William S. Demchak, CEO of PNC Financial Services Group, Inc. (NYSE:PNC), recently sold 1,242 shares of the company’s stock. The transaction, executed on January 17, 2025, was conducted under a Rule 10b5-1 trading plan, which Demchak adopted on March 15, 2024. This sale generated a total of $245,916, with each share sold at a price of $198. Following this transaction, Demchak retains direct ownership of 525,071 shares in the company. Additionally, he holds 2,682 shares indirectly through a 401(k) plan. The company maintains a strong dividend track record, having paid dividends for 55 consecutive years with a current yield of 3.2%. InvestingPro analysis indicates PNC is currently trading below its Fair Value, with additional insights available in the comprehensive Pro Research Report.
In other recent news, PNC Financial Services has reported strong earnings for the fourth quarter, surpassing analyst expectations. The company posted earnings per share of $3.77, exceeding the consensus estimate of $3.30. Revenue was also higher than anticipated, coming in at $5.57 billion against expectations of $5.48 billion.
PNC's net interest income rose 3% from the previous quarter to $3.52 billion, while its net interest margin expanded 11 basis points to 2.75%. The company reported average loans of $319.1 billion in Q4, with average deposits increasing to $425.3 billion.
In addition to these recent developments, PNC's common equity Tier 1 capital ratio rose to an estimated 10.5% at the end of Q4, up from 10.3% at the end of Q3. For the full year 2024, PNC reported net income of $6.0 billion and diluted earnings per share of $13.74. The bank also stated it expects to continue share repurchases in the first quarter of 2025 at levels similar to recent quarters.
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