PNC Financial Services Group, Inc.
 (PNC)

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  • Wed, Feb. 3, 10:25 AM
    • This just in: The financial sector is having a worse go it this year than energy, with the XLF lower by 13.6% YTD vs. the XLE's 9% decline.
    • Leading a big reversal from this morning higher open is the XLF's 2% decline. The S&P 500 is now off 1%, and the XLE "just" 0.85%.
    • Among the issues for the financials are two items: 1) Hopes for a sustained rate hike cycle have been dashed, with the 10-year yield tumbling all the way to 1.82% currently from about 2.30% when the Fed hiked in mid-December. Fed speakers are all-of-a-sudden sounding very dovish (Dudley is the latest), and short-term rate futures are now pricing in just a 50% chance of even one Fed rate increase this year; 2) For lenders specifically, there's worry over their exposure to the crashing energy sector. No doubt better capitalized today than 10 years ago, losses are still losses even if they don't threaten the viability of the bank.
    • JPMorgan (JPM -2.6%), Wells Fargo (WFC -3.6%), Morgan Stanley (MS -3.5%), KeyCorp (KEY -3.1%), PNC Financial (PNC -2%), Comerica (CMA -2.7%), Schwab (SCHW -3.8%), MetLife (MET -2.5%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS, XLFS
    | Wed, Feb. 3, 10:25 AM | 16 Comments
  • Sun, Jan. 31, 8:53 AM
    • Barron’s says it’s a good time to bet on the big banks after a rocky start to the year.
    • The 10 biggest U.S. banks are trading for 8x-12x 2016 estimated earnings; the S&P 500 trades at 16x.
    • Exposure to distressed U.S. energy companies is manageable.
    • While leading Democratic presidential candidates are pushing for a breakup of the biggest banks, that possible eventuality could be a positive since many trade below their sum-of-parts.
    • The following banks all have 20% upside: Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), BB&T (NYSE:BBT), PNC (NYSE:PNC), Suntrust (NYSE:STI), U.S. Bancorp (NYSE:USB).
      Barron’s also mentions Citizens Financial (NYSE:CFG) and Region’s Financial (NYSE:RF) favorably.
    | Sun, Jan. 31, 8:53 AM | 78 Comments
  • Fri, Jan. 29, 9:22 AM
    • "The market is clearly saying that Citigroup (NYSE:C) is worth far more dead than alive," says fund manager Colin McWey, an owner of the stock, but scratching his head at its valuation of just two-thirds of tangible book value.
    • JPMorgan (NYSE:JPM) and PNC Financial (NYSE:PNC) trade for right around book value.
    • Bank valuations are so cheap right now, says Morningstar's Jim Sinegal, that not a lot has to go right for an investor to make money.
    • What about energy? Is it the new subprime? First off, writes Michael Brush, exposure isn't that high. At JPMorgan, it's about 1.6% of total loans; at Citi it's 3.3%. Energy loans make up just 1.8% of total loans at the roughly 15 lenders in Baird analyst David George's coverage universe vs. 25% exposure to housing sector debt. George: Most banks could write off all energy loans and still not post a loss.
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, FINZ, KRS, XLFS
    | Fri, Jan. 29, 9:22 AM | 20 Comments
  • Fri, Jan. 15, 7:56 AM
    • Q4 net income of $1B of $1.87 per share vs. $1.1B and $1.84 a year ago.
    • Net interest income of $2.1B flat from a year ago, with NIM of 2.7% down from 2.89%.
    • Noninterest income of $1.76B down 5% Y/Y, with residential mortgage income of $113M down 16%. This quarter also suffered vs. last year from a lower gain on sale from Visa sales.
    • Noninterest expense of $2.396B down 6% Y/Y, with lower and legal compliance costs this year, but personnel costs of $1.252B up 7%.
    • Average loans of $206B up 2% from a year ago. Average deposits of $246.9B up 8%.
    • CET 1 ratio of 10.7% down 20 basis points.
    • Conference call at 11 ET
    • Previously: PNC Financial beats by $0.07, beats on revenue (Jan. 15)
    • PNC flat premarket
    | Fri, Jan. 15, 7:56 AM
  • Fri, Jan. 15, 6:33 AM
    • PNC Financial (NYSE:PNC): Q4 EPS of $1.87 beats by $0.07.
    • Revenue of $3.85B (-2.5% Y/Y) beats by $60M.
    • Press Release
    | Fri, Jan. 15, 6:33 AM
  • Thu, Jan. 14, 5:30 PM
    | Thu, Jan. 14, 5:30 PM | 6 Comments
  • Dec. 17, 2015, 3:18 PM
    • The Fed's first rate hike may not drive higher net interest margins in Q1, says Deutsche, as the yield curve has flattened and some banks are more levered to the middle and longer end of the yield curve than they are to short rates.
    • The team does see PNC Financial (PNC -1.1%) as seeing the largest increase, noting bank management recently said a 25 basis point boost in the Fed Funds rate could lift NIM by 10 basis points next quarter.
    | Dec. 17, 2015, 3:18 PM
  • Dec. 16, 2015, 3:04 PM
    | Dec. 16, 2015, 3:04 PM | 48 Comments
  • Dec. 10, 2015, 1:12 PM
    • Raymond James (NYSE:RJF), Bank of New York Mellon (NYSE:BK), Northern Trust (NASDAQ:NTRS), and Bank of America (NYSE:BAC) are best-positioned in the event of a one-and-done move from the Fed, says Goldman, as they get most the earnings upside from the initial move higher in rates, rather than needing "normalization."
