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PNC

Pnc Financial Services Group,The

5/20/2013, 12:30 AM ET

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Wednesday, April 17, 12:43 PM "Our origination performance didn't meet our expectations," said PNC CEO-elect Bill Demchak on the earnings call (transcript) - a familiar tune for the banks as the fast money from the refinance boom ends. One year since the RBC branch acquisition, PNC is moving quickly to build its Southeast franchise - its loan book growing at a 20% annualized rate in Q1, despite the runoff in noncore loans acquired (presentation slides). In a banking sector lit up bright red, PNC is flat. (earnings) Comment! [Financials]
Wednesday, April 17, 7:53 AM More on PNC Financial (PNC) Q1 earnings: Net interest income of $2.4B, up 4% YU/Y. Noninterest income of $1.6B up 9% Y/Y. NIM of 3.81% vs. 3.9% a year ago. Mortgage banking revenue of $238M off 6% Q/Q, off 9% Y/Y. Asset management income up 2% Q/Q, up 8% Y/Y. Provision for credit losses declines $82M Q/Q to $236M. Tier 1 Capital Ratio of 9.8%. Book value/share of $68.23, up from $67.05 in Q4, $63.26 a year ago. (PR) Comment! [Earnings, Financials]
Wednesday, April 17, 6:31 AM PNC (PNC): Q1 EPS of $1.76 beats by $0.21. Revenue of $3.95B (+6% Y/Y) misses by $0.03B. (PR) Comment! [Earnings, Breaking News, Financials]
Wednesday, April 17, 12:05 AM Notable earnings before Wednesday’s open: ABT, ASML, BAC, BK, DGX, DOV, FCFS, HBAN, MAT, PNC, STJ, TXT Comment! [Earnings]
Tuesday, April 16, 5:30 PM Notable earnings before Wednesday’s open: ABT, ASML, BAC, BK, DGX, DOV, FCFS, HBAN, MAT, PNC, STJ, TXT Comment! [Earnings]
Thursday, April 11, 6:38 PM With no. 1 U.S. mortgage lender Wells Fargo (WFC) set to report Q1 earnings tomorrow and several regional banks reporting in coming days, analysts expect results to take a hit from an expected drop in mortgage revenue. Jefferies estimates banks' revenue from originating mortgages could decline 15%-20% Q/Q; "the magnitude of potential declines could catch some [investors] off-guard." 1 Comment [Financials]
Tuesday, April 9, 11:29 AM Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC. 34 Comments [Financials, U.S. Economy]
Thursday, April 4, 10:31 AM PNC Financial Services (PNC) declares $0.44/share quarterly dividend, 10% increase from prior dividend of $0.40. Forward yield 2.69%. For shareholders of record Apr. 16. Payable May 05. Ex-div date Apr. 12. (PR) Comment! [Dividends]
Thursday, April 4, 10:21 AM PNC Financial hikes its quarterly dividend 10% to $0.44/share, giving an annualized yield of 2.7%. The bank recently passed the Fed's stress test and had announced there would be a dividend increase, but no share buybacks. (PR) Comment! [Financials]
Monday, April 1, 4:02 PM The bank stock rally has paused since the results of the Fed's capital-review tests, but improving underlying fundamentals continue, says Sterne Agee. Warnings about lower mortgage profits should be offset by stronger lending demand elsewhere. Favorites heading into earnings: BAC, C, JPM, KEY, PACW, PNC, BPOP, OFG. 7 Comments
Monday, April 1, 10:06 AM Each time a PNC customer deposits a check by snapping its picture on a smartphone, it saves the bank $3.88 compared to going to a teller window, says President William Demchak. Underway and gaining steam is the trend of banks nationwide closing branches and/or shrinking their size. 2 Comments [Financials]
Friday, March 15, 10:59 AM PNC Financial (PNC) names Robert Reilly, the head of the bank's asset management unit, its next CFO. He'll take over from Richard Johnson, who's leaving PNC at the end of Q3. (PR) Comment! [Financials]
Thursday, March 14, 5:22 PM After hours movers in the regional banks: COF +0.6%, FITB +0.9%, KEY - which just announced an increase in the dividend to $0.055 from $0.05 and $426M in share repurchases - up 1%, PNC +0.4%, RF +1.6%, STI -0.3%, USB +0.2%. BBT - whose plan was rejected - off 2.8%. Comment! [On the Move, Financials]
Thursday, March 14, 4:50 PM More on bank capital return plans: Capital One (COF) an increase in the dividend to $0.30 from $0.05. Fifth Third (FITB) a dividend increase to be disclosed, the potential repurchase of $750M in trust preferred securities, the conversion of preferred stock to common combined with a share repurchase of about $1.5B. PNC an undisclosed increase in the dividend, but no share repurchases. Comment! [Financials]
Friday, March 8, 10:42 AM Fifth Third (FITB), KeyCorp (KEY), SunTrust STI), and PNC were the "winners" of the Fed stress tests, says FBR's Paul Miller. FIfth Third, he says, showed just minor losses under the Fed's "severely adverse scenario," while SunTrust showed major losses, but was still found to be adequately capitalized. STI is having the best day of those tested, +2.3%. Comment! [Financials]
Thursday, March 7, 4:55 PM More on the Fed Stress Tests (regional bank focus): BBT, FITB, KEY, PNC, RF, and USB came through with higher ratios than the big banks. STI is the laggard among the regionals, but still showed a 7.3% common ratio, well above the 5% cutoff. KeyCorp is the only stock showing noticeable movement AH, +0.8%. 1 Comment [Financials]

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