The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group. The Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels. The Corporate & Institutional Banking segment provides secured and unsecured loans, letters of credit, and equipment leases; payables, receivables, deposit and account, liquidity and investments, and online and mobile banking products and services; foreign exchange, derivatives, securities underwriting, loan syndications, and mergers and acquisitions and equity capital markets advisory related services; and commercial loan servicing and technology solutions for the commercial real estate finance industry. The Asset Management Group segment offers investment and retirement planning, customized investment management, private banking, and trust management and administration solutions; and multi-generational family planning products, such as estate, financial, tax planning, fiduciary, investment management and consulting, personal administrative, asset custody, and customized performance reporting services. This segment also provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and fiduciary retirement advisory services. As of December 31, 2020, it operated 2,162 branches and 8,900 ATMs. The PNC Financial Services Group, Inc. was founded in 1852 and is headquartered in Pittsburgh, Pennsylvania.
IPO Year:
Exchange: NYSE
Website: pnc.com
Date | Price Target | Rating | Analyst |
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8/15/2024 | $185.00 → $200.00 | Neutral → Buy | BofA Securities |
7/8/2024 | $165.00 → $179.00 | Neutral → Buy | UBS |
3/28/2024 | $141.00 → $155.00 | Reduce → Hold | HSBC Securities |
12/14/2023 | Hold → Buy | Odeon | |
10/11/2023 | Underperform → Neutral | BofA Securities | |
9/7/2023 | $110.00 | Reduce | HSBC Securities |
7/21/2023 | Buy → Hold | Odeon | |
4/6/2023 | $157.00 → $125.00 | Mkt Perform → Underperform | Keefe Bruyette |
3/13/2023 | $175.00 | Neutral → Buy | Citigroup |
1/10/2023 | $176.27 | Hold → Buy | Odeon |
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BofA Securities upgraded PNC from Neutral to Buy and set a new price target of $200.00 from $185.00 previously
UBS upgraded PNC from Neutral to Buy and set a new price target of $179.00 from $165.00 previously
HSBC Securities upgraded PNC from Reduce to Hold and set a new price target of $155.00 from $141.00 previously
Odeon upgraded PNC from Hold to Buy
BofA Securities upgraded PNC from Underperform to Neutral
HSBC Securities initiated coverage of PNC with a rating of Reduce and set a new price target of $110.00
Odeon downgraded PNC from Buy to Hold
Keefe Bruyette downgraded PNC from Mkt Perform to Underperform and set a new price target of $125.00 from $157.00 previously
Citigroup upgraded PNC from Neutral to Buy and set a new price target of $175.00
Odeon upgraded PNC from Hold to Buy and set a new price target of $176.27
Generated positive operating leverage; grew NII and NIM; maintained 2.5% SCB requirementIncreased quarterly common stock dividend 5 cents to $1.60 per share on July 2, 2024 PITTSBURGH, July 16, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) today reported: For the quarter In millions, except per share data and as noted 2Q24 1Q24 2Q23 Second Quarter Highlights Financial Results Comparisons reflect 2Q24 vs. 1Q24 Net interest income (NII) $ 3,302 $ 3,264 $ 3,510 Income Statement Noninterest income 2,109 1,881 1,783 ▪ Generated positive operating leverage; PPNR increased 13% Revenue 5,411 5,145 5,293 Noninterest expense 3,357 3,334 3,372 ▪ Revenue increased 5
PITTSBURGH, July 3, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) announced today that it expects to issue 2025 quarterly earnings releases pre-market open and hold conference calls at the following times: First Quarter – Tuesday, April 15, 2025 at 10 a.m. (ET)Second Quarter – Wednesday, July 16, 2025 at 10 a.m. (ET)Third Quarter – Wednesday, Oct. 15, 2025 at 11 a.m. (ET)Fourth Quarter – Friday, Jan. 16, 2026 at 9 a.m. (ET)A link to the live audio webcast, presentation slides, earnings release and supplementary financial information will be made available at www.pnc.com/investorevents, and dial-in information will be provided at a later date. The PNC Financial Servic
PITTSBURGH, July 2, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly cash dividend on the common stock of $1.60 per share, an increase of $0.05 cents per share, or 3%, from the second quarter dividend of $1.55 per share. The dividend will be payable Aug. 5, 2024, to shareholders of record at the close of business July 15, 2024. "The increase in our dividend reflects our continued financial strength and our board's confidence in our strategy and outlook," said William S. Demchak, PNC chairman and chief executive officer. The board also declared a cash dividend on the following series of preferred stocks: Series B: a quarterl
PITTSBURGH, June 28, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period. The projection period for the 2024 test covers Jan.
