PNC Financial Services Group, Inc.NYSE
Advanced Chart
  • Mon, Oct. 17, 1:07 PM
    • Citing cost-reduction efforts and the earnings stability provided by a big stake in BlackRock, Argus' Stephen Biggar upgrades PNC Financial (PNC +0.5%) to a Buy. His $98 price target suggests nearly 11% upside.
    • PNC owns about 34.6M shares, or 21% of BlackRock, and received ash dividends of $320M from that last year - this against total earnings in the $4B range.
    • Given the BlackRock stake, PNC should trade at a premium to peers, says Biggar, but currently it's selling for just 11.6x 2017 estimates vs. 12.4x for players like SunTrust, BB&T, and U.S. Bancorp.
    | Mon, Oct. 17, 1:07 PM | 3 Comments
  • Fri, Oct. 14, 7:40 AM
    • Q3 net income of $1B or $1.84 per share vs. $1.1B and $1.90 one year ago. ROA of 1.10% down 9 basis points. ROE of 8.74% down 87 basis points. Tangible book value per share of $67.93 up from $63.37.
    • Net interest income of $2.095B up 2% Y/Y, with NIM of 2.68% up one basis point.
    • Noninterest income of $1.734B up 1% Y/Y. Asset management revenue of $404M up 7%. Consumer services revenue of $348M up 2%. Corporate services revenue of $389M up 1%. Residential mortgage revenue of $160M up 28%. Service charges of $174M up 1%.
    • Noninterest expense of $2.394B up 2% Y/Y, with personnel expense of $1.239B up 1%.
    • Credit loss provisions of $87M down from $127M a quarter earlier, with NPLs down 5% and NPAs down 6%.
    • Tier 1 capital ratio of 10.2% flat from last quarter.
    • CC at 11 ET
    • Previously: PNC Financial beats by $0.06, revenue in-line (Oct. 14)
    • PNC flat premarket
    | Fri, Oct. 14, 7:40 AM
  • Fri, Oct. 14, 6:48 AM
    • PNC Financial (NYSE:PNC): Q3 EPS of $1.84 beats by $0.06.
    • Revenue of $3.83B (+1.3% Y/Y) in-line.
    • Shares +0.1% PM.
    • Press Release
    | Fri, Oct. 14, 6:48 AM | 1 Comment
  • Thu, Oct. 13, 5:30 PM
    | Thu, Oct. 13, 5:30 PM | 5 Comments
  • Mon, Oct. 10, 12:36 PM
    • Hovde group initiates research on Sterling Bancorp STL +0.8% with an outperform rating and set a PT of $20.00.
    • FBR & Co. initiates New York Mortgage Trust NYMT +0.2% with a market perform rating and set a PT of $6.25.
    • Oppenheimer Holdings downgrades Ameriprise Financial Services (NYSE:AMP) +0.6% to underweight.
    • Nomura downgrades Fifth Third Bancorp FITB -0.02% to Reduce from Neutral and PNC Financial Services Group (NYSE:PNC) +0.3% to Neutral from Buy.
    • Piper Jaffray downgrades Zions Bancorp (NASDAQ:ZION) +0.6% to Neutral from overweight.
    | Mon, Oct. 10, 12:36 PM | 2 Comments
  • Thu, Oct. 6, 10:24 AM
    • Alongside an earlier-reported downgrade of Regions Financial (to Outperform from Strong Buy), Raymond James also downgrades Zions Bancorp (ZION -0.6%) to Market Perform from Outperform.
    • As with Regions, the Zions call has been a good one, with the stock higher by 16% this year, far outpacing the regional bank index.
    • PNC Financial (PNC -0.1%) is upgraded to Market Perform from Underperform - another good call as PNC's 4% decline this year has lagged peers.
