PNC Financial Services Group, Inc. (PNC) - NYSE
  • Jul. 14, 2015, 5:30 PM
    | Jul. 14, 2015, 5:30 PM | 3 Comments
  • Jun. 17, 2015, 11:30 AM
    • While the OCC lifted consent orders against Bank of America (NYSE:BAC), Citibank (NYSE:C), and PNC Financial (NYSE:PNC) after finding unsafe and unsound mortgage-servicing and foreclosure practices back in 2011, Wells Fargo (NYSE:WFC) is part of a group facing new restrictions.
    • Among other items, report Deon Roberts and Rick Rothacker, Wells Fargo is banned from entering new contacts to perform mortgage servicing for other lenders. The bank may still make and service new mortgages.
    • OCC Deputy Controller Morris Morgan expects corrections from the group to be made in months, not years. “We have reserved the ability to take additional action against the six, and we plan to do so based on how quickly and effectively they remediate the remaining actions."
    • The other five: JPMorgan (NYSE:JPM), HSBC Bank USA (NYSE:HSBC), Santander Bank (NYSE:SAN), U.S. Bank (NYSE:USB), and EverBank (NYSE:EVER)
    | Jun. 17, 2015, 11:30 AM | 12 Comments
  • Jun. 10, 2015, 2:48 PM
    • PNC Financial (PNC +1.7%) hasn't made a major purchase since its buy of RBC Bank USA three years ago, but it sounds like the waters are starting to part if one reads between the lines of comments by CFO Robert Reilly.
    • "“It wouldn’t be looking at an acquisition as a strategic necessity, it would be looking for the opportunity it presents,” he tells attendees at a financial services conference.
    • Previously, Reilly and CEO WIlliam Demchak have brushed aside questions about big bank purchases, so the change in communications is what's important here, says Henry Beukema from Guyasuta Investment Advisors.
    • For now, says Reilly, the bank will focus on its technology agenda, which is about reducing risk and enhancing client service.
    • More from Beukema: "I’d be focused on adding to the fee businesses ... If you could find a niche player in credit or bid on some of the assets GE was selling or spinning off, that’s a scenario that’s interesting. You could potentially get good cross-sell. But if you’re looking to create a more stable business model — and we’ve seen PNC add 300 investment managers to the RBC assets — you’d buy an investment management business."
    • Source: Pittsburgh Business Times
    | Jun. 10, 2015, 2:48 PM | 1 Comment
  • Jun. 9, 2015, 2:45 PM
    • Yield-starved financial sector names were mercilessly punished to start 2015 as sharply falling interest rates in January again disappointed investors waiting for the return of some spread income.
    • The rout in bond prices since, alongside what now seems the near-certainty of the beginning of Fed rate hikes in as soon as three months has helped turn things around, and the sector - as measured by the Financial Select SPDR (NYSEARCA:XLF) - is now in the green for the year, and trails the S&P 500 by just about 150 basis points.
    • Among the notable movers today as the 10-year yield rises to another 2015 high: Bank of America (BAC +1.4%), Wells Fargo (WFC +1.2%), U.S. Bancorp (USB +1.4%), Regions Financial (RF +1.3%), Huntington Bancshares (HBAN +1.6%), KeyCorp (KEY +1.6%), PNC Financial (PNC +1.3%), M&T (MTB +1.1%), Bank of Hawaii (BOH +1.6%), First Horizon (FHN +1.2%), Lincoln National (LNC +1.1%), E*Trade (ETFC +0.9%)
    | Jun. 9, 2015, 2:45 PM | 16 Comments
  • Jun. 5, 2015, 10:27 AM
    | Jun. 5, 2015, 10:27 AM | 34 Comments
  • Apr. 21, 2015, 9:37 PM
    • "This whole discussion today about when interest rates move is torture for us,” said U.S. Bancorp (NYSE:USB) CEO Richard Davis on last week's earnings call. “I remain very optimistic for the economy … a little less optimistic for the bankers until interest rates start to move up.”
    • Earlier today, Regions Financial (NYSE:RF) and Fifth Third (NASDAQ:FITB) became the latest in a line of lenders reporting slimming net interest margins. For Regions, the average yield on its loan portfolio fell to 3.45% from 4.03% a year ago. "You’re trying to book the prudent loans that you have the opportunity to, but with the level of competition in the market, it’s hard to move those rates up absent some kind of interest-rate increase," said Regions chief Grayson Hall on the earnings call.
