PNC Financial: Historically Low P/E Ratio, Correlation To Big Banks
Summary
- The PNC Financial Services Group, Inc. is estimated to generate earnings per share of $13.90 for the full year 2023.
- This implies a forward price-to-earnings (P/E) ratio of ~8.3x today.
- This is historically one of PNC's lowest P/E multiples despite reporting relatively good Q1 2023 earnings.
- Additionally, PNC has seen a steep decline in its correlation with big banks recently.
- I am bullish on PNC with a target price of $145/share, or nearly 25% upside from its current levels.
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