Should PNC unload its 21% stake in BlackRock (BLK) - currently worth $9.46B, but on the books at...

|About: PNC Financial Services G... (PNC)|By:, SA News Editor

Should PNC unload its 21% stake in BlackRock (BLK) - currently worth $9.46B, but on the books at $5.6B (PNC's total market cap is $37.5B). A sale would enable a sizable buyback (subject to Fed approval), but "not a great trade-off vs. losing 14% of EPS," says Nomura's Keith Murray. Another issue the buildup of a deferred tax asset, meaning the bank would be liable for a $1.9B payment to the IRS if it sold.