PNC Finl Servs Gr Stock (NYSE:PNC), Trade Ideas

PNC Finl Servs Gr

PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking across the United States.

PNC Financial Services Gr

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PNC Financial Services Group, Inc. (The) Common Stock

PNC Financial Services Group Inc

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PNC Finl Servs Gr's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) short percent of float has fallen 5.26% since its last report. The company recently reported that it has 4.28 million shares sold short, which is 1.08% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.61 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>PNC Finl Servs Gr Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713969015_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for PNC Finl Servs Gr has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing PNC Finl Servs Gr's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, PNC Finl Servs Gr's peer group average for short interest as a percentage of float is 1.85%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Peering Into PNC Finl Servs Gr's Recent Short Interest

Investors with a lot of money to spend have taken a bearish stance on PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with PNC, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for PNC Finl Servs Gr.
This isn't normal.
The overall sentiment of these big-money traders is split between 11% bullish and 88%, bearish.
Out of all of the options we uncovered, 8 are puts, for a total amount of $280,245, and there was 1 call, for a total amount of $162,030.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $155.0 to $160.0 for PNC Finl Servs Gr over the recent three months. 
<h3>Volume &amp; Open Interest Trends</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for PNC Finl Servs Gr's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of PNC Finl Servs Gr's whale trades within a strike price range from $155.0 to $160.0 in the last 30 days. 
<h3>PNC Finl Servs Gr Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713552366_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PNC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$5.4</td>
<td>$5.3</td>
<td>$5.4</td>
<td>$160.00</td>
<td>$162.0K</td>
<td style="text-align: right;">237</td>
<td style="text-align: right;">300</td>
</tr>
<tr>
<td>PNC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$12.3</td>
<td>$12.0</td>
<td>$12.3</td>
<td>$160.00</td>
<td>$40.5K</td>
<td style="text-align: right;">158</td>
<td style="text-align: right;">33</td>
</tr>
<tr>
<td>PNC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>07/19/24</td>
<td>$12.4</td>
<td>$12.1</td>
<td>$12.25</td>
<td>$160.00</td>
<td>$40.4K</td>
<td style="text-align: right;">158</td>
<td style="text-align: right;">66</td>
</tr>
<tr>
<td>PNC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$9.4</td>
<td>$9.2</td>
<td>$9.36</td>
<td>$155.00</td>
<td>$34.5K</td>
<td style="text-align: right;">84</td>
<td style="text-align: right;">107</td>
</tr>
<tr>
<td>PNC</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>07/19/24</td>
<td>$9.4</td>
<td>$9.2</td>
<td>$9.31</td>
<td>$155.00</td>
<td>$33.5K</td>
<td style="text-align: right;">84</td>
<td style="text-align: right;">178</td>
</tr>
</tbody>
</table>

<h3>About PNC Finl Servs Gr</h3>
PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking across the United States.
In light of the recent options history for PNC Finl Servs Gr, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>PNC Finl Servs Gr's Current Market Status</h3>
<ul>
<li>With a volume of 1,399,832, the price of PNC is down -0.6% at $147.0. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 88 days.</li>
</ul>
<h3>Expert Opinions on PNC Finl Servs Gr</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $172.6.
<ul>
<li>An analyst from Goldman Sachs has decided to maintain their Neutral rating on PNC Finl Servs Gr, which currently sits at a price target of $168. </li>
<li>Maintaining their stance, an analyst from Jefferies continues to hold a Hold rating for PNC Finl Servs Gr, targeting a price of $171. </li>
<li>An analyst from B of A Securities persists with their Neutral rating on PNC Finl Servs Gr, maintaining a target price of $168. </li>
<li>Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on PNC Finl Servs Gr with a target price of $194. </li>
<li>An analyst from Jefferies persists with their Hold rating on PNC Finl Servs Gr, maintaining a target price of $162. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for PNC Finl Servs Gr with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Markets

A Closer Look at PNC Finl Servs Gr's Options Market Dynamics

On <a href="https://www.benzinga.com/topic/mad-money">CNBC's &#8220;Mad Money Lightning Round,&#8221;</a> Jim Cramer recommended holding ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>)
Rhythm Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYTM#NASDAQ">RYTM</a>) is a &#8220;speculative play,&#8221; Cramer said, &#8220;I am not against speculating biotechs right now. Looks like that there are so many bids, I'm willing to let a stock catch fire.&#8221;
The &#8220;Mad Money&#8221; host recommended buying some Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) and then wait until under $60 to buy the rest.
When asked about Enovix Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>), he said, &#8220;You got to be making some money in that business. If you're not making any money in that business, then I can't say to buy the stock.&#8221;
Cramer said he likes Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) very much. &#8220;I do think that right now we're having a pause in that group,&#8221; he added. &#8220;Let's wait until that stock goes lower, and we'll feel better.&#8221;
Aspen Aerogels, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASPN#NYSE">ASPN</a>) is &#8220;up so big, and what a great opportunity to sell the stock of a money-losing company after you've made a lot of money,&#8221; Cramer said. He recommended taking the profit.
Cramer recommended not selling McKesson Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCK#NYSE">MCK</a>).
When asked about The PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), he said, &#8220;You buy some now, and you buy some down 10%, and you will have a terrific position that will last for a very long time.&#8221;
Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) is too low to sell, Cramer said.
Price Action:
<ul>
<li>ConocoPhillips shares fell 0.4% to settle at $127.81 on Thursday.</li>
<li>Enovix shares dipped 9.4% to close at $6.01.</li>
<li>Vale shares fell 0.1% to settle at $11.84 on Thursday.</li>
<li>PNC shares gained 0.4% to close at $147.89 on Thursday.</li>
<li>McKesson shares slipped 1.4% to settle at $518.81 on Thursday.</li>
<li>Shares of Aspen Aerogels fell 1.7% to settle at $14.82 on Thursday.</li>
<li>Rhythm Pharmaceuticals shares fell 0.9% to close at $38.11 on Thursday.</li>
<li>Marvell Technology shares fell 1.9% to settle at $65.24 during Thursday's session.</li>
<li>Lam Research shares fell 2.6% to close at $888.92.</li>
</ul>
Read More: <a href="https://www.benzinga.com/news/earnings/24/04/38329059/netflix-procter-gamble-and-3-stocks-to-watch-heading-into-friday">Netflix, Procter &amp; Gamble And 3 Stocks To Watch Heading Into Friday</a>
Image: Shutterstock