PITTSBURGH, June 28, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) this week received the results of the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2024 through the first quarter of 2026 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's calculated Stress Capital Buffer (SCB) for the four-quarter period beginning Oct. 1, 2024 is 2.2%, which is below the regulatory minimum SCB amount, resulting in an SCB of 2.5%. This is consistent with PNC's SCB in effect thro
Harris Williams, a global investment bank specializing in M&A and private capital advisory services, today announced that Sam Hendler is rejoining the firm as a managing director focusing on healthcare IT, based in the Boston office. Mr. Hendler was previously with Harris Williams from 2005 to 2022 and was promoted through the ranks to managing director. He most recently was managing director of business development in the healthcare vertical at Thomas H. Lee Partners. Mr. Hendler has experience across a broad range of healthcare IT sectors, including provider and payer workflow and data solutions, revenue cycle management, pharma/life sciences technology and tech-enabled services, employ
Current and future college students can apply now for one of 12 available scholarships PITTSBURGH, June 5, 2024 /PRNewswire/ -- PNC Bank today introduced an enhanced program that will award $10,000 scholarships to 12 deserving students attending or planning to attend college across the country. PNC's existing, decade-long scholarship program currently awards $2,000 scholarships to 12 students each year. This enhanced program will build on the successes of PNC's current program and provide students with additional resources to help make their dreams of higher education a reality. "We've seen first-hand how accessing higher education can be life-changing for students," said Harjas Sidhu, PNC B
Continued sector investment and M&A will reshape the vendor landscape to be driven by artificial intelligence (AI), replacing ineffective EMRs and legacy tools BALTIMORE, June 4, 2024 /PRNewswire/ -- Healthcare consultancy Sage Growth Partners and Harris Williams, a global investment bank specializing in M&A and private capital advisory services, have released a new industry report – "The Current and Future State of Revenue Cycle Management – Market and M&A Trends" – to provide the healthcare market with a better understanding of revenue cycle management and revenue cycle processes.
PITTSBURGH, June 4, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) expects to issue financial results for the second quarter 2024 at approximately 6:30 a.m. (ET), Tuesday, July 16, 2024, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET). Dial in numbers are (866) 604-1697 and (215) 268-9875 (international). The following will be accessible at www.pnc.com/investorevents: a link to the live audio webcast on the day of the conference call; presentation slides, earnings release and supplementary
PITTSBURGH, June 3, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) announced today that Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 1 p.m. (ET) Tuesday, June 11, at the Morgan Stanley US Financials Conference in New York City. The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, including cautionary statements regarding forward-looking information, also available prior to the start of the webcast; and a webcast replay available for 30 days. The PNC Financial Services Group, Inc. is one of the largest diversified financial services insti
Generated positive operating leverage; grew NII and NIM; maintained 2.5% SCB requirementIncreased quarterly common stock dividend 5 cents to $1.60 per share on July 2, 2024 PITTSBURGH, July 16, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) today reported: For the quarter In millions, except per share data and as noted 2Q24 1Q24 2Q23 Second Quarter Highlights Financial Results Comparisons reflect 2Q24 vs. 1Q24 Net interest income (NII) $ 3,302 $ 3,264 $ 3,510 Income Statement Noninterest income 2,109 1,881 1,783 ▪ Generated positive operating leverage; PPNR increased 13% Revenue 5,411 5,145 5,293 Noninterest expense 3,357 3,334 3,372 ▪ Revenue increased 5
PITTSBURGH, July 2, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly cash dividend on the common stock of $1.60 per share, an increase of $0.05 cents per share, or 3%, from the second quarter dividend of $1.55 per share. The dividend will be payable Aug. 5, 2024, to shareholders of record at the close of business July 15, 2024. "The increase in our dividend reflects our continued financial strength and our board's confidence in our strategy and outlook," said William S. Demchak, PNC chairman and chief executive officer. The board also declared a cash dividend on the following series of preferred stocks: Series B: a quarterl
PITTSBURGH, June 28, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period. The projection period for the 2024 test covers Jan.
