PNC Financial Services Group Earnings: What To Look For From PNC

PNC Cover Image

Financial services giant PNC (NYSE: PNC) will be reporting earnings this Wednesday before the bell. Here’s what investors should know.

PNC Financial Services Group beat analysts’ revenue expectations last quarter, reporting revenues of $6.10 billion, up 9% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ tangible book value per share estimates.

Is PNC Financial Services Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting PNC Financial Services Group’s revenue to grow 14.3% year on year, improving from the 5.7% increase it recorded in the same quarter last year.

PNC Financial Services Group Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. PNC Financial Services Group has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at PNC Financial Services Group’s peers in the banks segment, only FB Financial has reported results so far. It missed analysts’ revenue estimates, delivering year-on-year sales growth of 30.5%.

Read our full analysis of FB Financial’s earnings results here.

There has been positive sentiment among investors in the banks segment, with share prices up 9.1% on average over the last month. PNC Financial Services Group is up 11.2% during the same time and is heading into earnings with an average analyst price target of $245.83 (compared to the current share price of $223.26).

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