    • On average, U.S. banks with more than $10B in assets showed a NIM of 2.97% in Q4, the lowest level in 25 years according to the FDIC ... And it got worse in Q1. Six of the nine big commercial banks reporting so far - including Wells Fargo (NYSE:WFC) and PNC Financial - had Q1 margins lower than Q4.
    • Bank of America (NYSE:BAC) and Regions - two banks seen as particularly sensitive to interest rates - are unsurprisingly the worst performers in the KBW bank index (NYSEARCA:KBE) this year, off 13.9% and 9.3% respectively.
    • What to do? Regions, for one, is trying to emulate the Wall Street big boys by bulking up its wealth management and capital markets operations. And maybe there's some more fat to trim. “We’re going to turn up the heat on expenses…and we’ll see where we get to,” said PNC boss William Demchak on last week's conference call.
    • Source; WSJ's Peter Rudegeair
    | Apr. 21, 2015, 9:37 PM | 9 Comments
  • Apr. 15, 2015, 6:37 AM
    • PNC Financial (NYSE:PNC): Q1 EPS of $1.75 beats by $0.03.
    • Revenue of $3.73B (-1.3% Y/Y) misses by $20M.
    | Apr. 15, 2015, 6:37 AM
  • Apr. 14, 2015, 5:30 PM
    | Apr. 14, 2015, 5:30 PM | 10 Comments
  • Apr. 8, 2015, 11:47 AM
    • Picking winners in banking names is tough right now, says Nomura, as correlation between names has risen to 90% this year from 60% in 2014. When the headwind from ZIRP turns into a tailwind from rising rates is anybody's guess, but Nomura figures the market will still reward those who deliver strong performance in areas they can control, like fee income and efficiency.
    • In credit cards, the team sees relative value in Discover (DFS +0.7%), noting it trades at a lower premium to Capital One (COF +1.2%) than has been typical in the past. "Discover’s excess capital (9% of its market cap) and the optionality associated with having its own network lead us to believe that it is likely to regain its premium."
    • For banks, Nomura is cautious as recent data suggests loan growth has not been enough to offset margin compression. If you've got to own them, PNC Financial (PNC), U.S. Bancorp (USB +0.3%), and Wells Fargo (WFC +0.1%) are favorites.
    | Apr. 8, 2015, 11:47 AM
  • Apr. 2, 2015, 11:04 AM
    • PNC Financial (NYSE:PNC) declares $0.51/share quarterly dividend, 6.3% increase from prior dividend of $0.48.
    • Forward yield 2.19%
    • Payable May 5; for shareholders of record April 15; ex-div April 13.
    | Apr. 2, 2015, 11:04 AM | 1 Comment
  • Mar. 27, 2015, 9:17 AM
    • Returning to a focus on making loans to smaller and mid-sized companies close to its Rust Belt base, KeyBank (NYSE:KEY) grew commercial and industrial loans on its balance sheet by 12.3% in 2014, outpacing regional bank peers like Fifth Third (NASDAQ:FITB) and PNC Financial (NYSE:PNC), where they grew 4% and 10% respectively.
    • The home-turf focus has helped the stock price - up 68% since the start of 2013 vs. 40% for the KBW Bank Index (ETF: KRE).
    • “We’ve learned our lessons from the downturn,” says CEO Beth Mooney. "We value good execution over fancy strategies ... We want to be where we matter and can get paid for it ... and a predictable earner."
    • Risks? The crash in energy prices could threaten at least part of the Midwest's industrial expansion, but analysts say the risk is less that the loans go bad and more than the bank's strong loan growth slows.
    • Source: The WSJ's James Sterngold
    | Mar. 27, 2015, 9:17 AM
  • Mar. 18, 2015, 2:41 PM
    | Mar. 18, 2015, 2:41 PM | 11 Comments
  • Mar. 11, 2015, 5:02 PM
    • PNC Financial (NYSE:PNC) declares $0.51/share quarterly dividend, 6.3% increase from prior dividend of $0.48.
    • Forward yield 2.19%
    • The board declares to repurchase upto $2.875B of common stock beginning 2Q15.
    | Mar. 11, 2015, 5:02 PM | 4 Comments
  • Mar. 10, 2015, 9:01 AM
    • At issue was PNC's role in allegedly enabling an insurance scam involving prepaid funeral contracts at the now-shuttered National Prearranged Services.
    • A federal jury yesterday ordered PNC to pay $355.5M in compensatory damages and $35.5M in punitive damages.
    | Mar. 10, 2015, 9:01 AM | 2 Comments
  • Mar. 6, 2015, 9:46 AM
    • A turnaround from the action earlier this year - financials (XLF +0.9%) are marching higher in early action as the averages slip, as nervous investors buy back in following the stress test results. Also helping are surging interest rates following the strong jobs number.
