Selected Reads

Smartkarma

Equity Bottom-Up

<p><em>DB-Mar25,2020. Real Vision managing editor Ed Harrison welcomes to the Daily Briefing Amanda Agati, chief investment strategist of PNC Financial Services Group, and Marc Chandler, chief market strategist at Bannockburn Global Forex. Agati shares her view on U.S. equity valuations, noting that stocks might have run too far, too fast amid reflation optimism, and Chandler argues that market performance will ultimately hinge on liquidity conditions, making the long-term case for why the dollar could</em>…</p>

Morningstar

Morningstar, Inc.

Narrow-moat rated PNC Financial Services posted good second-quarter results as the bank grew its balance sheet and profitability despite an uncertain operating environment. Revenue was up 2.6%, with a bigger boost coming from net interest income rather than from noninterest income. Earnings per share grew 5.9% to $2.89 on 1.3% net income growth, magnified by share repurchases over the preceding year. Slow revenue growth but decent EPS growth from share repurchases is a consistent theme we are…

No-moat-rated PNC posted a solid first quarter, as the bank continues to generate shareholder value through positive operating leverage. After adjusting our model to reflect changing credit spreads on assets and updating our credit cost assumptions, we are increasing our fair value estimate to $135 per share from $134
The bank grew diluted earnings per share by 7.4% year over year to $2.61, largely due to revenue growth outpacing expense growth. The two big drivers of PNC’s 4.2% revenue growth…

PNC has transformed itself since the financial crisis, with the integration of the troubled National City (doubling the size of PNC), the acquisition of RBC’s U.S. branch network in the Southeast, and by updating its core infrastructure and retail branch model. PNC has been very successful at organically expanding its customer base, largely in commercial banking, although some of the focus has now shifted back to retail. The expanding client base has led to solid loan, deposit, and fee income…

United States

PNC Financial Services Group, Inc. is a diversified financial services organization.  The Company provides regional banking, wholesale banking, and asset management services nationally and in the Company's primary regional markets.

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