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Bank of America Corporation (BAC) - free report >>
The PNC Financial Services Group, Inc (PNC) - free report >>
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The PNC Financial Services Group, Inc (PNC) Surges 5.8%: Is This an Indication of Further Gains?
The PNC Financial Services Group, Inc (PNC - Free Report) shares rallied 5.8% in the last trading session to close at $124.85. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.3% loss over the past four weeks.
With the chances of the Federal Reserve hiking interest rates at this month’s FOMC meeting gradually coming down, investors are regaining confidence on banking stocks. Thus, investors turned bullish, driving the PNC stock higher.
This company is expected to post quarterly earnings of $3.21 per share in its upcoming report, which represents a year-over-year change of -15.1%. Revenues are expected to be $5.36 billion, down 3.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For The PNC Financial Services Group, Inc, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PNC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
The PNC Financial Services Group, Inc belongs to the Zacks Banks - Major Regional industry. Another stock from the same industry, Bank of America (BAC - Free Report) , closed the last trading session 1.7% higher at $28.97. Over the past month, BAC has returned -7.9%.
For Bank of America, the consensus EPS estimate for the upcoming report has changed +0.1% over the past month to $0.81. This represents no change from what the company reported a year ago. Bank of America currently has a Zacks Rank of #3 (Hold).