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Citigroup Inc. (C) - free report >>
The PNC Financial Services Group, Inc (PNC) - free report >>
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The PNC Financial Services Group, Inc (PNC) Moves 4.0% Higher: Will This Strength Last?
The PNC Financial Services Group, Inc (PNC - Free Report) shares ended the last trading session 4% higher at $153.74. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.2% loss over the past four weeks.
After getting hammered because of industry-wide concern related to commercial real estate (CRE) loans, shares of PNC Financial reversed the trend. With the company having manageable exposure to office CRE loans, investors seem to be regained confidence in the stock. This, along with the central bank’s signal of interest rate cuts this year, turned investor sentiments bullish on the PNC stock.
This company is expected to post quarterly earnings of $3.05 per share in its upcoming report, which represents a year-over-year change of -23.4%. Revenues are expected to be $5.2 billion, down 7.2% 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 higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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, Citigroup (C - Free Report) , closed the last trading session 1% higher at $56.14. Over the past month, C has returned 0.1%.
For Citigroup, the consensus EPS estimate for the upcoming report has changed -3.4% over the past month to $1.52. This represents a change of -18.3% from what the company reported a year ago. Citigroup currently has a Zacks Rank of #3 (Hold).