Jim Cramer Is 'Willing To Let This Pharma Stock Catch Fire,' Advises Not To Sell McKesson

As the U.S. financial sector grapples with recent earnings releases, investor <a href="https://www.benzinga.com/calendars/earnings">reactions have been mixed</a>. 
Some stocks are witnessing declines. Others are posting gains. See below.
<h3 class="wp-block-heading">Banks Q1 Earnings Reports And Market Reactions, So Far</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>Ticker</td>
<td>Mkt Cap ($ mn)</td>
<td>Price ($)</td>
<td>Rating</td>
<td>JPMorgan Price Target </td>
<td>End Date</td>
<td>Q1 Earnings Date</td>
<td>EPS</td>
<td>Revenue</td>
<td>Stock Reaction (since earnings) as of April 18, 2:40 PM ET</td>
</tr>
<tr>
<td>Citigroup Inc.</td>
<td>C</td>
<td>119,590.80</td>
<td>62.84</td>
<td>N</td>
<td>64</td>
<td>Dec-24</td>
<td>Apr 12</td>
<td>Beat</td>
<td>Beat</td>
<td>-4.46%</td>
</tr>
<tr>
<td>Wells Fargo</td>
<td>WFC</td>
<td>206,396.90</td>
<td>57.35</td>
<td>N</td>
<td>59</td>
<td>Dec-24</td>
<td>Apr 12</td>
<td>Beat</td>
<td>Beat</td>
<td>-0.11%</td>
</tr>
<tr>
<td>Bank of America</td>
<td>BAC</td>
<td>294,502.20</td>
<td>37.3</td>
<td>OW</td>
<td>39.5</td>
<td>Dec-24</td>
<td>Apr 16</td>
<td>Beat</td>
<td>Beat</td>
<td>2.43%</td>
</tr>
<tr>
<td>PNC Financial</td>
<td>PNC</td>
<td>63,173.54</td>
<td>157.54</td>
<td>OW</td>
<td>163.5</td>
<td>Dec-24</td>
<td>Apr 16</td>
<td>Beat</td>
<td>Miss</td>
<td>-0.79%</td>
</tr>
<tr>
<td>Citizens Financial Group</td>
<td>CFG</td>
<td>16,343.29</td>
<td>35.04</td>
<td>N</td>
<td>36.5</td>
<td>Dec-24</td>
<td>Apr 17</td>
<td>Beat</td>
<td>Miss</td>
<td>2.76%</td>
</tr>
<tr>
<td>U.S. Bancorp</td>
<td>USB</td>
<td>67,352.34</td>
<td>43.23</td>
<td>OW</td>
<td>45</td>
<td>Dec-24</td>
<td>Apr 17</td>
<td>Beat</td>
<td>Miss</td>
<td>-3%</td>
</tr>
<tr>
<td>Fifth Third Bancorp</td>
<td>FITB</td>
<td>24,506.88</td>
<td>35.98</td>
<td>N</td>
<td>37.5</td>
<td>Dec-24</td>
<td>Apr 19</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regions Financial</td>
<td>RF</td>
<td>18,812.64</td>
<td>20.36</td>
<td>N</td>
<td>21</td>
<td>Dec-24</td>
<td>Apr 19</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Truist Financial Corp</td>
<td>TFC</td>
<td>50,535.52</td>
<td>37.89</td>
<td>N</td>
<td>39.5</td>
<td>Dec-24</td>
<td>Apr 22</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">US Banks Q1 2024 Earnings</figcaption></figure>
Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported earnings on April 12. Both firms beat EPS and revenue estimates. 
Citi stock is down 4.46% while Wells Fargo&#8217;s stock is down 0.11% since April 12.
Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) reported a beat on both metrics; PNC Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) fell short of consensus estimates on revenue. BAC stock is up 2.43% since then, but PNC is down 0.79%.
Then there&#8217;s Citizens Financial Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>). The firm reported a beat on EPS but a miss on revenue on Wednesday. Citizens stock was trading up 2.76% during day trading on Wednesday by 2.40 PM ET. 
U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) reported a beat on EPS, but a miss on revenue. The firm&#8217;s stock was trading down by more than 3.3% at last check Wednesday, trading at $39.62 a share.
<h2 class="wp-block-heading">Macroeconomic Concerns </h2>
With the Fed delaying the rate cut decision, market sentiment towards banks and bank stocks appears muted, despite earnings beats. 
The SPDR Financial Select Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) has experienced a 1.17% decline since then (April 12), reflecting the market&#8217;s subdued sentiment. 
Regional banks, represented by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), have also dipped by 1.66% over these past 5 days. 
Upcoming earnings reports include:
<ul>
<li>Fifth Third Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NYSE">FITB</a>), Friday, April 19.</li>
<li>Regions Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>) also April 19</li>
<li>Truist Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>), Monday, April 22</li>
</ul>
<h2 class="wp-block-heading">What Lies Ahead For Banks In 2024?</h2>
JPMorgan Chase anticipates a challenging quarter for banks. The firm&#8217;s analysts project a further decline in net interest income by approximately 3.6%; weak loan performance is expected to decrease by 0.8% quarter-over-quarter.
Moving forward, banks&#8217; ability to reduce deposit costs in response to potential rate cuts by the Federal Reserve, will be critical, notes JPMorgan, drawing attention to the ongoing competition posed by U.S. money market mutual funds.
Particularly during periods of rate adjustments, these tend to influence banks&#8217; deposit pricing strategies. 
Moreover, JPMorgan notes that retail segment deposits are expected to exhibit lower betas to rate cuts, with retail deposits comprising a significant portion of banks&#8217; total deposits. 
Notably, Citizens, Regions, Wells Fargo, and Truist have relatively higher shares of retail deposits, albeit with nuances in their compositions. 
Citi stands out with a smaller proportion of U.S. retail deposits but holds a larger volume of overseas deposits, characterized by lower deposit betas compared to the US market.
More on this aspect, covered here: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38074736/big-banks-to-report-q1-earnings-analyst-prefers-bank-of-america-citi-likely-to-lag?utm_source=InvestingUK&amp;utm_campaign=partner_feed&amp;utm_medium=partner_feed&amp;utm_content=TopStories">Big Banks To Report Q1 Earnings: Analyst Prefers Bank Of America, &#8216;Citi Likely To Lag&#8217;</a>
For investors, the key lies in selective stock picking, favoring well-capitalized banks with robust reserves and reduced exposure to commercial real estate. The upcoming reports will provide valuable cues for investors navigating the financial landscape in the months ahead.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38280369/financial-stocks-fall-after-earnings-major-banks-notch-4-day-losing-streak-regional-banks-hit-lowes">Financial Stocks Fall After Earnings, Major Banks Notch 4-Day Losing Streak: Regional Banks Hit Lowest Level Since Late 2023</a>
Image: Midjourney

