Bearish flow noted in PNC Financial with 1,314 puts trading, or 1.0x expected. Most active are Sep-23 130 puts and Aug-23 132 puts, with total volume in those strikes near 600 contracts. The Put/Call Ratio is 3.14, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 13th.
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Read More on PNC:
- PNC Bank raises prime lending rate to 8.5%
- PNC Financial downgraded to Hold from Buy at Odeon Capital
- PNC Financial price target lowered to $135 from $145 at Credit Suisse
- PNC Financial price target lowered to $176 from $186 at Wells Fargo
- PNC says share repurchase activity in Q3 expected to remain ‘modest’