    • Looking at a pretty broad screen of bank names, just two - Goldman Sachs and Zions, both of which barely passed the stress test - are lower. Among the others: Bank of America (BAC +3.7%), JPMorgan (JPM +1.1%), U.S. Bancorp (USB +1.6%), Regions FInancial (RF +2.3%), KeyCorp (KEY +2.7%), PNC Financial (PNC +2.3%), BB&T (BBT +2.4%), Fifth Third (FITB +2.2%), Comerica (CMA +3.8%), BNY Mellon (BK +2.9%).
    • Among those starved for higher rates: MetLife (MET +3%), Prudential (PRU +3.3%), Lincoln National (LNC +4.1%), AIG (AIG +1.4%),  Hartford (HIG +2%), E*Trade (ETFC +3.9%), Schwab (SCHW +4.4%), Ameritrade (AMTD +4.3%).
    • Previously: Futures slip after jobs number as yields and dollar soar (March 6)
    | Mar. 6, 2015, 9:46 AM | 16 Comments
  • Mar. 5, 2015, 8:28 PM
    • The minimum Tier 1 common capital ratio for banks is 5%, according to the Fed, and here's how the 31 lenders stacked up under the central bank's severely adverse scenario vs. a year ago (h/t: WSJ):
    • Deutshce Bank (NYSE:DB): 34.7%, not tested a year ago
    • DIscover (NYSE:DFS): 13.9% vs. 13.2% a year ago
    • Bank of New York Mellon (NYSE:BK): 12.6% vs. 13.1%
    • American Express (NYSE:AXP): 12.5% vs. 12.1%
    • Northern Trust (NASDAQ:NTRS): 12.3% vs. 11.7%
    • State Street (NYSE:STT): 11.8% vs. 13.3%
    • Citizens Financial (NYSE:CFG): 10.7% vs. 10.7%
    • KeyCorp (NYSE:KEY): 9.9% vs. 9.2%
    • Capital One (NYSE:COF): 9.5% vs. 7.8%
    • PNC Financial (NYSE:PNC): 9.5% vs. 9%
    • Santander Holdings USA (SAN's U.S. unit): 9.4% vs. 7.3%; shares +0.8% after hours
    • BMO Financial (BMO's U.S. unit): 9% vs. 7.6%
    • Comerica (NYSE:CMA): 9% vs. 8.6%
    • Huntington Bancshares (NASDAQ:HBAN): 9% vs. 7.4%
    • HSBC North America (NYSE:HSBC): 8.9% vs. 6.6%
    • U.S. Bancorp (NYSE:USB): 8.5% vs. 8.2%
    • Regions Financial (NYSE:RF): 8.3% vs. 8.9%
    • Citigroup (NYSE:C): 8.2% vs. 7.2%
    • SunTrust (NYSE:STI): 8.2% vs. 8.8%
    • BB&T (NYSE:BBT): 8.1% vs. 8.4%
    • MUFG Americas Holdings (NYSE:MTU): 8% vs. 8.1%
    • Ally Financial (NYSE:ALLY): 7.9% vs. 6.3%
    • Fifth Third Bancorp (NASDAQ:FITB): 7.9% vs. 8.4%
    • Wells Fargo (NYSE:WFC): 7.5% vs. 8.2%
    • M&T Bank (NYSE:MTB): 7.3% vs. 6.2%
    • Bank of America (NYSE:BAC): 7.1% vs. 5.9%; shares +2.1% after hours
    • JPMorgan (NYSE:JPM): 6.5% vs. 6.3%
    • BBVA Compass (NYSE:BBVA): 6.3% vs. 8.5%
    • Goldman Sachs (NYSE:GS): 6.3% vs. 6.9%
    • Morgan Stanley (NYSE:MS): 6.2% vs. 6.1%
    • Zions Bancorp (NASDAQ:ZION): 5.1% vs. 3.6%; shares -1.7% after hours
    • The lenders were also informed today whether their capital return plans would put them below the Fed's 5% threshold, giving them a 6-day window with which to change those requests, if need be. Last year, both BofA and Goldman scaled back their dividend/buyback requests, allowing them to pass the CCAR. This year's CCAR results will be announced on Wednesday.
    • 2015 Stress Test Methodology and Results
    | Mar. 5, 2015, 8:28 PM | 28 Comments
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