PITTSBURGH, June 28, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) this week received the results of the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2024 through the first quarter of 2026 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's calculated Stress Capital Buffer (SCB) for the four-quarter period beginning Oct. 1, 2024 is 2.2%, which is below the regulatory minimum SCB amount, resulting in an SCB of 2.5%. This is consistent with PNC's SCB in effect thro
PITTSBURGH, June 4, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) expects to issue financial results for the second quarter 2024 at approximately 6:30 a.m. (ET), Tuesday, July 16, 2024, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET). Dial in numbers are (866) 604-1697 and (215) 268-9875 (international). The following will be accessible at www.pnc.com/investorevents: a link to the live audio webcast on the day of the conference call; presentation slides, earnings release and supplementary
Grew liquidity and capital; reduced expenses; credit quality stable PITTSBURGH, April 16, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) today reported: For the quarter In millions, except per share data and as noted 1Q24 4Q23 1Q23 First Quarter Highlights Financial Results Comparisons reflect 1Q24 vs. 4Q23 Revenue $ 5,145 $ 5,361 $ 5,603 Income Statement ▪ Revenue decreased 4% ▪ Core noninterest expenses declined 6% ▪ Generated positive operating leverage; efficiency improved ▪ Provision for credit losses of $155 million Balance Sheet ▪ Average loans decreased 1% ▪ Average deposits decreased 1% – Spot deposits increased 1% ▪ ACL to total loans st
PITTSBURGH, April 3, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly cash dividend on the common stock of $1.55 per share. The dividend, with a payment date of May 5, 2024, will be payable the next business day to shareholders of record at the close of business April 15, 2024. The board also declared a cash dividend on the following series of preferred stocks: Series B: a quarterly dividend of 45 cents per share will be payable June 10, 2024, to shareholders of record at the close of business May 17, 2024.Series R: a quarterly dividend of $2,208.73 per share ($22.0873 per each depositary share, 100 of which represent one s
PITTSBURGH, March 5, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) expects to issue financial results for the first quarter of 2024 at approximately 6:45 a.m. (ET), Tuesday, April 16, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET). Separately, PNC will hold its Annual Meeting of Shareholders at 11 a.m. (ET), Wednesday, April 24, in a virtual-only format. Event details are as follows: First Quarter 2024 Earnings Investor Conference Call: Tuesday, April 16, at 10 a.m. (ET) Dial-in numbers:
Fourth quarter 2023 net income was $0.9 billion, $1.85 diluted EPS or $3.16 as adjusted Grew revenue; increased average loans and deposits PITTSBURGH, Jan. 16, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) today reported: For the quarter For the year In millions, except per share data and as noted 4Q23 3Q23 2023 2022 Fourth Quarter Highlights Financial Results Comparisons reflect 4Q23 vs. 3Q23 Revenue $ 5,361 $ 5,233 $ 21,490 $ 21,120 Income Statement ▪ Revenue increased 2% due to strong noninterest income growth ▪ Core noninterest expense increased 5% primarily reflecting higher business activity – Core noninterest expense excludes $51
PITTSBURGH, Jan. 4, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly cash dividend on the common stock of $1.55 per share. The dividend will be payable Feb. 5, 2024, to shareholders of record at the close of business Jan. 16, 2024. The board also declared a cash dividend on the following series of preferred stocks: Series B: a quarterly dividend of 45 cents per share, with a payment date of March 10, 2024, will be payable the next business day to shareholders of record at the close of business Feb. 16, 2024.Series R: a quarterly dividend of $2,193.78 per share ($21.9378 per each depositary share, 100 of which represent one
