, July 11th. Finally, Credit Suisse Group lowered their target price on shares of The PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus target price of $197.78.

The PNC Financial Services Group Trading Up 0.9 %

Shares of PNC opened at $165.31 on Tuesday. The company has a 50 day simple moving average of $163.53 and a two-hundred day simple moving average of $169.12. The PNC Financial Services Group, Inc. has a 1 year low of $146.39 and a 1 year high of $228.14. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $67.80 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 2.45 and a beta of 1.21.

The PNC Financial Services Group (NYSE:PNCGet Rating) last posted its earnings results on Friday, July 15th. The financial services provider reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $0.31. The PNC Financial Services Group had a return on equity of 11.93% and a net margin of 27.32%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same quarter in the previous year, the firm earned $4.50 earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 14.5 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Wednesday, July 13th were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date was Tuesday, July 12th. The PNC Financial Services Group’s dividend payout ratio is currently 46.95%.

About The PNC Financial Services Group

(Get Rating)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

See Also

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating).

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for The PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.