Providing a diverse range of perspectives from bullish to bearish, 9 analysts have published ratings on PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) in the last three months.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $167.67, along with a high estimate of $194.00 and a low estimate of $152.00. Surpassing the previous average price target of $160.44, the current average has increased by 4.51%.
<img src="https://www.benzinga.com/files/images/story/2024/1713380517_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The standing of PNC Finl Servs Gr among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>David Konrad</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Maintains</td>
<td>Underperform</td>
<td>$152.00</td>
<td>$152.00</td>
</tr>
<tr>
<td>John Pancari</td>
<td>Evercore ISI Group</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$175.00</td>
<td>$184.00</td>
</tr>
<tr>
<td>Ken Usdin</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Hold</td>
<td>$171.00</td>
<td>$164.00</td>
</tr>
<tr>
<td>David Konrad</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Underperform</td>
<td>$152.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Richard Ramsden</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Neutral</td>
<td>$168.00</td>
<td>$151.00</td>
</tr>
<tr>
<td>Whit Mayo</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$194.00</td>
<td>$185.00</td>
</tr>
<tr>
<td>John Pancari</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$184.00</td>
<td>$180.00</td>
</tr>
<tr>
<td>Saul Martinez</td>
<td>HSBC</td>
<td>Raises</td>
<td>Hold</td>
<td>$155.00</td>
<td>$141.00</td>
</tr>
<tr>
<td>Betsy Graseck</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Underweight</td>
<td>$158.00</td>
<td>$142.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to PNC Finl Servs Gr. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of PNC Finl Servs Gr compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of PNC Finl Servs Gr's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/PNC/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on PNC Finl Servs Gr analyst ratings.</a>
<h2>About PNC Finl Servs Gr</h2>
PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking across the United States.
<h3>Breaking Down PNC Finl Servs Gr's Financial Performance</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Decline in Revenue: Over the 3 months period, PNC Finl Servs Gr faced challenges, resulting in a decline of approximately -6.51% in revenue growth as of 31 December, 2023. This signifies a reduction in the company's top-line earnings. When compared to others in the Financials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: PNC Finl Servs Gr's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 13.77%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): The company's ROE is below industry benchmarks, signaling potential difficulties in efficiently using equity capital. With an ROE of 1.47%, the company may need to address challenges in generating satisfactory returns for shareholders.
Return on Assets (ROA): PNC Finl Servs Gr's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.13%, the company may face hurdles in achieving optimal financial performance.
Debt Management: PNC Finl Servs Gr's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 1.42.
<h2>What Are Analyst Ratings?</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What Analysts Are Saying About PNC Finl Servs Gr Stock

Keefe, Bruyette &amp; Woods analyst David Konrad maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Underperform and maintains $152 price target.

Price Target

Keefe, Bruyette & Woods Maintains Underperform on PNC Finl Servs Gr, Maintains $152 Price Target

Evercore ISI Group analyst John Pancari maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Outperform and lowers the price target from $184 to $175.

