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William S. Demchak, CEO of PNC Financial Services Group, Inc. (NYSE:PNC), recently sold a portion of his company stock. According to a filing with the Securities and Exchange Commission, Demchak sold 1,242 shares at an average price of $196.17 each, totaling approximately $243,643. This transaction was carried out as part of a pre-established Rule 10b5-1 trading plan, which Demchak adopted on March 15, 2024. The sale comes as PNC, an $80 billion market cap financial institution, trades at a P/E ratio of 14.5x with a "GOOD" overall financial health rating.
Following the sale, Demchak holds 523,829 shares directly. Additionally, he owns 2,682 shares indirectly through a 401(k) plan. These transactions come as part of routine portfolio management, and investors often keep a close watch on such insider activities for potential insights into the company's future prospects. The bank has maintained dividend payments for 55 consecutive years, with a current yield of 3.2%. According to InvestingPro, seven analysts have recently revised their earnings estimates upward for the upcoming period, suggesting positive momentum for the company.
In other recent news, PNC Financial Services Group Inc. reported strong Q4 earnings, surpassing analyst expectations. The Pittsburgh-based bank posted earnings per share of $3.77, exceeding the analyst consensus estimate of $3.30, and reported revenue of $5.57 billion, topping expectations of $5.48 billion. The bank's net interest income rose 3% from the previous quarter to $3.52 billion, and the net interest margin expanded 11 basis points to 2.75%.
PNC reported average loans of $319.1 billion in Q4, while average deposits increased $3.1 billion to $425.3 billion. The bank's common equity Tier 1 capital ratio rose to an estimated 10.5% at the end of Q4, reflecting a strong capital position. For the full year 2024, PNC reported net income of $6.0 billion and diluted earnings per share of $13.74.
These recent developments also include PNC's announcement of its plans to continue share repurchases in the first quarter of 2025 at levels similar to recent quarters. The bank's board also declared a quarterly cash dividend of $1.60 per share.
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