    • Turning to some smaller players, United Community Banks (UCBI +1.5%) is boosted to Strong Buy from Outperform. Park Sterling Bank (PSTB -0.6%) is cut to Market Perform from Outperform following its nice run higher. Bancorp South (BXS -0.9%) is cut to Underperform thanks to earnings uncertainty around the closing of two pending acquisitions.
    | Thu, Oct. 6, 10:24 AM
  • Wed, Oct. 5, 3:27 PM
    • The continued rise in interest rates - the 10-year yield today breaching 1.70% - is giving additional fuel to the financial sector rally.
    • The XLF's 1.7% advance today puts it in a tie with the energy sector's XLE. The S&P 500 is up just 0.45%.
    • Banks, insurers, and brokers are all sharply ahead as investors envision the return of spread income. Even Wells Fargo (WFC +2.8%) is in the green - it's in fact atop the TBTF movers.
    • Other gainers: Goldman Sachs (GS +2.4%), Morgan Stanley (MS +1.7%), U.S. Bancorp (USB +2.1%), SunTrust (STI +2.5%), PNC Financial (PNC +1.3%), E*Trade (ETFC +2.1%), Voya Financial (VOYA +4.7%), Lincoln National (LNC +2.4%).
    | Wed, Oct. 5, 3:27 PM | 3 Comments
  • Tue, Oct. 4, 9:20 AM
    • PNC Financial (NYSE:PNC) declares $0.55/share quarterly dividend, in line with previous.
    • Forward yield 2.46%
    • Payable Nov. 5; for shareholders of record Oct. 17; ex-div Oct. 13.
    | Tue, Oct. 4, 9:20 AM
  • Wed, Sep. 28, 9:32 AM
    • "Large banks are going to be forced to take on more capital," says Dick Bove. "It will make the cost of funding more, not less, expensive. It will reduce the appeal for investors to put money at risk in the banking system."
    • Bove is commenting on a weekend announcement from Fed Governor Daniel Tarullo promising future stress tests will be geared to demanding even higher cash buffers for banks. Set to take effect next year, the new rule could raise capital requirements for the largest banks by 3 or 4 percentage points, writes Jeff Cox at CNBC.
    • Interested parties: BAC, C, WFC, JPM, GS, MS
    • There's good news though, as those lenders with less than $250B in assets won't be subject to the same standards. FBR's Edward Mills calls it a "significant positive" for regionals, which now have more certainly on the process, reduced regulatory expenses, and thus the ability to return more capital to owners.
    • Interested parties: RF, ZION, CMA, KEY, FITB, STI, NYCB, HBAN, PNC, BBT, MTB
    | Wed, Sep. 28, 9:32 AM | 24 Comments
  • Thu, Sep. 15, 12:15 PM
    • “We don’t like to just be an interest rates story," says CEO William Demchak, outlining plans to accelerate PNC's consumer business through cross-selling as Wells Fargo blows up for its abuses in that area.
    • "I actually don't like our commercial-to-consumer mix because it has pressured our yields,” says Demchak, noting nearly two-thirds of his bank's loans are to commercial accounts (vs. 53% for peers). “We have the capacity to accelerate consumer loan growth simply by executing faster and better.”
    • PNC will start by building its credit-card business - a $4B-$5B long-term growth opportunity, says Demchak. Among the initiatives are the offering of credit cards to college students and recent graduates. There's also a plan to expand direct auto lending.
    • In addition, PNC is looking to expand its corporate banking capabilities in Dallas, Minneapolis, and Kansas City, as well as ways to monetize its 21% stake in BlackRock.
    | Thu, Sep. 15, 12:15 PM | 5 Comments
  • Tue, Sep. 13, 2:09 AM
    • Despite the penalties imposed on Wells Fargo (NYSE:WFC), there is probably no broader problem in the U.S. banking industry over abusive sales practices, according to the head of the Consumer Financial Protection Bureau.
    • Regulators fined the company a total of $185M last Thursday, while Moody's warned the episode would negatively affect the bank's debt. Wells paid another $5M to customers for creating more than 2M fake accounts.