Evercore ISI Group Maintains Outperform on PNC Finl Servs Gr, Lowers Price Target to $175

Investors remain on edge as geopolitics continue to shape market trends, with Israel mulling a response to Iran while the U.S. and key allies explore <a href="https://www.benzinga.com/news/24/04/38264304/middle-east-tensions-mount-as-israel-considers-retaliation-after-irans-direct-attack">further sanctions against Tehran.</a>
U.S. major averages display mixed performances as of midday trading Tuesday. The S&amp;P 500 holds steady at 5,200 points, while blue-chip stocks outperform the broader market, and small caps experience some declines.
In its April World Economic Outlook, the International Monetary Fund raised growth projections for the U.S. economy, while eyeing the possibility of Federal Reserve rate cuts this year as inflation declines. Yet, an escalation in the Middle East could complicate the picture, pushing oil and inflation higher and forcing central <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38272906/imf-expects-lower-interest-rates-unless-middle-east-conflict-escalates-there-will-b">banks to tighten again. </a>
Treasury yields continue to kick higher, with the yield on the 10-year Treasury bond reaching 4.65%. Bond-related ETFs declined further, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.5%. 
Despite the uptick in yields and a stronger dollar, gold continues to showcase an impressive strength, with the yellow metal up 0.3% to $2,390 per ounce, on track for a record-high close. 
Oil prices were slightly softer, down 0.4%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is down 2.5% to $61,900, marking a 15% drop since last week&#8217;s high. 
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,910.28</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,759.96</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,066.92</td>
<td>0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>195.34</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) held steady at $504.71, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.4% to $379.06 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $431.91, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 0.4%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the major laggard, down 0.9%. 
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Tesla, Inc, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell more than 2.8%, on track to close at the lowest level in a year, after analysts interpreted the recent layoff announcement as a negative sign for the company&#8217;s outlook. </li>
<li>Companies reacting to earnings were Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), down 3.3%; Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), up 3.4%; Northern Trust Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NYSE">NTRS</a>), down 4%; PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), down 1.9%; Jonson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), down 2.4%; and UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), up over 6%. </li>
<li>Skillsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKIL#NASDAQ">SKIL</a>) fell nearly 40%, after a revenue miss and departure of its CEO. </li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) fell 18%, falling below last year&#8217;s lows, after the company announced readiness to implement rolling blackouts owing to reduced wind and solar power generation, along with the temporary outage of several large generators.</li>
<li>Notable names reporting earnings after the close are J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>), United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and Interactive Brokers Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NYSE">IBKR</a>). </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38274726/homebuilder-stocks-tumble-as-housing-starts-fall-by-14-7-a-poor-time-to-buy-a-home-">Homebuilder Stocks Tumble As Housing Starts Fall By 14.7%: &#8216;A Poor Time To Buy A Home,&#8217; Says Economist</a>
Photo: Shutterstock

Stocks Grapple With Geopolitical Pressures, Gold Eyes $2,400, Bitcoin Falls Below $62,000: What's Driving Markets Tuesday?

WIIM

PNC shares are trading lower following mixed Q1 financial results.

PNC Financial Services Group Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) shares are trading lower after it reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38265700/pnc-reports-first-quarter-2024-net-income-of-1-3-billion-3-10-diluted-eps-or-3-36-excluding-a-130-" rel="noreferrer noopener">first-quarter FY24 results</a>.
The bank reported a revenue decline of 8% Y/Y to $5.15 billion, missing the consensus of $5.19 billion. Revenue declined Y/Y due to lower net interest income and noninterest income.&nbsp;
Net interest income fell 9% Y/Y to $3.26 billion, with a net interest margin declining to 2.57% from 2.84% prior year quarter.
Noninterest income decreased 7% Y/Y to $1.88 billion due to a decline in capital markets and advisory revenue, fee income, and residential and commercial mortgage businesses.
Average loans fell 2% Y/Y, and average deposits decreased 4% Y/Y in the first quarter. Adjusted EPS of $3.36 came <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">above the consensus of $3.02</a>.
The company reported a provision for credit losses of $155 million in the quarter (vs. $235 million a year ago), reflecting portfolio activity and improved macroeconomic factors. CET1 capital ratio stood at 10.1% vs. 9.2% in the prior year quarter. 
Dividend: On April 3, PNC&#8217;s board of directors declared a quarterly cash dividend per share of $1.55, payable on May 6, 2024, to shareholders of&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38072433" rel="noreferrer noopener">record as of April 15, 2024.</a>
PNC returned $0.8 billion of capital to shareholders, comprising share repurchases over $0.1 billion in the quarter.
Bill Demchak, Chairman and CEO, said, &#8220;PNC delivered solid first quarter results generating net income of $1.3 billion which included an additional $130 million pre-tax FDIC special assessment. During the quarter, we grew customers, reduced expenses, increased spot deposits, maintained stable credit quality and continued to build upon our strong liquidity and capital positions.&#8221;
Investors can gain exposure to the stock via&nbsp;IShares U.S. Regional Banks ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>) and&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P Ultra Dividend Revenue ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>).
Guidance: For FY24, PNC continues to <a href="https://d1io3yog0oux5.cloudfront.net/_4dd30b1093d2402ec5f5c10de4b909bf/pnc/db/2250/21495/presentation/1Q24+Earnings+Slides_Final.pdf">expect </a>revenue to be stable to down 2%, with net interest income declining 4% – 5% Y/Y.
The bank expects revenues to be stable and net interest income to be&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">down 1% on a sequential basis in the second quarter of FY24</a>.
Price Action: PNC shares are down 1.88% at $146.75 premarket on the last check Tuesday.
Photo via Wikimedia Commons

Guidance

Dividends

Buybacks

Movers

iShares Dow Jones US Regional Banks Index Fund

RDIV

What's Going On With PNC Financial Shares Today?

