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William S. Demchak, CEO of PNC Financial Services Group, Inc. (NYSE:PNC), recently sold 1,242 shares of the company’s common stock. The shares were sold at an average price of $202.61, amounting to a total transaction value of $251,641. The transaction occurred as PNC trades near $198, with the stock showing strong momentum, up over 40% in the past year. According to InvestingPro analysis, PNC maintains a "GOOD" Financial Health score of 2.61. This transaction was conducted under a Rule 10b5-1 trading plan, which Demchak adopted in March 2024. Following the sale, Demchak retains direct ownership of 521,345 shares. Additionally, there are 2,702 shares indirectly held in a 401(k) plan, reflecting holdings under The PNC Incentive Savings Plan. The bank has maintained dividend payments for 55 consecutive years, with seven analysts recently revising earnings estimates upward. For deeper insights into PNC’s valuation and growth prospects, including exclusive ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, PNC Financial Services Group, Inc. has been active in the financial landscape. The company successfully completed a public offering of senior notes, raising a total of $2.75 billion. This offering consisted of two tranches: $1 billion of 5.222% fixed rate/floating rate senior notes due January 29, 2031, and $1.75 billion of 5.575% fixed rate/floating rate senior notes due January 29, 2036. PNC Financial Services Group, in conjunction with PNC Capital Markets LLC, BofA Securities, Inc., and Citigroup (NYSE:C) Global Markets Inc., conducted the sale under an Underwriting Agreement.
Additionally, PNC Financial Services Group reported robust earnings for the fourth quarter, outpacing analyst expectations. The company posted earnings per share of $3.77, surpassing the analyst consensus estimate of $3.30. Revenue was reported at $5.57 billion, also exceeding expectations of $5.48 billion. PNC’s net interest income rose 3% from the previous quarter to $3.52 billion, with net interest margin expanding 11 basis points to 2.75%.
These recent developments indicate a period of financial activity for PNC Financial Services Group. The issuance of senior notes and strong earnings results are key highlights in the company’s recent operations.
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