PNC slips as Q3 revenue misses estimates
PNC•PNC Financial shares fell 1.7% premarket after third-quarter revenue of $6.56 billion and net interest income of $4.21 billion missed estimates, while earnings per share of $5.09 topped expectations.
1. Quarterly results
PNC Financial reported third-quarter revenue of $6.56 billion, below analysts’ average estimate of $6.61 billion, and net interest income of $4.21 billion, below expectations of $4.25 billion. Earnings per share of $5.09 topped estimates of $4.92, while shares fell 1.7% to $212.20 premarket.
2. Analyst ratings
Sixteen of 23 analysts covering the stock rated it “buy” or above, and seven rated it “hold”; their median price target was $275. The shares had risen 3.34% year to date as of the previous close.
