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William S. Demchak, CEO of PNC Financial Services Group, Inc. (NYSE:PNC), a $74.6 billion market cap financial institution currently trading at $188.40, recently sold shares of the company’s stock, according to a recent SEC filing. InvestingPro analysis indicates PNC is currently undervalued based on its Fair Value model. The transaction, which took place on February 21, involved the sale of 1,242 shares at a price of $192.45 per share, totaling approximately $239,022.
In addition to the stock sale, Demchak also saw the vesting of 11,897 shares on February 20 as part of a restricted stock unit award granted in 2024. These shares were vested following the satisfaction of service requirements and performance criteria. To cover tax liabilities associated with this vesting, 5,125 shares were withheld, valued at $191.89 per share, amounting to $983,436.
The sale of shares was conducted under a Rule 10b5-1 trading plan, which Demchak adopted in March 2024. Following these transactions, Demchak holds 571,025 shares directly, with an additional 2,702 shares held in a 401(k) plan. The company maintains a strong dividend profile, having paid dividends for 55 consecutive years with a current yield of 3.4%.
In other recent news, PNC Financial Services Group reported strong fourth-quarter earnings that exceeded analyst expectations. The bank posted earnings per share of $3.77, surpassing the consensus estimate of $3.30, while revenue reached $5.57 billion, beating the expected $5.48 billion. Despite these positive results, PNC’s stock experienced a slight dip, possibly due to investor focus on other report aspects. Additionally, PNC issued $2.75 billion in senior notes, with tranches due in 2031 and 2036, as part of its strategy to manage debt and secure long-term financing. This issuance was underwritten by PNC Capital Markets LLC, BofA Securities, Inc., and Citigroup (NYSE:C) Global Markets Inc. Furthermore, PNC announced changes to its executive compensation structure, allowing continued vesting of restricted and performance share unit awards in specific termination scenarios. These adjustments aim to align executive interests with the company’s long-term performance goals. PNC maintains a strong capital position, with its common equity Tier 1 capital ratio rising to an estimated 10.5% at the end of the fourth quarter.
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