PITTSBURGH, Aug. 26, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 12:00 p.m. (ET) Monday, Sept. 9, at the Barclays Global Financial Services Conference in New York City.The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, incl ...

BofA Securities analyst Ebrahim H. Poonawala upgraded PNC Financial Services Group, Inc. PNC to Buy from Neutral, raising the price objective to $200 from $185.Despite a premium valuation often being a barrier for the analyst, the revised FY25/26 estimates imply a 14% annual EPS growth, making the risk/reward attractive.With shares trading at 11.2x/9.9x FY25/26 EPS and 1.6x YE25 TBV, compared to a 15% ROTCE outlook, Poonawala writes that the investment potential looks promising.The analyst remains upbeat on ...

Shares of PNC Financial Services (PNC) have appreciated 19.3% in the past six months compared with the industry’s growth of 16.8%. The stock has also outperformed the S&P 500 Index, which moved up 8.4% in the same frame.The company’s solid balance sheet and strategic initiatives continue to support its financials. Analysts are bullish regarding this Zacks Rank #3 (Hold) stock. In the past seven days, the Zacks Consensus Estimate for earnings of $12.74 and $14.43 per share has moved 3.1% and 1.8% upward for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-09718 The PNC Financial Services Group, Inc. (Exact name of regi ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

Loading...Loading...Shares of PNC Financial Services Group Inc PNC were climbing in early trading on Wednesday, after the company reported strong second-quarter results.The results came amid an exciting earnings season. Here are some key analyst takeaways.RBC Capital Markets analyst Gerard Cassidy reiterated an Outperform rating and lifted the price target from $155 to $184.Goldman Sachs analyst Richard Ramsden maintained a Neutral rating and raised the price target from $165 to $182.Check out other analyst ...

PNC Financial Services Group saw expected increases in total nonperforming loans and net loan charge-offs in the second quarter.The increases were primarily due to high commercial nonperforming loans and higher commercial real estate (CRE) net loan charge-offs, the bank said in a Tuesday (July 16) earnings release.“The credit environment continues to play out as we’ve expected, including an increase in charge-offs within the CRE office portfolio, where we remain adequately reserved,” William S. Demchak, cha ...

For the quarter ended June 2024, The PNC Financial Services Group, Inc (PNC) reported revenue of $5.41 billion, up 2.2% over the same period last year. EPS came in at $3.30, compared to $3.36 in the year-ago quarter.The reported revenue represents a surprise of +2.08% over the Zacks Consensus Estimate of $5.3 billion. With the consensus EPS estimate being $3.00, the EPS surprise was +10.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

Group 1 - PNC Financial Services Group, Inc. reported a revenue increase of 2% year-over-year to $5.411 billion, slightly missing the consensus of $5.412 billion, while adjusted EPS of $3.30 exceeded the consensus of $2.98 [1] - For FY24, PNC expects net interest income (NII) to decline by 4%, with revenue projected to decrease by 1%-2%, and average loans expected to decline by less than 1% [1] - The updated FY2024 guidance suggests a 2% lower pre-provision net revenue (PPNR) than the Street consensus [1] Group 2 - Analysts anticipate management's comments on the assumptions driving guidance, NII trajectory in H2 2024 and 2025, expense trends, and credit outlook [2] - Net charge-offs (NCOs) for commercial real estate (CRE) rose to 1.28%, an increase of approximately 65 basis points quarter-over-quarter, leading to a rise in the office CRE reserve ratio from 9.7% to 10.3% [2] - PNC shares are currently up 4.66% at $176.89 [3]

Financial Data and Key Metrics Changes - The company reported a net income of $1.5 billion, or $3.39 diluted earnings per share, for the second quarter of 2024, marking a strong performance [6][21] - Net interest income (NII) grew by $38 million, or 1%, and net interest margin (NIM) increased by 3 basis points to 2.6% [21][22] - Total revenue increased by $266 million, or 5%, compared to the first quarter of 2024, driven by higher non-interest income and net interest income [21][22] Business Line Data and Key Metrics Changes - Average loan balances remained stable at $320 billion, with commercial loans flat and consumer loans declining by approximately $600 million [11][14] - The investment securities portfolio increased by $6 billion, or 4%, reflecting the deployment of excess liquidity into higher-yielding securities [11][15] - Non-interest income increased by $228 million, or 12%, including significant items related to Visa gains [21][22] Market Data and Key Metrics Changes - Average deposits declined by $3 billion, or less than 1%, primarily due to seasonal declines in corporate balances [11][18] - The rate paid on interest-bearing deposits increased by only 1 basis point to 2.61%, indicating stabilization in deposit pricing [18][44] - The credit environment showed an increase in charge-offs within the commercial real estate (CRE) office portfolio, while credit quality outside of this segment remained stable [9][25] Company Strategy and Development Direction - The company is focused on achieving record NII in 2025 and has launched new credit card products to enhance its retail business [7][10] - A continuous improvement program has been initiated, with an increased target for 2024 to enhance expense discipline [8][24] - The company aims to manage its exposure in the CRE office portfolio while maintaining adequate reserves [26] Management's Comments on Operating Environment and Future Outlook - Management expects continued economic growth in the second half of 2024, with real GDP growth projected at approximately 2% [27] - The company anticipates two rate cuts by the Fed in 2024, which may influence loan growth and net interest income [27] - Management expressed confidence in the stability of credit quality, despite some fluctuations in the commercial sector [58] Other Important Information - The board approved a $0.05 increase in the quarterly cash dividend, raising it to $1.60 per share [12][13] - The company returned approximately $700 million of capital to shareholders during the quarter, including $600 million in common dividends and $100 million in share repurchases [12][13] Q&A Session Summary Question: Insights on NII and securities restructuring - Management indicated that the securities restructuring should be viewed as a one-off event, with no current plans for further restructuring [31][32] Question: Expectations on deposit pricing and levels - The expectation is for deposits to remain stable to down, with an emphasis on stability [32][33] Question: NII outlook and loan growth impact - Management clarified that the guidance for NII improved despite muted loan growth assumptions, attributing this to positive deposit dynamics [36][37] Question: Capital buybacks and CET1 ratio - The company plans to maintain its current pace of buybacks, contingent on loan growth and capital generation [39][40] Question: Credit quality and potential risks - Management noted that credit quality remains stable outside of the CRE office portfolio, with no significant concerns identified [58][59] Question: Strategy for credit card business - The company aims to expand its consumer lending products, including credit cards, to better serve its clients [53][90]