PITTSBURGH, Sept. 3, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the third quarter 2024 at approximately 6:30 a.m. (ET), Tuesday, Oct. 15, 2024, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET).Dial in numbers are (866) 604-1697 and (215) 268-9875 (international). ...

The PNC Financial Services Group, Inc. (PNC) touched a new 52-week high of $183.34. The stock closed the trading session at $182.14, up 0.2% from the previous day’s closing price.The PNC stock outperformed the industry, and its close peers —  The Bank of New York Mellon (BK) and  U.S. Bancorp (USB) in the past three months. BK rose 16.2% while USB increased 18.5% in the said time frame.Image Source: Zacks Investment ResearchFactors Leading to PNC Stock's New 52-Week HighA major factor for this upward moveme ...

Annual Financial Wellness in the Workplace Report Highlights Workplace Stressors, Benefits Needs and Financial Goals Across GenerationsPITTSBURGH, Aug. 28, 2024 /PRNewswire/ -- PNC Bank today released findings from its second annual Financial Wellness in the Workplace Report entitled, "The Evolving Needs of the Multigenerational American Workforce," which summarizes survey data and in-depth interviews from more than 1,000 U.S. workers and more than 500 U.S. employers to better understand the financial healt ...

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 ...

Core Viewpoint - PNC Financial Services has shown strong stock performance, with a 19.3% appreciation over the past six months, outperforming both the industry and the S&P 500 Index, supported by a solid balance sheet and strategic initiatives [1]. Financial Performance - The Zacks Consensus Estimate for earnings per share has increased by 3.1% for 2024 and 1.8% for 2025, projecting a slight decline of 1.3% for this year but a growth of 5.9% for 2025 [1]. - The company expects average loans to remain stable at $319.9 billion and anticipates a 1-2% rise in net interest income (NII) from $3.3 billion reported in Q2 2024 [9]. Long-Term Initiatives - PNC Financial plans to invest $1 billion to open over 100 new branches and renovate more than 1,200 existing locations by 2028, enhancing its branch network and customer access [4]. - The expansion will focus on key locations such as Austin, Dallas, Denver, Houston, Miami, and San Antonio, aiming to improve the retail banking business [4]. Strategic Acquisitions - The company is enhancing its business through strategic acquisitions, including a partnership with TCW Group to offer private credit solutions, aiming to raise $2.5 billion in investor equity capital [5]. Balance Sheet Strength - PNC has a robust balance sheet, with total deposits and loans experiencing a four-year CAGR of 9.9% and 7.6%, respectively [6]. - The company acquired loan commitments from Signature Bank worth approximately $16 billion, expected to support loan growth in upcoming quarters [6]. Capital Distribution - PNC Financial has increased its quarterly cash dividends by 3.2% to $1.60 per share and has an ongoing share repurchase program, having repurchased 1.6 million shares for $0.2 billion in the first half of 2024 [7][8]. - As of June 30, 2024, nearly 43% of shares were available for repurchase under the authorization, indicating sustainable capital distribution activities [8].

[PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents PNC's unaudited financial statements, detailed notes, and management's discussion and analysis of financial condition and results [Item 1. Financial Statements (Unaudited)](index=41&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents PNC's unaudited consolidated financial statements, including income, comprehensive income, balance sheet, and cash flow statements, with detailed notes on accounting policies and data breakdowns [Consolidated Financial Statements](index=61&type=section&id=Consolidated%20Financial%20Statements) PNC's consolidated statements detail financial performance, showing H1 2024 net income of $2.8 billion, total assets of $556.5 billion, and significant cash usage in financing and investing Consolidated Income Statement Highlights (Six Months Ended June 30) | Metric | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | **Total Revenue** | $10,556 | $10,896 | | Net Interest Income | $6,566 | $7,095 | | Noninterest Income | $3,990 | $3,801 | | Provision For Credit Losses | $390 | $381 | | **Net Income** | $2,821 | $3,194 | | **Diluted EPS** | $6.48 | $7.34 | Consolidated Balance Sheet Highlights (As of) | Metric | June 30, 2024 (in millions) | Dec 31, 2023 (in millions) | | :--- | :--- | :--- | | **Total Assets** | $556,519 | $561,580 | | Net Loans | $316,793 | $316,717 | | Total Deposits | $416,391 | $421,418 | | **Total Shareholders' Equity** | $52,642 | $51,105 | Consolidated Statement of Cash Flows Highlights (Six Months Ended June 30, 2024) | Cash Flow Activity | Amount (in millions) | | :--- | :--- | | Net cash provided by operating activities | $2,793 | | Net cash used by investing activities | $(6,585) | | Net cash used by financing activities | $(7,652) | | **Net Decrease In Cash** | **$(11,444)** | [Notes To Consolidated Financial Statements](index=66&type=section&id=Notes%20To%20Consolidated%20Financial%20Statements) Notes detail accounting policies and methodologies, covering estimates for credit losses and fair value, investment securities, loans, leases, and other financial components - PNC's most significant estimates pertain to the **Allowance for Credit Losses (ACL)** and fair value measurements, with actual results potentially differing materially from these estimates[216](index=216&type=chunk) - Effective Q2 2024, the company updated its policy to classify Interest-earning deposits with banks as Cash and cash equivalents on the Statement of Cash Flows, reclassifying prior periods for comparability and to better reflect management's view of liquidity[213](index=213&type=chunk)[218](index=218&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=5&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20%28MD%26A%29) MD&A reviews PNC's Q2 and H1 2024 financial performance, covering key results, balance sheet, income statement, segment performance, risk management, and business outlook [Executive Summary](index=5&type=section&id=Executive%20Summary) PNC reported Q2 2024 net income of $1.5 billion, driven by higher income, maintaining strong capital and stable credit quality, with a positive Q3 outlook Q2 2024 Key Financial Results | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | **Net Income** | $1,477M | $1,344M | $1,500M | | **Diluted EPS** | $3.39 | $3.10 | $3.36 | | **Total Revenue** | $5,411M | $5,145M | $5,293M | | Net Interest Income | $3,302M | $3,264M | $3,510M | | Net Interest Margin | 2.60% | 2.57% | 2.79% | Balance Sheet and Capital Highlights (as of June 30, 2024) | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $556.5B | $561.6B | | **Total Loans** | $321.4B | $321.5B | | **Total Deposits** | $416.4B | $421.4B | | **Common Equity Tier 1 (CET1) Ratio** | 10.2% | 9.9% | - Key strategic priorities include expanding the banking franchise, deepening customer relationships, and leveraging technology for efficiency[10](index=10&type=chunk) - Q2 2024 noninterest income was significantly impacted by a **$754 million gain** from the Visa exchange program and a **$497 million loss** from repositioning the investment securities portfolio[18](index=18&type=chunk)[31](index=31&type=chunk) - The company returned **$0.7 billion** to shareholders in Q2 2024 ($0.6 billion dividends, $0.1 billion buybacks) and the Board of Directors raised the quarterly common stock dividend to **$1.60 per share**, effective August 5, 2024[25](index=25&type=chunk)[26](index=26&type=chunk) - **Q3 2024 Outlook:** Average loans to be stable, net interest income to be up **1% to 2%**, fee income to be up **1% to 2%**, and noninterest expense to be down **1% to stable**[29](index=29&type=chunk) [Consolidated Income Statement Review](index=13&type=section&id=Consolidated%20Income%20Statement%20Review) Q2 2024 net interest income rose 1% to $3.3 billion, noninterest income surged 12% to $2.1 billion due to a Visa gain, and provision for credit losses was $235 million - Net interest income increased by **$38 million (1%)** from Q1 2024, reflecting higher yields on interest-earning assets, with the net interest margin expanding by **3 basis points to 2.60%**[40](index=40&type=chunk) Noninterest Income Breakdown (Q2 2024 vs Q1 2024) | Category | Q2 2024 (in millions) | Q1 2024 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | Asset management and brokerage | $364 | $364 | 0% | | Capital markets and advisory | $272 | $259 | +5% | | Card and cash management | $706 | $671 | +5% | | Total other income | $332 | $135 | +146% | | **Total noninterest income** | **$2,109** | **$1,881** | **+12%** | - The significant increase in 'Other noninterest income' was driven by a **$754 million gain** from the Visa exchange program and a **$497 million securities loss** from portfolio repositioning, also including a negative **$116 million** fair value adjustment on Visa Class B derivatives[46](index=46&type=chunk) - Noninterest expense increased by a modest **1%** from Q1 2024, driven by higher marketing and equipment costs, but offset by seasonally lower incentive compensation, and included a **$120 million** pre-tax expense for a PNC Foundation contribution[47](index=47&type=chunk) - The provision for credit losses increased to **$235 million** in Q2 2024 from **$155 million** in Q1 2024, primarily reflecting the impact of portfolio activity[49](index=49&type=chunk)[50](index=50&type=chunk) [Consolidated Balance Sheet Review](index=19&type=section&id=Consolidated%20Balance%20Sheet%20Review) PNC's balance sheet as of June 30, 2024, shows total assets of $556.5 billion, stable loans at $321.4 billion, increased investment securities, and a $5.0 billion decrease in deposits Balance Sheet Components (vs. Dec 31, 2023) | Component | June 30, 2024 (in billions) | Change (in billions) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | $556.5 | $(5.1) | (1)% | | Total Loans | $321.4 | $(0.1) | 0% | | Investment Securities | $138.6 | $6.1 | +5% | | Total Deposits | $416.4 | $(5.0) | (1)% | | Total Shareholders' Equity | $52.6 | $1.5 | +3% | - Commercial loans increased by **$1.3 billion** due to new production, while consumer loans declined by **$1.4 billion** as paydowns outpaced originations[55](index=55&type=chunk)[56](index=56&type=chunk) - In Q2 2024, PNC repositioned its investment securities