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The PNC Financial Services Group (PNC) Reports Q1 Earnings: What Key Metrics Have to Say
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The PNC Financial Services Group, Inc (PNC - Free Report) reported $5.15 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 8.2%. EPS of $3.36 for the same period compares to $3.98 a year ago.
The reported revenue represents a surprise of -0.62% over the Zacks Consensus Estimate of $5.18 billion. With the consensus EPS estimate being $3.09, the EPS surprise was +8.74%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how The PNC Financial Services Group performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency ratio: 65% versus the seven-analyst average estimate of 65.5%.
Net interest margin: 2.6% versus the seven-analyst average estimate of 2.6%.
Total interest-earning assets - Average balance: $512.30 billion versus $511.13 billion estimated by seven analysts on average.
Net charge-offs to average loans: 0.3% versus 0.3% estimated by six analysts on average.
Total nonperforming assets: $2.42 billion compared to the $2.50 billion average estimate based on six analysts.
Total nonperforming loans: $2.38 billion compared to the $2.60 billion average estimate based on four analysts.
Leverage Ratio: 8.7% versus 8.7% estimated by three analysts on average.
Tier 1 risk-based ratio: 11.5% versus 11.2% estimated by three analysts on average.
Total capital risk-based: 13.4% versus 13.1% estimated by two analysts on average.
Net interest income - FTE: $3.30 billion versus the seven-analyst average estimate of $3.31 billion.
Total Noninterest Income: $1.88 billion compared to the $1.87 billion average estimate based on seven analysts.
Asset management and brokerage: $364 million versus $358.93 million estimated by six analysts on average.
Shares of The PNC Financial Services Group have remained unchanged over the past month versus the Zacks S&P 500 composite's -0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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The PNC Financial Services Group (PNC) Reports Q1 Earnings: What Key Metrics Have to Say
The PNC Financial Services Group, Inc (PNC - Free Report) reported $5.15 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 8.2%. EPS of $3.36 for the same period compares to $3.98 a year ago.
The reported revenue represents a surprise of -0.62% over the Zacks Consensus Estimate of $5.18 billion. With the consensus EPS estimate being $3.09, the EPS surprise was +8.74%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how The PNC Financial Services Group performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency ratio: 65% versus the seven-analyst average estimate of 65.5%.
- Net interest margin: 2.6% versus the seven-analyst average estimate of 2.6%.
- Total interest-earning assets - Average balance: $512.30 billion versus $511.13 billion estimated by seven analysts on average.
- Net charge-offs to average loans: 0.3% versus 0.3% estimated by six analysts on average.
- Total nonperforming assets: $2.42 billion compared to the $2.50 billion average estimate based on six analysts.
- Total nonperforming loans: $2.38 billion compared to the $2.60 billion average estimate based on four analysts.
- Leverage Ratio: 8.7% versus 8.7% estimated by three analysts on average.
- Tier 1 risk-based ratio: 11.5% versus 11.2% estimated by three analysts on average.
- Total capital risk-based: 13.4% versus 13.1% estimated by two analysts on average.
- Net interest income - FTE: $3.30 billion versus the seven-analyst average estimate of $3.31 billion.
- Total Noninterest Income: $1.88 billion compared to the $1.87 billion average estimate based on seven analysts.
- Asset management and brokerage: $364 million versus $358.93 million estimated by six analysts on average.
View all Key Company Metrics for The PNC Financial Services Group here>>>Shares of The PNC Financial Services Group have remained unchanged over the past month versus the Zacks S&P 500 composite's -0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.