PNC Financial Services Group, Inc. (PNC) - NYSE
  • Thu, Apr. 14, 6:41 AM
    • PNC Financial (NYSE:PNC): Q1 EPS of $1.68 misses by $0.02.
    • Revenue of $3.67B (-1.6% Y/Y) misses by $80M.
    • Press Release
    | Thu, Apr. 14, 6:41 AM
  • Wed, Apr. 13, 5:30 PM
    | Wed, Apr. 13, 5:30 PM | 26 Comments
  • Thu, Apr. 7, 12:44 PM
    • "We are confident in the capital strength of the large and mid-cap banks - and with that, their capacity for increased capital returns," says Credit Suisse's Susan Roth Katzke.
    • Stronger balance sheets, she says, should outweigh what is a harsher adverse scenario from the Fed.
    • Roth and team see a total net capital return increase of 77% vs. 58% in 2015, with a median payout ratio of 31% vs. 27%. Incremental dollars should be skewed to buybacks given cheap stock valuations and the Fed's preference for the flexibility afforded by repurchases.
    • Best positioned for the highest capital return are Morgan Stanley (NYSE:MS), Regions Financial (NYSE:RF), Goldman Sachs (NYSE:GS), Fifth Third Bancorp (NASDAQ:FITB), PNC Financial (NYSE:PNC), and U.S. Bancorp (NYSE:USB).
    • The highest incremental capital returns should come from Zions Bancorp (NASDAQ:ZION), Citigroup (NYSE:C), Bank of America (NYSE:BAC), and M&T Bank (NYSE:MTB).
    • The lower end of payout ratios should fall on Huntington Bancshares (NASDAQ:HBAN) and Bank of America.
    • Now read: Sell The Banks: The Invisible Hand Is Broken (April 4)
    | Thu, Apr. 7, 12:44 PM | 12 Comments
  • Mon, Apr. 4, 10:06 AM
    • PNC Financial (NYSE:PNC) declares $0.51/share quarterly dividend, in line with previous.
    • Forward yield 2.39%
    • Payable May 5; for shareholders of record April 15; ex-div April 13.
    | Mon, Apr. 4, 10:06 AM
  • Mon, Apr. 4, 7:28 AM
    • March monthly performance was: +4.86%
    • AUM of $12.5B
    • 52-week performance vs. the S&P 500 is: -9%
    • $0.04 in dividends were paid in March
    • Top 10 Holdings as of 12/31/2015: JPMorgan Chase & Co (JPM): 3.18%, Citigroup Inc (C): 3.13%, General Electric Co (GE): 2.46%, US Treasury Note 1.625%, Bank of America Corporation (BAC): 1.94%, Morgan Stanley (MS): 1.58%, US Treasury Note 2.25%, Carnival Corp (CCL): 1.3%, PNC Financial Services Group Inc (PNC): 1.26%, Citizens Financial Group Inc (CFG): 1.26%
    | Mon, Apr. 4, 7:28 AM | 1 Comment
  • Fri, Apr. 1, 9:52 AM
    • Upgraded to Buy from Hold is PNC Financial (PNC -0.3%) and downgraded to Hold from Buy is Fifth Third Bancorp (FITB -1.4%).
    • A check of the scorecard finds both struggling in 2016, but FITB's 18% decline is among the worst of the regional lenders and compares to PNC's 11.7% fall.
    | Fri, Apr. 1, 9:52 AM
  • Sat, Mar. 26, 8:26 AM
    • Already arrived or coming to a hardware store near you on the East Coast is the TD Bank (NYSE:TD) tour bus equipped with iPads, where homeowners can start the application process on a home-equity line of credit.
    • With the mortgage origination market sluggish, banks are betting on growth with HELOCs - particularly as homeowners hold onto homes for longer-than-expected and rebounding home prices allow some equity with which to borrow on.
    • HELOCs last year totaled more than $156B, the largest amount since 2007, according to CoreLogic. That's up 24% from 2014 and 138% since the 2010 bottom (during the boom, $300B and up was the norm). The average line extended of $119,790 was a record (on data going back to 2002).
    • JPMorgan (NYSE:JPM) and PNC Financial (NYSE:PNC) are also among those making the push, trying to convince customers that borrowing on their home for that dream kitchen or junior's education makes good sense.