portfolio by selling **$3.8 billion** of securities with a ~1.5% yield (realizing a **$497 million loss**) and reinvesting the proceeds into securities with a ~5.5% yield[57](index=57&type=chunk) - Total deposits decreased by **$5.0 billion**, driven by a **$6.7 billion** decline in noninterest-bearing deposits, primarily from commercial balances, partially offset by a **$1.7 billion** increase in interest-bearing deposits[64](index=64&type=chunk)[65](index=65&type=chunk) [Business Segments Review](index=23&type=section&id=Business%20Segments%20Review) PNC's H1 2024 segment earnings show Retail Banking up 75% to $2.8 billion, Corporate & Institutional Banking up 16% to $2.2 billion, and Asset Management Group up 74% to $200 million - PNC's three reportable business segments are Retail Banking, Corporate & Institutional Banking, and Asset Management Group, with residual activities captured in 'Other'[68](index=68&type=chunk) Segment Earnings (Six Months Ended June 30) | Segment | 2024 Earnings (in millions) | 2023 Earnings (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | Retail Banking | $2,800 | $1,601 | +75% | | Corporate & Institutional Banking | $2,167 | $1,876 | +16% | | Asset Management Group | $200 | $115 | +74% | [Risk Management](index=34&type=section&id=Risk%20Management) PNC maintains a comprehensive risk management framework, with nonperforming assets rising to $2.5 billion, an ACL of 1.67%, strong liquidity, and a CET1 ratio of 10.2%, managing market risk through sensitivity analysis - Nonperforming assets increased by **$321 million (14%)** from year-end 2023 to **$2.5 billion**, primarily due to higher commercial real estate nonperforming loans[23](index=23&type=chunk)[120](index=120&type=chunk) - The office loan portfolio, totaling **$7.5 billion (2.3% of total loans)**, is an area of focus, with **29.3%** criticized and **11.0%** nonperforming as of June 30, 2024, and reserves established at **10.3%** of the portfolio[106](index=106&type=chunk) - The Allowance for Credit Losses (ACL) related to loans was **$5.4 billion**, or **1.67%** of total loans, at June 30, 2024, down from **1.70%** at year-end 2023[23](index=23&type=chunk)[129](index=129&type=chunk) - PNC maintained a strong capital position with a Common Equity Tier 1 (CET1) ratio of **10.2%** at June 30, 2024, up from **9.9%** at December 31, 2023[26](index=26&type=chunk)[155](index=155&type=chunk) Net Interest Income (NII) Sensitivity (First Year) | Interest Rate Shock | Q2 2024 Effect on NII | Q2 2023 Effect on NII | | :--- | :--- | :--- | | +200 bps instantaneous increase | (0.6)% | +0.9% | | -200 bps instantaneous decrease | (0.2)% | (1.3)% | [Recent Regulatory Developments](index=55&type=section&id=Recent%20Regulatory%20Developments) Recent regulatory developments include the FDIC's revised resolution plan rule for large banks and the OCC's proposed recovery planning guidelines, with PNC's SCB remaining at 2.5% post-CCAR - The FDIC revised its resolution plan rule for large banks, requiring full submissions on a three-year cycle with expanded content requirements[182](index=182&type=chunk) - Based on the Federal Reserve's 2024 CCAR results, PNC's Stress Capital Buffer (SCB) will remain at the regulatory minimum of **2.5%** for the four-quarter period starting October 1, 2024[184](index=184&type=chunk) [Critical Accounting Estimates and Judgments](index=55&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgments) This section details critical accounting estimates, primarily the Allowance for Credit Losses (ACL), based on historical data, current conditions, and a weighted-average economic forecast for U.S. real GDP and unemployment - The determination of the Allowance for Credit Losses (ACL) is a critical accounting estimate, relying on historical data, current conditions, and forecasts of future economic conditions[186](index=186&type=chunk) Key Macroeconomic Variables in Weighted-Average Scenarios | Variable | 2024 Forecast | 2025 Forecast | 2026 Forecast | | :--- | :--- | :--- | :--- | | **U.S. real GDP (as of 6/30/24)** | 1.1% | 1.2% | 2.2% | | U.S. real GDP (as of 12/31/23) | 0.1% | 1.5% | 2.0% | | **U.S. unemployment rate (as of 6/30/24)** | 4.3% | 4.9% | 4.4% | | U.S. unemployment rate (as of 12/31/23) | 4.5% | 4.6% | 4.2% | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=101&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the Market Risk Management portion of the MD&A for disclosures on market risk, including interest rate, customer-related trading, and equity investment risks - Disclosures about market risk are contained within the Market Risk Management section of the MD&A (pages 50-54)[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=101&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded PNC's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during Q2 - As of June 30, 2024, PNC's management concluded that the company's disclosure controls and procedures were effective[196](index=196&type=chunk) - There were no changes in internal control over financial reporting during Q2 2024 that have materially affected, or are likely to materially affect, the controls[197](index=197&type=chunk) [PART II – OTHER INFORMATION](index=101&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, other information, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=101&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 for legal proceedings, with PNC estimating a reasonably possible aggregate loss in excess of accrued liabilities of less than $300 million as of June 30, 2024 - For disclosed legal matters where a loss is reasonably possible, PNC estimates the aggregate loss in excess of accruals could be less than **$300 million** as of June 30, 2024[362](index=362&type=chunk) [Item 1A. Risk Factors](index=101&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2023 Form 10-K - No material changes to risk factors were reported since the 2023 Form 10-K[396](index=396&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=101&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2024, PNC repurchased 719,000 common shares at an average price of $153.95, with approximately 43.4 million shares remaining available under the authorized program Q2 2024 Equity Security Repurchases | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - 30 | 288 | $153.71 | | May 1 - 31 | 190 | $155.69 | | June 1 - 30 | 241 | $152.85 | | **Total** | **719** | **$153.95** | - The Board of Directors has authorized a repurchase program of up to **100 million common shares**, of which approximately **43%** were still available for repurchase at June 30, 2024[398](index=398&type=chunk) [Item 5. Other Information](index=101&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q2 2024 - No director or executive officer adopted, terminated, or modified a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement in Q2 2024[399](index=399&type=chunk) [Item 6. Exhibits](index=102&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including award agreements, a preferability letter, subsidiary issuers, and CEO/CFO certifications - Exhibits filed include CEO and CFO certifications under Sections 302 and 1350 of the Sarbanes-Oxley Act, as well as Inline XBRL data files[402](index=402&type=chunk)