Earnings optimism may partly offset worries concerning&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38259895/bond-yields-surge-to-6-month-highs-as-likelihood-of-no-landing-scenario-increases-u" rel="noreferrer noopener">rising bond yields</a>&nbsp;and the volatile geopolitical situation in the Middle East, with the index futures trading mixed early Tuesday. Israel is considering its next course of action, adding to the uncertainty. Domestically, inflation concerns have pushed bond yields sharply higher.
UnitedHealth Group&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) rose solidly after its earnings report, with other health benefit companies following suit. On the other hand, several tech heavyweights are sliding in premarket trading, hinting at extended weakness. Traders may pay attention to speeches by Federal Reserve officials, including one from Chairman&nbsp;Jerome Powell.&nbsp;Global cues are negative, with most major averages plunging hard amid the macro and geopolitical concerns.
 Futures Performance On Tuesday ( as of 6:50 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.09%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.04%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.38%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.72%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Tuesday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was little changed at $504.43,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged down 0.10% to $430.63, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
The spike in bond yields, aided by a stronger-than-expected March retail sales report, and simmering tensions in the Middle East offset the optimism generated by earnings, and sent the major indices spiraling lower on Monday. The Dow declined for a six straight session despite the support lent by Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) following the investment bank&#8217;s earnings release.
The plunge took the S&amp;P 500 and the Nasdaq Composite to a nearly two-month low, while the Dow Industrials pulled back toward its lowest close since Jan. 18. The small-cap Russell 2,000 Index fell below the psychological level of 2,000 and ended at its lowest level in more than two months.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance In (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-1.79%</td>
<td>15,885.02</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-1.20%</td>
<td>5,061.82</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.65%</td>
<td>37,735.11</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.37%</td>
<td>1,975.71</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Going by historical patterns, one can expect a reversal in sentiment, according to Carson Group&#8217;s Ryan Detrick. Commenting on Monday&#8217;s move, the analyst said, &#8220;First close beneath the 50-day MA for the S&amp;P 500 in 110 trading days, longest since 2011.&#8221;
He, however, pointed to a silver lining in the cloud. When streaks over 100 days ended, stocks were higher three months later 88% of the time and six months later 81% of the time, he said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">First close beneath the 50-day MA for the S&amp;P 500 in 110 trading days, longest since 2011. Looking at when streaks over 100 days ended showed stocks were higher 3 mos later 88% of time and 6 mos later 81% of time. A warning? Maybe, but maybe not. <a href="https://t.co/kFuB2G5gbo">pic.twitter.com/kFuB2G5gbo</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1780073745194815972?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Louis Navellier, who has largely been bullish on the market, on Monday said sustained recovery may require some stability in interest rates and more clarity in the geopolitical situation.</figcaption></figure>
Upcoming Economic Data:
The Commerce Department is due to release its housing starts report at 8:30 a.m. EDT. Economists, on average, expect housing starts to come in at 1.48 million units in March, down slightly from 1.52 million units in February. Building permits, an indicator of future housing activity, may have edged down from 1.52 million units to 1.51 million units.
The Fed will release its industrial production report for March at 8:15 a.m. EDT. The consensus estimate calls for a 0.4% month-over-month increase in industrial output, faster than the 0.1% growth in February.
Fed Vice Chair Philip Jefferson is scheduled to speak at 9 a.m. EDT, New York Fed President John Williams at 12:30 p.m., and Richmond Fed President Thomas Barkin at 1 p.m. EDT. Fed Chair Powell will make a public appearance at 1:15 p.m. EDT.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Tesla, Inc, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell over 2.30% <a href="https://www.benzinga.com/premarket">in premarket trading</a> to $157.66 in premarket amid weak China sales data and the ongoing concerns about the company&#8217;s near term.</li>
<li>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Northern Trust Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NYSE">NTRS</a>), PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) and Jonson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) are among those <a href="https://www.benzinga.com/calendars/earnings">reporting earnings ahead of the market open.</a> UnitedHealth climbed over 5% in reaction to its quarterly results, taking along with the shares of peers such as Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) and Centene Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>).</li>
<li>Notable names reporting after the close are J.B. Hunt Transport Services, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) and United Airlines Holdings, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures traded lower for a second straight session but held above the $85-a-barrel mark on Tuesday and gold futures firmed up but are trading off Friday&#8217;s intraday high of $2,448.80 a troy ounce. Bond yields stayed elevated, with the 10-year note&#8217;s yield holding around the 4.65% mark.
 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell about 7% and has retraced to near the $62,000 level.
The global equity markets were swathed in a sea of red, with all major Asian averages declining steeply. China&#8217;s first-quarter GDP growth came in above expectations but March retail sales and industrial production growth decelerated, missing the consensus estimates. This painted a weak demand outlook for the economy.
European stocks also fell sharply in early trading, with the Euro STOXX 50 Index down about 1.48%.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38259895/bond-yields-surge-to-6-month-highs-as-likelihood-of-no-landing-scenario-increases-u">Peter Schiff Challenges Bitcoin&#8217;s $100K Prediction As Crypto-Linked Stocks Languish In Bear Zone: &#8216;Sell Your Fool&#8217;s Gold And Buy The Real Thing&#8217;</a>
Photo by Tada Images on Shutterstock

Futures

Previews

Federal Reserve

Pre-Market Outlook

Wall Street Braces For Mixed Open As Middle-East Tensions Offset Earnings Optimism: Analyst Points To Silver Lining In Rally Break

