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PNC Financial Services Group, Inc. (PNC)

  • Jul. 20, 2012, 5:50 AM
    Requests from investors for banks to repurchase soured mortgages have intensified over recent months, a trend that has come to light in the latest earnings reports. BofA (BAC) - who else? - faces the worst of it, with outstanding claims soaring over 40% to $22B in Q2. Other affected banks include Wells Fargo (WFC), PNC Financial Services Group (PNC) and Fifth Third Bancorp (FITB).
  • Jul. 18, 2012, 7:58 AM
    More on PNC Financial (PNC): Net interest income growth of 17% Y/Y reflects the acquisition of RBC's U.S. operation. Net interest margin increased 15 bps Y/Y to 4.08% (also getting a benefit from RBC). The Q includes a $438 provision for possible mortgage putbacks ($32M in Q1). Shares -1% premarket. (PR)
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  • Jul. 18, 2012, 6:56 AM
    PNC Financial Services (PNC): Q2 EPS of $0.98 may not be comparable to consensus of $1.25. (PR)
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  • Jul. 18, 2012, 12:05 AM
    Notable earnings before Wednesday’s open: ABT, APH, ASML, BAC, BK, BLK, BPOP, CHKP, DOV, ERIC, GWW, HON, KCG, NTRS, PNC, STJ, SWK, USB
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  • Jul. 17, 2012, 5:30 PM
    Notable earnings before Wednesday’s open: ABT, APH, ASML, BAC, BK, BLK, BPOP, CHKP, DOV,ERIC, GWW, HON, KCG, NTRS, PNC, STJ, SWK, USB
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  • Jul. 5, 2012, 3:02 PM
    The flow of mortgage putback requests from Frannie to the banks shows no sign of slowing, says Fitch, and it's likely to weigh on lenders' financial results. Previously, claim activity had focused on the TBTFs, but now, says Fitch, it's the regionals at risk (PNC, FHN, and STI have all boosted reserves due to claims recently).
  • Jul. 5, 2012, 10:33 AM
    PNC Financial Services (PNC) dividend alert: Declares $0.40/share quarterly dividend, in line with previous. Dividend yield 2.6%. For shareholders of record July 17; payable Aug 05; ex-div date July 13. (PR)
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  • Jun. 19, 2012, 12:36 PM
    Concerned banks are cutting back on credit approvals first and asking questions later, the FHFA is set to detail exactly what mortgage flaws would trigger a putback request. The story dovetails with an earlier one about the FOMC wondering what good are low interest rates if only a sliver of the population can take advantage? A trend is officially underway.
  • Jun. 18, 2012, 10:48 AM
    With net interest margin pressure likely to continue for banks, Evercore's John Pancari picks those lenders most exposed: FirstMerit (FMER), BBT, Commerce (CBSH), Wells Fargo (WFC), M&T (MTB), First Niagara (FNFG), PNC, and BofA (BAC). Best equipped to handle lower margins: KeyCorp (KEY), Regions (RF), and JPMorgan (JPM).
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  • Jun. 12, 2012, 3:30 PM
    More on PNC's mortgage repurchases: The company will set aside $350M in Q2 to cover possible investor requests, which are related to soured loans made by National City, purchased by PNC amidst 2008's panic. Added to earlier provisions, this brings losses to $1.6B. Shares -1.5% after being down 4% earlier.
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  • Jun. 12, 2012, 11:28 AM
    Fitch affirms PNC Financial at an A+ credit rating, reflecting a "solid earnings profile, good capital, and improving asset quality," while also taking into account pressure coming mortgage buybacks, litigation expenses, and regulatory costs.
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  • Jun. 12, 2012, 10:02 AM
    PNC Financial, -3.5%, leads a few regional banks lower after telling an investment conference it is seeing increased demand to buy back bad mortgages and will raise the amount it spends on such operations. STI -0.9%, FHN -0.5%.
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  • Jun. 8, 2012, 7:37 AM
    The Citi downgrade of the regional banking sector included cuts of these individual banks: Wells Fargo (WFC), SunTrust (STI), KeyCorp (KEY), First Horizon (FHN), ZION, SVB Financial (SIVB), M&T (MTB), PNC, and First Niagara (FNFG).
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  • May 31, 2012, 3:13 PM
    Continuing with the regional bank theme, Sterne Agee remains short the large broker/dealers and long quality regionals, even while sounding a note of caution about valuations. Favorite names: PNC and WFC. Momentum plays (those trading at premium multiples): BB&T(BBT) and PacWest (PACW). Ones to avoid: Zions (ZION) and First Horizon (FHN).
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  • May 25, 2012, 7:00 PM
    Want to buy banks? Look at some of the regionals, says Dick Bove. The big universals are dealing with a multitude of issues that impede their competitiveness, while community banks are being weighed down by regulations that are driving them out of the business. Firms in the middle tier however, are growing their key commercial and industrial lending portfolios while their competitors have had to pull back. His picks: US Bancorp (USB), PNC Financial (PNC) and Capital One (COF).
  • Apr. 18, 2012, 6:33 AM
    PNC Financial Services (PNC): Q1 EPS of $1.44 may not be comparable to consensus of $1.43. Revenue of $3.73B (+2.8% Y/Y) beats by $150M. (PR)
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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