    • "Deposit betas" may be a source of underappreciated surprise, says Goldman, which doesn't believe banks will pass along much of the initial 50 basis point hike in rates to customers. Poised to benefit here: JPMorgan (NYSE:JPM), BofA, Wells Fargo (NYSE:WFC), PNC Financial (NYSE:PNC), and E*Trade (NASDAQ:ETFC).
    • Finally, clarity on the interest rate picture should allow bank managements to get moving in growing returns, Favored "self-help" stories: AIG, Ally Financial (NYSE:ALLY), Oaktree Capital (NYSE:OAK), Voya Financial (NYSE:VOYA), and Zions Bancorp (NASDAQ:ZION).
    | Dec. 10, 2015, 1:12 PM | 15 Comments
  • Dec. 9, 2015, 7:42 AM
    • "The Fed raising rates drops money to the bottom line immediately," said PNC Financial (NYSE:PNC) CEO Bill Demchak, speaking at an investor conference yesterday. "It's important ... It's a big part of our [2016] budget."
    • The bank, he says, has marketing campaigns to attract depositors ready to go.
    • As for the bank's economic outlook, it's expecting more of the same, but consumer spending should get a boost as lower energy prices finally start to flow through.
    | Dec. 9, 2015, 7:42 AM | 3 Comments
  • Nov. 17, 2015, 4:36 PM
    • "I call them aggravators," says PNC Financial (NYSE:PNC) CEO Bill Demchak, asked at a conference about restricting access to data aggregators like Mint.com, Quicken, and Digit.co. "We don't know how well they are protected," says Demchak, talking about the security of the apps. "They slow down service to the rest of our accounts, and we react to that."
    • Demchak then turned the question over to Bank of America (NYSE:BAC) CEO Brian Moynihan who was seated next to him" "There's a safety and soundness issue," says Moynihan. "There's a risk."
    • Previously: WSJ: BofA joined those cutting off finance sites from its data (Nov. 10)
    | Nov. 17, 2015, 4:36 PM | 25 Comments
  • Nov. 6, 2015, 10:04 AM
    • The major averages are lower following the blowout jobs number, but the financial sector (XLF +1%) is charging ahead, enthused at what appears to finally be the near-certain prospect of higher interest rates.
    • Short-term interest rate futures are pricing in about a 75% chance of a rate hike next month, and the 10-year Treasury yield is up nine basis points to 2.32%. The two-year yield has soared all the way to 0.90% - its highest level in more than five years.
    • The green in this yield-starved sector is everywhere: Bank of America (BAC +3.5%), Citigroup (C +3.4%), U.S. Bancorp (USB +2.8%), Regions Financial (RF +3.7%), PNC Financial (PNC +2.4%), Capital One (COF +1.4%), Bank of New York  Mellon (BK +1.9%), E*Trade (ETFC +3.5%), Schwab (SCHW +5.1%), Interactive Brokers (IBKR +3.4%), MetLife (MET +3.2%), Prudential (PRU +3.6%).
    • Previously: Big beat on jobs number (Nov. 6)
    • Previously: December rate hike back on after big jobs number (Nov. 6)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, KIE, IAT, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KRU, KBWR, RWW, RYF, KBWP, KBWI, FINZ, KRS, XLFS
    | Nov. 6, 2015, 10:04 AM | 43 Comments
  • Oct. 14, 2015, 7:39 AM
    • Q3 net income of $987M or $1.90 per share vs. $959M and $1.79 one year ago. Float falls to 520M from 537M.
    • ROA of 1.19% down six basis points Y/Y; ROE of 9.61% up nine bps. Tangible book value per share of $63.37 up from $59.24. Fully phased-in CET 1 ratio of 10.1% up 10 basis points from last quarter.
    • 6.2M shares bought back during quarter for $600M.
    • Net interest income of $2.062B slips 2% from a year ago, with NIM of 2.67% falling 31 basis points.
    • Noninterest income of $1.713B falls 1% Y/Y. Asset management income of $376M down 9%, Residential mortgage income of $125M down 11%. Consumer services income of $341M up 7%. Corporate services income of $384M up 3%. Mortgage banking income fell $39M.
    • Noninterest expense of $2.352B flat from a year ago.
    • Total loans at quarter end of $205B up 2% Y/Y, with commercial loans of $131.2B up 6%; consumer loans of $73.8B down 4%.
    • Conference call at 11 ET
    • Previously: PNC Financial beats by $0.18, misses on revenue (Oct. 14)
    • PNC +0.15% premarket
    | Oct. 14, 2015, 7:39 AM
  • Oct. 14, 2015, 6:30 AM
    • PNC Financial (NYSE:PNC): Q3 EPS of $1.90 beats by $0.18.
    • Revenue of $3.78B (-1.6% Y/Y) misses by $20M.
    | Oct. 14, 2015, 6:30 AM
  • Oct. 13, 2015, 5:30 PM
    | Oct. 13, 2015, 5:30 PM | 5 Comments
  • Oct. 1, 2015, 9:36 AM
    • PNC Financial (NYSE:PNC) declares $0.51/share quarterly dividend, in line with previous.
    • Forward yield 2.28%
    • Payable Nov. 5; for shareholders of record Oct. 15; ex-div Oct. 13.
    | Oct. 1, 2015, 9:36 AM | 1 Comment
Company Description
PNC Financial Services Group Inc is a financial services company. It operates in six segments: Retail Banking; Corporate & Institutional Banking; Asset Management Group; Residential Mortgage Banking; BlackRock; and Non-Strategic Assets Portfolio.
Sector: Financial
Country: United States