<h3>Companies Reporting Before The Bell</h3>
&bull; Traws Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRAW#NASDAQ">TRAW</a>) is expected to report earnings for its fourth quarter.
&bull; Telefonaktiebolaget L M (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIC#NASDAQ">ERIC</a>) is estimated to report quarterly earnings at $0.05 per share on revenue of $5.34 billion.
&bull; Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) is expected to report quarterly earnings at $0.77 per share on revenue of $25.45 billion.
&bull; PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) is projected to report quarterly earnings at $3.03 per share on revenue of $5.19 billion.
&bull; Bank of New York Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) is expected to report quarterly earnings at $1.19 per share on revenue of $4.38 billion.
&bull; Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) is likely to report quarterly earnings at $2.64 per share on revenue of $21.41 billion.
&bull; UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) is projected to report quarterly earnings at $6.73 per share on revenue of $99.47 billion.
&bull; Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) is expected to report quarterly earnings at $1.68 per share on revenue of $14.43 billion.
&bull; Northern Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NASDAQ">NTRS</a>) is projected to report quarterly earnings at $1.44 per share on revenue of $1.75 billion.
&bull; Commerce Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBSH#NASDAQ">CBSH</a>) is projected to report quarterly earnings at $0.80 per share on revenue of $390.36 million.
&bull; Mercantile Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBWM#NASDAQ">MBWM</a>) is likely to report quarterly earnings at $1.14 per share on revenue of $55.38 million.
<h3>Companies Reporting After The Bell</h3>
&bull; CXApp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CXAI#NASDAQ">CXAI</a>) is likely to report quarterly loss at $0.35 per share on revenue of $1.80 million.
&bull; Xcel Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XELB#NASDAQ">XELB</a>) is expected to report quarterly loss at $0.18 per share on revenue of $2.64 million.
&bull; Safe &amp; Green Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGBX#NASDAQ">SGBX</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $11.47 million.
&bull; GameSquare Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GAME#NASDAQ">GAME</a>) is expected to report quarterly loss at $0.23 per share on revenue of $16.50 million.
&bull; Equity Bancshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQBK#NYSE">EQBK</a>) is projected to report quarterly earnings at $0.85 per share on revenue of $52.81 million.
&bull; Omnicom Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>) is likely to report quarterly earnings at $1.54 per share on revenue of $3.62 billion.
&bull; JB Hunt Transport Servs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) is estimated to report quarterly earnings at $1.59 per share on revenue of $3.16 billion.
&bull; Hancock Whitney (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HWC#NASDAQ">HWC</a>) is likely to report quarterly earnings at $1.18 per share on revenue of $357.17 million.
&bull; America Movil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMX#NYSE">AMX</a>) is projected to report quarterly earnings at $0.35 per share on revenue of $11.98 billion.
&bull; United Airlines Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) is likely to report quarterly loss at $0.56 per share on revenue of $12.43 billion.
&bull; Fulton Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FULT#NASDAQ">FULT</a>) is estimated to report quarterly earnings at $0.38 per share on revenue of $208.99 million.
&bull; Interactive Brokers Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>) is projected to report quarterly earnings at $1.60 per share on revenue of $1.18 billion.
&bull; Ontrak (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OTRK#NASDAQ">OTRK</a>) is projected to report earnings for its fourth quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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Earnings Scheduled For April 16, 2024

Net interest income of&nbsp;$3.3 billion&nbsp;decreased&nbsp;$139 million&nbsp;compared to the&nbsp;fourth quarter&nbsp;of 2023, reflecting increased funding costs, lower loan balances and one fewer day in the quarter. Net interest margin was&nbsp;2.57%&nbsp;in the&nbsp;first quarter&nbsp;of 2024, decreasing 9 basis points in comparison with the&nbsp;fourth quarter&nbsp;of 2023, primarily as a result of higher funding costs.
Compared to the&nbsp;first quarter&nbsp;of 2023, net interest income decreased&nbsp;$321 million&nbsp;and net interest margin declined 27 basis points, as the benefit of higher interest-earning asset yields was more than offset by increased funding costs.

PNC Financial Services Q1 Net Interest Income Decreases To $3.264B Compared With $3.585B YoY; Q1 Noninterest Income Totals $1.881B Lower Than $2.018B YoY

PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) reported adjusted quarterly earnings of $3.36 per share which beat the analyst consensus estimate of $3.03 by 10.89 percent. This is a 15.58 percent decrease over earnings of $3.98 per share from the same period last year. The company reported quarterly sales of $5.14 billion which missed the analyst consensus estimate of $5.19 billion by 0.87 percent. This is a 8.17 percent decrease over sales of $5.60 billion the same period last year.

PNC Finl Servs Gr Q1 Adj. EPS $3.36 Beats $3.02 Estimate, Sales $5.14B Miss $5.188B Estimate

