Canandaigua National Bank & Trust Co. Invests $818,000 in The PNC Financial Services Group, Inc (NYSE:PNC)

Canandaigua National Bank & Trust Co. bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,655 shares of the financial services provider's stock, valued at approximately $818,000.

Other hedge funds also recently modified their holdings of the company. Rialto Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $35,000. REAP Financial Group LLC lifted its holdings in shares of The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after acquiring an additional 80 shares during the period. Hoey Investments Inc. acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $39,000. Finally, True Wealth Design LLC increased its stake in The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 59 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff bought 1,000 shares of the firm's stock in a transaction on Friday, April 25th. The stock was acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director owned 2,009 shares of the company's stock, valued at $317,863.98. This trade represents a 99.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,787 shares of company stock worth $1,782,794 over the last ninety days. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Trading Down 0.3%

Shares of NYSE:PNC traded down $0.61 during mid-day trading on Friday, reaching $195.10. 1,863,484 shares of the company's stock were exchanged, compared to its average volume of 2,109,370. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The firm has a market capitalization of $77.18 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.65 and a beta of 1.07. The business's fifty day moving average price is $175.10 and its 200-day moving average price is $180.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. On average, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be paid a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.49%. The PNC Financial Services Group's payout ratio is currently 45.20%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNC. Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Wells Fargo & Company reduced their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. TD Cowen assumed coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price on the stock. Truist Financial dropped their target price on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating on the stock in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average target price of $206.35.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time 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.