Core Insights - The article discusses mortgage options available for borrowers with bad credit, highlighting various lenders and their offerings for September 2025 [1] Group 1: Best Mortgage Lenders for Bad Credit - PNC Bank is noted as the best for FHA loans for bad-credit borrowers, offering a minimum credit score of 600 and grants for closing costs ranging from $10,000 to $15,000 [2][7] - Pennymac is highlighted as the best for military-connected borrowers, with a low credit score requirement of 600 for FHA, VA, and USDA loans, and a 1% buydown option for the first year [5][10][15] - Rate (previously Guaranteed Rate) allows a higher debt-to-income ratio, making it suitable for modest-income households [11][16] - Guild Mortgage accepts alternative credit forms, allowing borrowers without a credit score to qualify based on payment histories [13][14] - Rocket Mortgage's RentRewards program offers financial incentives for renters looking to buy, with a minimum credit score of 540 for various loan types [18][23] - New American Funding caters to borrowers with foreclosures or bankruptcies, offering non-qualified mortgages [24][31] Group 2: Loan Types and Requirements - FHA loans are available for borrowers with credit scores as low as 500 with a 10% down payment, or 580 with a 3.5% down payment [27][34] - VA loans do not have a minimum credit score set by the VA, but lenders like Pennymac have low requirements [15][29] - USDA loans are aimed at low- and moderate-income households, with lenient credit score minimums [32] Group 3: Customer Satisfaction and Market Position - PNC ranks well for customer satisfaction according to J.D. Power, while Pennymac has a below-average rating [7][10] - Rate has a below-average score for customer satisfaction, despite offering flexibility in debt-to-income ratios [16] - Guild Mortgage also has a below-average rating in customer satisfaction, with higher loan costs compared to market averages [14][26]

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 ...