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Presented by Frito-Lay, Quaker, and the PepsiCo Foundation, Super Bowl LVIII's Largest Philanthropic Event Supports GENYOUth's Mission to Help Tackle Youth Hunger Nutrition Grant Opportunity Opens for U.S. Schools NEW YORK, March 21, 2024 /PRNewswire/ -- GENYOUth, the national nonprofit organization founded by America's dairy farmers and the NFL to help ensure students are well-nourished and active to be their best selves, announced today that the collective impact of the 2024 Taste of the NFL philanthropic event totaled $2.0 million. These funds, the largest raised by a Taste of the NFL event since its founding in 1992, will benefit 1,000 schools and 550,000 students by increasing access
PITTSBURGH, Feb. 20, 2024 /PRNewswire/ -- The PNC Financial Services Group (NYSE:PNC) today announced that its Board of Directors has unanimously appointed Michael P. Lyons president of the corporation and its wholly owned banking subsidiary, PNC Bank, National Association, effective immediately. Lyons will report to William S. Demchak who will continue in his current roles as Chairman and Chief Executive Officer of the corporation. PNC's primary operating lines of business and the Regional Presidents Office will report to Lyons. "For more than a decade, Mike has been a vital
Seasoned Executive Will Launch Capital Solutions Practice in London, Providing a Full Range of Secondary Liquidity and Related Capabilities for EMEA Harris Williams, a global investment bank specializing in M&A and private capital advisory services, today announced that Jonathan Abecassis has joined the firm's London office as a managing director in the firm's Private Capital Advisory Group, focused on providing a full range of primary and secondary advisory and related capabilities for clients in Europe. Mr. Abecassis most recently served as a managing director and head of capital solutions and GP advisory in the EMEA and APAC regions at Credit Suisse. "We are thrilled to add Jonathan
The agency will deliver seamless integration across creative and media to increase national brand awareness for the nation's sixth largest bank BOSTON, June 2, 2023 /PRNewswire/ - PNC Bank has announced Arnold Worldwide, a Havas Creative Group Company, as its integrated marketing and advertising agency of record. Media strategy and planning will be handled by Havas Media Group as part of the agency's village model. PNC Bank will leverage this new relationship to increase national brand awareness with strategic marketing, and advertising efforts. "As we continue to build out our coast-to-coast franchise, PNC has a unique opportunity to further elevate its brand on a national scale," says Aman
Community Leaders Selected to Help Steer Bank's $88 Billion Community Benefits Plan PITTSBURGH, July 27, 2022 /PRNewswire/ -- PNC Bank announced the formation of a new national Community Advisory Council (CAC) with the appointment of 17 members, who will provide ongoing guidance for the Bank's community lending, investment, and service efforts in support of PNC's four-year Community Benefits Plan. "The deep knowledge and personal experience each member of the Advisory Council brings will be invaluable to our ongoing efforts to bring much needed capital to low- and moderate-com
PITTSBURGH, May 10, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) appointed Renu Khator, Ph.D., chancellor of the University of Houston System and president of University of Houston, to its board of directors, effective today. She has also been appointed to the board's nominating and governance and audit committees. Khator currently holds the dual titles of chancellor of the University of Houston System, and president of the University of Houston (UH). As chancellor of the UH system, she oversees a four-university organization that serves more than 76,
Brings Three Decades of Industry Advisory and Operational Experience Harris Williams, a global investment bank specializing in M&A advisory services, today announced that Dr. Julian Feneley has joined the firm's London office as Managing Director, Healthcare & Life Sciences (HCLS). Dr. Feneley brings close to 30 years of healthcare and life sciences industry experience to Harris Williams, and will lead HCLS's European efforts, building on the firm's expertise across the group's key verticals, including pharma services, medical devices, and numerous healthcare provider segments. "We are excited to welcome Julian to Harris Williams as we continue to expand our global platform," said Bob Bal
