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Amundi lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,824,741 shares of the financial services provider’s stock after purchasing an additional 90,734 shares during the quarter. Amundi owned about 0.46% of The PNC Financial Services Group worth $449,288,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Tobias Financial Advisors Inc. bought a new stake in The PNC Financial Services Group in the second quarter worth $203,000. Groupe la Francaise lifted its position in The PNC Financial Services Group by 47.8% during the second quarter. Groupe la Francaise now owns 1,769 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 572 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $52,888,000. Vancity Investment Management Ltd grew its position in The PNC Financial Services Group by 22.5% in the second quarter. Vancity Investment Management Ltd now owns 39,789 shares of the financial services provider’s stock worth $9,797,000 after acquiring an additional 7,302 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of The PNC Financial Services Group by 24,820.0% in the 2nd quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider’s stock valued at $37,967,719,000 after purchasing an additional 153,583,625 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.0% Shares of The PNC Financial Services Group stock opened at $245.64 on Tuesday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a fifty day moving average price of $249.51 and a 200 day moving average price of $229.96. The stock has a market cap of $98.00 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.85 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year. The PNC Financial Services Group Increases Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Buying and Selling In other The PNC Financial Services Group news, EVP Michael Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets Several equities analysts have recently weighed in on PNC shares. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. Barclays lifted their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. UBS Group raised their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Argus boosted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $265.73.

Get Our Latest Stock Report on PNC

The PNC Financial Services Group Company Profile (Free Report)

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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EP Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,159 shares of the financial services provider’s stock, valued at approximately $4,225,000.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its holdings in The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC boosted its holdings in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after buying an additional 1,449 shares during the period. Treasurer of the State of North Carolina increased its position in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after acquiring an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $482,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets Several equities research analysts recently commented on the stock. Citigroup upped their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Robert W. Baird boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Oppenheimer increased their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company raised their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

Get Our Latest Report on The PNC Financial Services Group Insider Buying and Selling at The PNC Financial Services Group In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 in the last ninety days. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance Shares of NYSE PNC opened at $243.05 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The business’s 50-day moving average price is $248.28 and its two-hundred day moving average price is $229.34. The company has a market capitalization of $96.96 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s quarterly revenue was up 21.4% on a year-over-year basis. During the same period last year, the business earned $3.85 EPS. Analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

The PNC Financial Services Group Company Profile (Free Report)

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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Key Takeaways PNC hit a new 52-week high as loan growth, revenue gains and the FirstBank deal boosted momentum.PNC raised its 2026 loan growth and NII guidance, signaling stronger balance-sheet and earnings growth.PNC's dividend hike, share buybacks and strong liquidity support continued capital returns to shareholders. The PNC Financial Services Group, Inc. (PNC - Free Report) shares touched a new 52-week high of $258.90 during yesterday’s trading session before closing at $254.50, below the session’s peak.

Over the past three months, shares of PNC Financial have rallied 19.4%, compared with the industry’s gain of 19%. Additionally, its close peers, Citigroup Inc. (C - Free Report) and Bank of America (BAC - Free Report) , have gained 15.5% and 26.0%, respectively.

Price Performance
Image Source: Zacks Investment Research

Does PNC stock have more upside left despite recently touching its 52-week high? Let us find out.

Factors Driving PNC Financial’s StockStrategic Initiatives to Drive Growth: The company’s acquisition and partnership strategy is expanding its capabilities, geographic reach and customer base. It completed the FirstBank acquisition in January 2026 and converted approximately 780,000 customers, more than 1,600 employees and all 95 branches in June 2026. The transaction added $26 billion of assets, $16 billion of loans and $23 billion of deposits at closing. It more than tripled PNC’s branch network in Colorado and expanded its Arizona presence to more than 70 locations. Management continues to expect the deal to add nearly $1 per share to earnings by 2027. The conversion gives former FirstBank customers access to PNC’s broader banking and wealth management offerings, creating opportunities to deepen relationships and cross-sell across the acquired base.

Earlier acquisitions and partnerships have also strengthened PNC’s broader franchise. The Aqueduct Capital Group acquisition enhanced fund placement capabilities at Harris Williams, while partnerships with Plaid and TCW expanded data-sharing and private-credit capabilities. Together, these initiatives are diversifying revenue sources, extending PNC’s national footprint and strengthening its ability to serve consumer, corporate and institutional clients.

