PNC Slips After Selling Billion-Dollar BlackRock Stake

PNC is selling its 22% stake in BlackRock

The shares of PNC Financial Services Group Inc (NYSE:PNC) are down 4% to trade at $98.86, following the firm's announcement that it's selling its 22% stake, worth roughly $17 billion, in BlackRock (BLK). The move earned an upgrade from Stephens to "overweight" from "equal weight," calling the exit a smart move, ahead of any major political changes next fall.

Though today's dip was captured by recent support at its 40-day moving average, PNC has had trouble distancing itself from its March lows, with pressure at the $105 level, for the most part, keeping a lid on the shares. The bank stock is down 38% year-to-date.

Coming into today, seven out of the 17 analysts covering PNC considered it a "buy" or better, with nine hashing out tepid "hold," and just one saying "strong sell." Meanwhile, the 12-month consensus price target of $112.19 is a 12.3% premium to current levels.

Calls are favored in the options pits. PNC sports a 50-day call/put volume ratio of 1.6 at the International Securites Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 94% of readings from the past year.