Financial News

PNC Financial Services Group (PNC) Reports Q3: Everything You Need To Know Ahead Of Earnings

PNC Cover Image

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

PNC Financial Services Group beat analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $5.66 billion, up 4.6% year on year. It was a strong quarter for the company, with a solid beat of analysts’ tangible book value per share estimates and a narrow beat of analysts’ revenue 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, analysts are expecting PNC Financial Services Group’s revenue to grow 7% year on year to $5.81 billion, improving from the 3.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $4.05 per share.

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 four times over the last two years.

With PNC Financial Services Group being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for banks stocks. However, the whole sector has faced a sell-off over the last month with stocks in PNC Financial Services Group’s peer group down 4.3% on average. PNC Financial Services Group is down 7% during the same time and is heading into earnings with an average analyst price target of $222.39 (compared to the current share price of $188.25).

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