    • “Having the HELOC means we can use the money in savings for reserves and a vacation to go visit our kids,” says one satisfied customer.
    | Sat, Mar. 26, 8:26 AM | 61 Comments
  • Wed, Mar. 16, 2:28 PM
    | Wed, Mar. 16, 2:28 PM | 55 Comments
  • Mon, Mar. 14, 3:19 PM
    • The financial sector (NYSEARCA:XLF) has performed woefully this year, and the banks (NYSEARCA:KBE) even worse. Cornerstone Macro technician Carter Worth finds twenty names trading well beneath their (falling) 150-day moving averages.
    • The group has shown signs of life lately, and Worth thinks the stocks could move back to their 150-day averages, as stocks in other market sectors have done.
    • It's strictly a trade, says Worth, who continues to rate the financials as Underweight. The 20:
    • Ameriprise (NYSE:AMP), BofA (NYSE:BAC), Banner (NASDAQ:BANR), Citigroup (NYSE:C), Citizens Financial (NYSE:CFG), East West Bancorp (NASDAQ:EWBC), First NBC (NASDAQ:FNBC), HFF (NYSE:HF), KeyCorp (NYSE:KEY), Legacy Texas (NASDAQ:LTXB), Lincoln National (NYSE:LNC), Morgan Stanley (NYSE:MS), Old National (NASDAQ:ONB), PacWest (NASDAQ:PACW), PNC Financial (NYSE:PNC), Principal Financial (NYSE:PFG), Stifel Financial (NYSE:SF), SVB Financial (NASDAQ:SIVB), TCF Financial (NYSE:TCB), Wells Fargo (NYSE:WFC).
    | Mon, Mar. 14, 3:19 PM | 12 Comments
  • Wed, Mar. 2, 10:05 AM
    • February monthly performance was: 0%
    • AUM of $12.6B
    • 52-week performance vs. the S&P 500 is: 0%
    • No dividends were paid in February
    • Top 10 Holdings as of 12/31/2015: JPMorgan Chase & Co (JPM): 3.18%, Citigroup Inc (C): 3.13%, General Electric Co (GE): 2.46%, US Treasury Note 1.625%, Bank of America Corporation (BAC): 1.94%, Morgan Stanley (MS): 1.58%, US Treasury Note 2.25%, Carnival Corp (CCL): 1.3%, PNC Financial Services Group Inc (PNC): 1.26%, Citizens Financial Group Inc (CFG): 1.26%
    | Wed, Mar. 2, 10:05 AM | 1 Comment
  • Tue, Feb. 23, 2:38 PM
    • Holding its investor day today, JPMorgan said it was going to add another $500M to energy-related loan-loss reserves. This followed a $67M provision in Q4, which at the time brought total oil and gas loss reserves to $815M (vs. a portfolio with book value of $44B).
    • In addition, the bank said it could need to add another $1.5B to reserves should oil hang around $25 per barrel over the next 18 months. For perspective, prior to Q4, JPMorgan hadn't had to add to reserves for six years - in fact reserve releases were a big boost to profits across the industry.
    • "When the biggest bank increases reserves for potential oil losses it sets a tone for the industry,” says Mike Mayo.
    • Separately, the FDIC says bad loan provisions across the banking sector were $3.8B higher in Q4 than a year earlier.
    • JPMorgan (JPM -3.5%), Citigroup (C -2.9%), Bank of America (BAC -2.9%), Wells Fargo (WFC -2%), U.S. Bancorp (USB -3%), Regions Financial (RF -3.8%), Comerica (CMA -4.2%), Zions (ZION -4.1%), PNC Financial (PNC -2%).
    • ETFs: KRE, KBE, IAT, KBWB, QABA, KBWR, KRU, KRS
    | Tue, Feb. 23, 2:38 PM | 56 Comments
  • Thu, Feb. 11, 2:37 PM
    | Thu, Feb. 11, 2:37 PM | 69 Comments
  • 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 | 83 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 | 21 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
Company Description
PNC Financial Services Group, Inc. provides diversified financial services, including retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-backed lending; wealth... More
Sector: Financial
Industry: Money Center Banks
Country: United States