High interest rates, the First Republic Bank deal, improvement in investment banking (IB) business and solid loan balance drove JPMorgan&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) first-quarter 2024 adjusted earnings to $4.63 per share. The bottom line handily surpassed the Zacks Consensus Estimate of $4.18. 
The results excluded a $725 million or 19 cents per share increase in the FDIC special assessment charges. After including it, earnings were $4.44 per share. 
The company&#39;s shares lost almost 3% in pre-market trading despite quarterly numbers widely beating expectations. 
Jamie Dimon noted &quot;Many economic indicators continue to be favorable.&quot; But he added a word of caution on inflation. He said, &quot;there seems to be a large number of persistent inflationary pressures, which may likely continue.&quot; 
Higher interest rates, decent consumer spending and a solid loan balance (up 18% year over year) continued to support NII during the quarter, while lower deposit balances hampered. Management reiterated its NII guidance of approximately $90 billion for this year compared with $89.3 billion in 2023. 
Among other positives, Commercial Banking average loan balances were up 27% year over year. Further, debit and credit card sales volume increased 9%. 
Mortgage fees and related income jumped 24% to $275 million. We had projected the metric to be $251 million. 
Further, as expected, the performance of the IB business improved. Equity underwriting fees jumped 51% and debt underwriting fees were up 58%. On the other hand, advisory fees declined 21%. Overall, total IB fees grew 21% from the prior-year quarter to $2 billion. 
Also, the company witnessed a 2% year-over-year rise in deposit balance. 
Markets revenues declined 5% to $5.8 billion. Specifically, fixed-income markets revenues were down 7% to $5.3 billion, while equity trading numbers were stable at $2.68 billion. Our estimates for equity and fixed-income markets revenues were $2.74 billion and $4.84 billion, respectively. 
During the quarter, operating expenses witnessed a rise. Management expects adjusted non-interest expense to be roughly $91 billion this year. The figure includes the increase in the FDIC special assessment in the first quarter. 
The performance of JPMorgan&#39;s business segments, in terms of net income generation, was decent. All segments, except for Consumer &amp; Community Banking and Asset &amp; Wealth Management, recorded a rise in net income on a year-over-year basis. Overall, net income rose 6% to $13.42 billion. We had projected net income to be $12.53 billion.
<h3>Revenues &amp; Costs Rise</h3>
Net revenues, as reported, were $41.93 billion, up 9% year over year. The top line outpaced the Zacks Consensus Estimate of $40.75 billion. 
NII grew 11% year over year to $23.08 billion. This was driven by higher rates, higher revolving balances in Card Services and the impact of the balance sheet mix, partially offset by lower deposit balances. Our estimate for NII was $23.97 billion. 
Non-interest income grew 7% to $18.85 billion. Our estimate for non-interest income was $15.8 billion. 
Non-interest expenses (on a managed basis) were $22.76 billion, increasing 13%. This upswing was due to a rise in all cost components. We had projected non-interest expenses to be $21.47 billion and didn&#39;t include the increase of the FDIC special assessment charge.
<h3>Weak Credit Quality</h3>
Provision for credit losses was $1.88 billion, down 17% from the prior-year quarter. Our estimate for the metric was $2.25 billion. 
Net charge-offs (NCOs) jumped 72% to $1.95 billion. Also, as of Mar 31, 2024, non-performing assets (NPAs) were $8.21 billion, up 11% from the Mar 31, 2023 level.
<h3>Solid Capital Position</h3>
Tier 1 capital ratio (estimated) was 16.4% at the first quarter-end, up from 15.4% in the prior-year quarter level. Tier 1 common equity capital ratio (estimated) was 15%, up from 13.6%. Total capital ratio was 18.2% (estimated), up from 17.4%. 
Book value per share was $106.81 as of Mar 31, 2024, compared with $94.34 a year ago. Tangible book value per common share was $88.43 at the end of March 2024, up from $76.69.
<h3>Share Repurchase Update</h3>
During the reported quarter, JPMorgan repurchased 15.9 million shares for $2.8 billion.
<h3>Our Viewpoint</h3>
New branch openings, strategic acquisitions, a global expansion plan, high interest rates and decent loan demand are likely to keep supporting JPMorgan&#39;s revenues. However, a potential economic slowdown, reduction in loan demand and mounting expenses are near-term concerns.
<div class="chart_embed">
<h3>JPMorgan Chase &amp; Co. Price, Consensus and EPS Surprise</h3>
<a href="https://www.zacks.com/stock/chart/JPM/price-consensus-eps-surprise-chart?icid=chart-JPM-price-consensus-eps-surprise-chart"><img alt="JPMorgan Chase &amp; Co. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/4d/1712925329.png" style="height:265px; width:591px" title="" /> </a>
JPMorgan Chase &amp; Co. price-consensus-eps-surprise-chart | JPMorgan Chase &amp; Co. Quote
</div>
JPMorgan currently carries a Zacks Rank #3 (Hold).
<h3>Earnings Dates &amp; Expectations of Other Major Banks</h3>
PNC Financial Services (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnc#NYSE">PNC</a>) is scheduled to announce first-quarter 2024 numbers on Apr 16. 
Over the past seven days, the Zacks Consensus Estimate for PNC&#39;s quarterly earnings has moved 1.3% north to $3.09. This implies a 22.4% fall from the prior-year reported number. 
Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) is slated to report first-quarter 2024 numbers on Apr 16. 
Over the past month, the Zacks Consensus Estimate for BAC&#39;s quarterly earnings has remained unchanged at 77 cents. This indicates an 18.1% decline from the prior-year quarter.
<a href="https://www.zacks.com/stock/news/2254572/jpmorgan-s-jpm-q1-earnings-top-on-high-rates-loans-ib?cid=CS-BENZ-FT-analyst_blog|earnings_article-2254572">To read this article on Zacks.com click here.</a>

JPMorgan's Q1 Earnings Top on High Rates, Loans & IB

NYCB

RILY

Shares of companies in the broader financial services sector are trading lower following mixed band earnings.