PITTSBURGH, Jan. 5, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE:PNC) appointed Robert A. Niblock to its board of directors, effective today. Niblock retired as the chairman, president and chief executive officer of Lowe's Companies, Inc., in 2018. During his 25-year tenure at Lowe's, Niblock held roles of increasing responsibility, serving in various financial positions including as director of Taxation, vice president and treasurer, and chief financial officer. Under his leadership as CEO, Lowe's revenues grew from $36.5 billion to $68.6 billion, and Lo
PITTSBURGH, Oct. 29, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc., (NYSE:PNC) appointed Bryan Salesky, CEO of Argo AI, LLC, to its board of directors, effective today. He has also been appointed to the board's Technology Subcommittee and its Special Committee on Equity & Inclusion. Salesky co-founded and leads Pittsburgh-based, Argo AI, LLC, an independent self-driving technology platform company that works with top automakers to develop fully integrated self-driving systems including software, hardware, maps and cloud-support infrastructure. Over two decades, Salesky has held roles of increasing responsibility across leading technology companies including Google and Carnegie
PITTSBURGH, Jan. 15, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported: For the year For the quarter In millions, except per share data 2020 2019 4Q20 3Q20 4Q19 Net income from continuing operations $3,003 $4,591 $1,456 $1,532 $1,143 Net income from discontinued operations 4,555 827 — — 238 Net income $7,558 $5,418 $1,456 $1,532 $1,381 Diluted earnings per common share from continuing operations $6.36 $9.57 $3.26 $3.39 $2.43 Diluted earnings per common share from discontinued operations 10.60 1.82 — — 0.54 Diluted earnings per common share $16.96 $11
The Nasdaq 100 closed higher by around 300 points during Monday's session. Investors, meanwhile, focused on some notable insider trades. When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision. Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform. Best Buy The Trade: Best Buy Co., Inc. (NYSE:BBY) Richard M Schulze sold a total of 1,600,000 shares at an ave
Citigroup analyst Keith Horowitz maintains PNC Finl Servs Gr (NYSE:PNC) with a Buy and raises the price target from $175 to $200.
Shares of PNC Financial Services Group Inc (NYSE:PNC) were climbing in early trading on Wednesday, after the company reported strong second-quarter results. The results came amid an exciting earnings season. Here are some key analyst takeaways. RBC Capital Markets analyst Gerard Cassidy reiterated an Outperform rating and lifted the price target from $155 to $184. Goldman Sachs analyst Richard Ramsden maintained a Neutral rating and raised the price target from $165 to $182. Check out other analyst stock ratings. RBC Capital Markets: Excluding one-time items, PNC Financial Services' core earnings came in at $3.30 per share, surpassing estimates of $3.07 per share, Cassidy sa
Morgan Stanley analyst Betsy Graseck maintains PNC Finl Servs Gr (NYSE:PNC) with a Underweight and lowers the price target from $167 to $165.
Goldman Sachs analyst Richard Ramsden maintains PNC Finl Servs Gr (NYSE:PNC) with a Neutral and raises the price target from $165 to $182.
UBS analyst Erika Najarian maintains PNC Finl Servs Gr (NYSE:PNC) with a Buy and raises the price target from $179 to $198.
Barclays analyst Jason Goldberg maintains PNC Finl Servs Gr (NYSE:PNC) with a Overweight and raises the price target from $199 to $209.
Evercore ISI Group analyst John Pancari maintains PNC Finl Servs Gr (NYSE:PNC) with a Outperform and raises the price target from $184 to $200.
Keefe, Bruyette & Woods analyst David Konrad maintains PNC Finl Servs Gr (NYSE:PNC) with a Underperform and raises the price target from $152 to $162.
Wells Fargo analyst Whit Mayo maintains PNC Finl Servs Gr (NYSE:PNC) with a Overweight and raises the price target from $194 to $204.