PNC Financial Services Group Inc PNC shares are trading lower Wednesday after the company reported worse-than-expected earnings results.
What Happened: PNC reported fourth-quarter revenue of $5.76 billion, which beat average analyst estimates of $5.71 billion, according to Benzinga Pro. The company reported quarterly earnings of $3.49 per share, which missed estimates of $3.95 per share.
Average loans of $321.9 billion increased 3% sequentially. Average deposits of $434.9 billion were "relatively stable." Average investment securities of $142.9 billion grew 4% sequentially.
"Capitalizing on opportunities across our coast to coast franchise, we grew loans and generated record revenue during a rapidly rising rate environment. At the same time, we controlled expenses and delivered substantial positive operating leverage," said Bill Demchak, chairman, president and CEO of PNC.
PNC said it will hold a conference call for investors Wednesday at 9 a.m. E.T.
See Also: US Stocks Flat Ahead Of Data Deluge — But Analyst Says Investors May Be In For A Surprise As Earnings Pessimism Overdone
PNC Price Action: PNC has a 52-week high of $224.08 and a 52-week low of $143.52.
The stock was down 4.29% at $154.90 at time of publication, according to Benzinga Pro.
Photo: Sean Biehle from Flickr.
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