On CNBC&rsquo;s &quot;Mad Money Lightning Round,&quot; Jim Cramer said he likes New Fortress Energy Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nfe#NYSE">NFE</a>), but &quot;right now Wes Edens [co-founder of Fortress Investment Group and founder of New Fortress Energy] is kind of just <a href="https://www.benzinga.com/markets/equities/23/12/36407259/new-fortress-energy-powers-up-brazil-business-with-game-changing-1-6-gw-capacity-reserve-contrac">hurt by the president.&rdquo;</a>
On March 5, New Fortress Energy reported upsizing and pricing of $750 million of senior secured notes.
Cramer said he likes Cummins Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cmi#NYSE">CMI</a>) and recommended buying the stock. &quot;I think it&rsquo;s terrific,&quot; he added.
On March 14, Truist Securities analyst Jamie Cook initiated coverage on the shares of Cummins with a Hold rating and a price target of $303.
When asked about Palantir Technologies Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pltr#NYSE">PLTR</a>), Cramer said, &quot;Make a move and buy some.&quot;
The company, last week, inked a pact with Oracle to provide secure cloud and AI solutions to power businesses and governments worldwide.
The &quot;Mad Money&quot; host recommended buying The PNC Financial Services Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnc#NYSE">PNC</a>). &quot;You got horse sense,&quot; he added.
On April 8, Jefferies analyst Ken Usdin maintained PNC Finl with a Hold and raised the price target from $164 to $171.
&quot;I really want&quot; you in Abbott Laboratories (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/abt#NYSE">ABT</a>), Cramer said.
The FDA, last week, approved Abbott Laboratories&rsquo; first-of-its-kind TriClip transcatheter edge-to-edge repair (TEER) system that&rsquo;s specifically designed to treat tricuspid regurgitation (TR), or a leaky tricuspid valve.
Cramer recommended selling NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>).
On April 9,&nbsp;NIO filed its 2023 annual report on Form 20-F.
<h3>Price Action:</h3>
<ul>
<li>New Fortress Energy shares fell 1.3% to settle at $28.96 on Thursday.</li>
<li>Palantir shares gained 1.9% to close at $22.84.</li>
<li>PNC shares fell 0.6% to settle at $154.08.</li>
<li>Cummins shares gained 0.2% to close at $302.86.</li>
<li>Abbott Labs shares gained 0.3% to close at $111.45 during Thursday&rsquo;s session.</li>
<li>Shares of NIO fell 2.8% to close at $4.46 on Thursday.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38200890/top-3-health-care-stocks-which-could-rescue-your-portfolio-this-quarter"> Top 3 Health Care Stocks Which Could Rescue Your Portfolio This Quarter </a>

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Jim Cramer Calls Cummins 'Terrific,' Recommends Selling This Chinese Auto Manufacturer

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Shares of several companies in the broader financial sector are trading lower amid overall market weakness following hotter-than-expected March inflation data.

Jefferies analyst Ken Usdin maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Hold and raises the price target from $164 to $171.

Jefferies Maintains Hold on PNC Finl Servs Gr, Raises Price Target to $171

Keefe, Bruyette &amp; Woods analyst David Konrad maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Underperform and raises the price target from $145 to $152.

Keefe, Bruyette & Woods Maintains Underperform on PNC Finl Servs Gr, Raises Price Target to $152

In a report released today, Jason Goldberg from Barclays maintained a Buy rating on PNC Financial (PNC – Research Report), with a price target of $...

PNC Financial (PNC) Gets a Buy from Barclays

Analysts have been eager to weigh in on the Financial sector with new ratings on PNC Financial (PNC – Research Report), Commerce Bancshares (CBSH –...

Analysts Conflicted on These Financial Names: PNC Financial (PNC), Commerce Bancshares (CBSH) and State Street (STT)

In a report released yesterday, Gerard Cassidy from RBC Capital maintained a Buy rating on PNC Financial (PNC – Research Report), with a price targ...

RBC Capital Reaffirms Their Buy Rating on PNC Financial (PNC)

Analysts have been eager to weigh in on the Financial sector with new ratings on PNC Financial (PNC – Research Report) and Coinbase Global (COIN – ...

Analysts Offer Insights on Financial Companies: PNC Financial (PNC) and Coinbase Global (COIN)

In a report released today, Ebrahim Poonawala from Bank of America Securities maintained a Hold rating on PNC Financial (PNC – Research Report). Th...

Bank of America Securities Remains a Hold on PNC Financial (PNC)

In a report released on April 16, Richard Ramsden from Goldman Sachs maintained a Hold rating on PNC Financial (PNC – Research Report), with a pric...

PNC Financial: A Hold Rating with Revised Price Target Amidst Mixed Performance and Outlook

Analysts fell to the sidelines weighing in on Moody's (MCO – Research Report) and PNC Financial (PNC – Research Report) with neutral ratings, indic...

Analysts Offer Insights on Financial Companies: Moody's (MCO) and PNC Financial (PNC)

Dissecting PNC Financial: What This Super-Regional Bank Tells Us About The Economy

PNC Financial: The 4.1% Yield Is Solid, But There Are Risks (Rating Upgrade)

Stocks with the least price swings, most attractive option-sale candidates - JPM

AGNC

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COIN

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INTU

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Press Releases

PNC Survey Shows Business Owner Optimism Continues to Soar Amid Improving Economic Conditions

Harris Williams Announces Senior-Level Promotions

Fintech

Koxa, PNC Bank Introduce Embedded Banking Integration for Companies Using Workday

The PNC Financial Services Group Announces First Quarter 2024 Earnings Conference Call, Virtual-Only Annual Shareholders Meeting Details

PNC Names Michael Thomas Head of Corporate & Institutional Banking

PNC Bank Highlights Nearly 160 Years of Reliable and Responsible Banking With 'Boring' Brand Campaign

GENYOUth AND TASTE OF THE NFL INCREASE ACCESS TO 148 MILLION SCHOOL MEALS, FOSTERING NUTRITION SECURITY AMONG STUDENTS NATIONWIDE

PNC BANK INVESTS $20 MILLION IN LOCAL INITIATIVES SUPPORT CORPORATION TO FUEL GROWTH IN UNDER-RESOURCED COMMUNITIES NATIONWIDE

PNC Declares Dividend of $1.55 on Common Stock

PNC Reports First Quarter 2024 Net Income of $1.3 Billion, $3.10 Diluted EPS, or $3.36 Excluding a $130 Million FDIC Special Assessment

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Banco Santander Brasil SA American Depositary Shares, each representing one unit

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