Financial services giant PNC (NYSE:PNC) will be announcing earnings results this Thursday before market hours. Here’s what to expect.
PNC Financial Services Group beat analysts’ revenue expectations last quarter, reporting revenues of $6.68 billion, up 17.5% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and net interest income in line with analysts’ 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 10.5% year on year, improving from the 6.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. PNC Financial Services Group rarely misses Wall Street’s revenue estimates.
Looking at PNC Financial Services Group’s peers in the diversified banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 7.9%, beating analysts’ expectations by 0.6%, and JPMorgan Chase reported revenues up 8%, falling short of estimates by 1.5%.
Read our full analysis of Citigroup’s results here and JPMorgan Chase’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the diversified banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7.5% on average over the last month. PNC Financial Services Group is down 9.2% during the same time and is heading into earnings with an average analyst price target of $270.29 (compared to the current share price of $220.51).
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