PNC (NYSE:PNC) is expected to report Q1 earnings before the market open on Thursday, April 21, with a conference call scheduled for 10 am ET.
Analysts are looking for EPS of $1.37 on revenue of $3.59B. The consensus range is $1.20-$1.54 for EPS and revenue of $3.29B-$3.73B, according to First Call. On April 7, PNC raised its dividend by 25c per share to 35c. The bank also said that it would repurchase 25M shares of its own stock under its existing repurchase program and spend up to $500M on the initiative. A number of research firms reacted positively to PNC's announcement.
Wells Fargo raised its estimates and predicted PNC would increase its dividend again next year. The firm, which maintained an Outperform rating on PNC, noted that its yield is now the second highest among all large banks, trailing only BB&T (NYSE:BBT). Meanwhile, Deutsche Bank on April 4 said it was upbeat about large banks' Q1 results and identified PNC as one of its top picks in the sector. The Q1 results announced by other large cap banks suggests that PNC will be boosted by better credit trends but hurt by continuing mortgage headwinds.