Put Options on PNC on 8/28/2023

The PNC Financial Services Group, Inc. (PNC) operates as a diversified financial services company in the United States. 

It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments.

The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services. This segment serves consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

Its Corporate & Institutional Banking segment provides secured and unsecured loans, letters of credit, and equipment leases; cash and investment management services, receivables and disbursement management services, funds transfer services, international payment services, and access to online/mobile information management and reporting; securities underwriting, loan syndications, customer-related trading, and mergers and acquisitions and equity capital markets advisory related services; and commercial loan servicing and technology solutions.

It serves mid-sized and large corporations, and government and not-for-profit entities. 

Shares have fallen below a support and lower share prices are expected.

Entry Point: $117.70

Trading Range: $110.31 to $170.275

Trade Buy 1 September $117.00 Put at $2.50 For a net debit of $2.50 Profit/Loss Analysis Breakeven at $114.50 Maximum profit is unbounded Maximum loss is ($250.00) at strike of $117.00 Closing Summary Sold 1 September $117.00 Put at $0.00

Position closed on 9/15/2023 at price of $0.00 with a -100.00% loss in 18 days.

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