PNC Financial Q2 revenue beats on robust capital markets activity
PNC•Outlook and analyst coverage
PNC expects third-quarter share repurchase activity to match second-quarter levels.
The company said its strong capital position and FirstBank integration support future performance.
The current average analyst rating on the shares is "buy", with 17 "strong buy" or "buy" ratings, 6 "hold" ratings and no "sell" or "strong sell" ratings.
Wall Street's median 12-month price target for PNC Financial Services Group Inc is $266.00, about 5.6% above its July 14 closing price of $251.88. The stock recently traded at 13 times the next 12-month earnings versus a P/E of 11 three months ago.
Q2 results beat expectations
PNC Financial reported second-quarter revenue rose 21% year over year, beating analyst expectations.
Adjusted earnings per share were $4.85. The company said it completed the integration of FirstBank and raised its quarterly dividend by 18%.
Revenue drivers and balance-sheet details
Net interest income rose 4% from the first quarter, driven by commercial loan growth and higher noninterest-bearing deposit balances.