Healthy Balance-Sheet Growth: PNC Financial’s balance sheet has continued to expand, supported by steady loan growth, a broad deposit franchise and strategic acquisitions. Its total loans and deposits recorded six-year compound annual growth rates (CAGRs) of 5.5% and 7.3%, respectively, through 2025, with both increasing year over year in the first half of 2026. The FirstBank acquisition added nearly $16 billion in loans and $23 billion in deposits, while the October 2023 Signature Bank transaction added $16 billion in loan commitments.

With interest rates below prior peaks, loan demand is expected to remain supportive. Management raised its 2026 average loan growth outlook to 12.5% from 11% previously and expects deposits to grow in the second half of the year, helping replace part of the wholesale funding added in the second quarter. Strong growth in interest-bearing commercial and operational deposits is also expected to support the deposit base. Thus, continued client acquisition, deeper customer relationships and loan demand are likely to drive further balance-sheet expansion.

Revenue Growth: Driven by higher net interest income (NII) and non-interest income, the company’s revenues have witnessed a six-year CAGR of 4.4% through 2025, with growth continuing in the first half of 2026. NII recorded a six-year CAGR of 6.3% through 2025, supported by commercial loan growth, a favorable deposit mix and lower funding costs. The company’s NII also increased in the first half of 2026, while continued fixed-rate asset repricing, solid loan growth and stabilizing funding costs are expected to further support growth. Reflecting this, management raised its 2026 NII growth guidance to 15-15.5% from 14.5% previously.

The company’s non-interest income also recorded a six-year CAGR of 1.7% through 2025 and increased in the first half of 2026, supported by capital markets, treasury management, card services and asset management fees. Record M&A activity, treasury-management growth and higher equity markets are driving fee income, while the FirstBank acquisition is expanding PNC’s customer base and fee-generating opportunities. Non-interest income is expected to increase 9% year over year in 2026. Consequently, total revenues are anticipated to rise 13% in 2026. Thus, continued NII growth, strengthening fee income and diversified revenue streams are expected to support PNC’s top-line growth.

The Zacks Consensus Estimate for PNC’s 2026 and 2027 revenues is pegged at $26.4 billion and $27.6 billion, indicating year-over-year growth of 13.6% and 4.8%, respectively.

Revenue Estimates
Image Source: Zacks Investment Research

Strong Liquidity Supports Capital Distribution: PNC Financial maintains a solid liquidity position. As of June 30, 2026, cash and due from banks plus interest-earning deposits with banks totaled $28.7 billion. The company also held $149.5 billion in investment securities against $449.8 billion in deposits, while long-term debt stood at $85.7 billion.

The strong liquidity position further supports PNC’s ability to return capital to shareholders. The company has a 100-million-share repurchase authorization and returned $1.3 billion to shareholders in the second quarter, including $610 million in share repurchases. Management expects third-quarter repurchases to approximate the second-quarter level.

Apart from buybacks, PNC Financial has consistently increased its dividend. Following the completion of the 2026 stress test, the company raised its quarterly common stock dividend by 18% to $2 per share. PNC has raised its dividend five times over the past five years, resulting in a five-year annualized dividend growth rate of 6%. Its current dividend yield of 3.14% also compares favorably with the industry average of 1.68%. Meanwhile, the dividend yields of its peers, Citigroup and Bank of America, are 1.94% and 1.75%, respectively. Overall, PNC’s strong liquidity position supports sustainable capital distributions.

Dividend Yield
Image Source: Zacks Investment Research

Expanding Branch and Digital Network: PNC is investing in its branch network and digital capabilities to strengthen customer acquisition and expand its presence in high-growth U.S. markets. In November 2025, the company increased its branch expansion program from $1.5 billion to nearly $2 billion, with plans to open more than 300 branches across nearly 20 markets, renovate its entire branch network by 2029 and hire more than 2,000 employees by 2030.

The company is also advancing its digital and technology capabilities, including the launch of a mobile banking platform and continued investments in client-facing and infrastructure technology. The FirstBank conversion expanded PNC’s network to approximately 2,400 locations and strengthened its presence in Colorado and Arizona. These initiatives are expected to support long-term customer growth, deepen relationships and strengthen PNC’s position as one of the largest U.S. retail banks.

