Have you been eager to see how The PNC Financial Services Group, Inc. (PNC - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Pennsylvania-based money center bank’s earnings release this morning:
An Earnings Beat
PNC Financial came out with earnings per share of $2.16, easily beating the Zacks Consensus Estimate of $2.13. Results were aided by increased net interest income and non-interest income, partially offset by higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for PNC Financial depicted optimism prior to the earnings release. The Zacks Consensus Estimate increased marginally over the last 7days.
Also, PNC Financial has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in all the trailing four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.1% in the trailing four quarters.
Revenue Came In Higher Than Expected
PNC Financial posted revenues of $4.13 billion, increasing 8% year over year. The reported figure outpaced the Zacks Consensus Estimate of $4.11 billion.
Key Stats for Q3:
- Net Income: $1.13 billion, up 11.9% year over year.
- Net Charge-offs came in at $106 million, down 31% year over year.
- Loans - Commercial lending: $148.5 billion, up 7% year over year.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for PNC Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this PNC Financial earnings report!
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