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Unusual Put Option Trade in PNC Financial Services Group Worth $3,735K

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On May 17, 2023 at 15:07:46 ET an unusually large $3,735.00K block of Put contracts in PNC Financial Services Group (PNC) was bought, with a strike price of $160.00 / share, expiring in 30 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.34 sigmas above the mean, placing it in the 90.57th percentile of all recent large trades made in PNC options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 2311 funds or institutions reporting positions in PNC Financial Services Group. This is a decrease of 51 owner(s) or 2.16% in the last quarter. Average portfolio weight of all funds dedicated to PNC is 0.38%, a decrease of 1.68%. Total shares owned by institutions decreased in the last three months by 4.33% to 383,116K shares. The put/call ratio of PNC is 0.67, indicating a bullish outlook.

Analyst Price Forecast Suggests 30.54% Upside

As of May 11, 2023, the average one-year price target for PNC Financial Services Group is 145.67. The forecasts range from a low of 119.18 to a high of $195.30. The average price target represents an increase of 30.54% from its latest reported closing price of 111.59.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for PNC Financial Services Group is 23,502MM, an increase of 11.33%. The projected annual non-GAAP EPS is 16.20.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 12,260K shares representing 3.07% ownership of the company. In it’s prior filing, the firm reported owning 12,217K shares, representing an increase of 0.35%. The firm decreased its portfolio allocation in PNC by 2.04% over the last quarter.

T. Rowe Price Investment Management holds 11,857K shares representing 2.97% ownership of the company. In it’s prior filing, the firm reported owning 13,071K shares, representing a decrease of 10.23%. The firm decreased its portfolio allocation in PNC by 31.79% over the last quarter.

Jpmorgan Chase holds 9,481K shares representing 2.38% ownership of the company. In it’s prior filing, the firm reported owning 9,269K shares, representing an increase of 2.24%. The firm decreased its portfolio allocation in PNC by 90.55% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 9,324K shares representing 2.34% ownership of the company. In it’s prior filing, the firm reported owning 9,297K shares, representing an increase of 0.28%. The firm decreased its portfolio allocation in PNC by 2.34% over the last quarter.

Bank Of America holds 9,066K shares representing 2.27% ownership of the company. In it’s prior filing, the firm reported owning 9,265K shares, representing a decrease of 2.19%. The firm decreased its portfolio allocation in PNC by 81.89% over the last quarter.

PNC Financial Services Group Background Information
(This description is provided by the company.)

he PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

Key filings for this company:

This article originally appeared on Fintel

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