    • Related tickers: JPM, C, BAC, MS, USB, COF, FITB, TD, PNC, STI
    | Tue, Sep. 13, 2:09 AM | 32 Comments
  • Wed, Sep. 7, 12:56 PM
    • Lifting her own EPS estimates, analyst Erika Najarian expects incremental cost savings could have the rest of the Street to boosting their numbers as well.
    • This makes PNC a Buy as it can deliver earnings growth without getting a boost from higher interest rates, says Najarian, reiterating a Buy rating and lifting the price target to $100 from $90.
    • PNC is higher by 0.4% today to $89.83.
    | Wed, Sep. 7, 12:56 PM
  • Thu, Sep. 1, 4:09 AM
    • Despite an increasing regulatory burden and lackluster share performance, the U.S. banking industry just logged its most profitable quarter ever, according to figures from SNL Financial and S&P Global Market Intelligence.
    • Earnings for the three-month period totaled $43.6B, compared to the $43.01B in Q2 of 2015, a 1.4% beat.
    • On a sequential basis, the April-to-June period topped the previous quarter by $4.56B, an 11.7% rise.
    • Related tickers: JPM, C, BAC, WFC, GS, MS, USB, BK, STT, PNC, COF
    | Thu, Sep. 1, 4:09 AM | 38 Comments
  • Tue, Jul. 26, 9:30 AM
    • Investors are underestimating the ability of certain lenders to grow earnings even if rates continue to stay super-low, says analyst Erika Najarian.
    • Fitting the bill are Citizens Financial Group (NYSE:CFG), JPMorgan (NYSE:JPM), SunTrust (NYSE:STI), PNC Financial (NYSE:PNC), and Wells Fargo (NYSE:WFC).
    • How might earnings grow in the absence of improved margins? Fee revenue, lower provisions, and efficiency improvements, says Najarian.
    | Tue, Jul. 26, 9:30 AM | 6 Comments
  • Fri, Jul. 15, 2:55 PM
    • There aren't a whole lot of catalysts for bank stocks unless there's a sustained rise in the 10-year Treasury yield, says FBR's Paul Miller. "I'm going to be buying these things all day long," will be investors' attitude once yields do move higher.
    • Until then, one might have a look at those with high exposure to mortgages - Wells Fargo (NYSE:WFC), U.S. Bancorp (NYSE:USB), and PNC Financial (NYSE:PNC) - as they stand to benefit from the refinancing boom. This has risks as well as refi booms inevitably burn themselves out.
    • ETFs: XLF, KBE, KRE
    | Fri, Jul. 15, 2:55 PM | 20 Comments
  • Fri, Jul. 15, 7:47 AM
    • Q2 net income of $989M or $1.82 per share vs. $1.044B and $1.88 one year ago.
    • ROA of 1.11% down 8 bps Y/Y. ROE of 8.87% down from 9.75%. Tangible book value per share of $66.89 vs. $61.75.
    • Net interest income of $2.068B up 1% Y/Y, with NIM of 2.70% down 3 basis points.
    • Noninterest income of $1.726B down 5% Y/Y, in part thanks to Dodd-Frank valuation adjustments on nonconforming investments. Asset management revenue of $377M down 9%. Consumer services of $354M up 6%. Residential mortgage of $165M up 1%.
    • Noninterest expense of $2.36B flat from a year ago.
    • Nonperforming loans of $2.264B down 1% Q/Q, up 1% Y/Y. Net charge-offs of $134M down 10% Q/Q, up 100% Y/Y. Provisions of $127M vs. $152M last quarter and $46M a year ago. Energy-related provisions of $48M in Q2 vs. $80M in Q1.
    • CC at 11 ET
    • Previously: PNC Financial beats by $0.07, misses on revenue (July 15)
    • PNC flat premarket
    | Fri, Jul. 15, 7:47 AM | 1 Comment