PNC's Estimates and Valuation AnalysisThe Zacks Consensus Estimate for PNC’ earnings indicates a 16.0% and 10.8% rise for 2026 and 2027, respectively.

Over the past month, the Zacks Consensus Estimate for both 2026 and 2027 earnings has been revised upward, reflecting analysts’ growing confidence in the company’s earnings growth prospects.

Estimate Revision Trend
Image Source: Zacks Investment Research

In terms of valuation, PNC stock appears inexpensive relative to the industry. The company is currently trading at a 12-month trailing price-to-earnings (P/E) ratio of 12.38X, which is lower than the industry’s 14.24X.

Price-to-Earnings F12 M
Image Source: Zacks Investment Research

Meanwhile, Citigroup holds a P/E ratio of 11.26X, while Bank of America’s P/E ratio stands at 12.64X.

Parting Thoughts on PNC FinancialPNC Financial enters the remainder of 2026 with solid earnings momentum, supported by NII growth, stronger fee income, balance-sheet expansion and the benefits of the FirstBank acquisition. Its focus on branch expansion, digital capabilities and strategic partnerships further strengthens its long-term growth prospects. Meanwhile, a healthy liquidity position and strong capital returns remain additional positives for shareholders.

However, investors should remain mindful of rising non-interest expenses and FirstBank integration costs, which could limit near-term margin expansion. PNC’s significant exposure to commercial and commercial real estate lending also leaves it vulnerable to potential deterioration in credit quality, particularly amid continued weakness in the office property market.

Given this backdrop, investors should avoid rushing into PNC stock at current levels. Instead, they may prefer to wait for a more attractive entry point once there is greater clarity on expense trends and credit quality. Existing shareholders may continue to hold the stock, as its strong franchise, stable capital returns and diversified growth initiatives are likely to support performance over the long run.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways PNC raised its 2026 NII growth outlook to 15-15.5% on strong Q2 momentum.PNC lifted its 2026 average loan growth forecast to 12.5%, led by commercial lending.A better deposit mix and higher-yielding securities are supporting PNC's spread income outlook. The PNC Financial Services Group, Inc.’s (PNC - Free Report) net interest income (NII) outlook for 2026 has strengthened, supported by robust loan growth, an improving deposit mix and continued repricing of fixed-rate assets. Following the solid second-quarter results, management raised its full-year NII growth guidance to 15-15.5% from the earlier mentioned 14.5%, based on the 2025 NII baseline of $14.41 billion.

PNC’s second-quarter performance highlights the momentum behind the improved outlook. NII reached $4.11 billion, increasing 16% year over year. The net interest margin (NIM) also moved up to 2.96% from 2.95% in the preceding quarter and 2.80% a year earlier.

A key driver is strong loan growth, particularly in commercial and industrial lending. Average loans rose 4% sequentially and 13% year over year to $363.2 billion in the second quarter. Management consequently raised its 2026 average loan growth forecast to 12.5% from 11%.

Deposit trends are another tailwind. While total average deposits were essentially stable sequentially, non-interest-bearing deposits increased 4%, while the rate paid on interest-bearing deposits declined five basis points. This favorable shift in funding mix is helping offset pressure from lower loan yields and supporting spread income. PNC should also benefit from fixed-rate asset repricing. During the second quarter, the company sold roughly $4 billion of securities and reinvested the proceeds into securities yielding about 120 basis points more, enhancing the prospective earnings contribution from the investment portfolio.

The FirstBank acquisition has expanded PNC’s loan and deposit base. The transaction added roughly $16 billion in loans and $23 billion in deposits at closing, providing additional scale and opportunities to deepen customer relationships.

Near-term momentum remains encouraging, with management expecting third-quarter NII to increase 3-3.5% sequentially. Overall, robust commercial lending, a healthier funding mix and asset repricing appear well-positioned to keep PNC’s NII trajectory positive through the remainder of 2026, though elevated expenses and funding needs remain factors to watch.

PNC’s Peers 2026 ExpectationsWells Fargo (WFC - Free Report) and Citigroup (C - Free Report) also expect their NII to grow in 2026.

Wells Fargo expects NII to be $50 billion. NII excluding Markets is projected to be $48 billion, driven by balance-sheet growth, a favorable loan and deposit mix and continued fixed-asset repricing, partially offset by the impacts of expected rate cuts. 

Citigroup expects NII (excluding Markets) to increase 5-6% on a year-over-year basis in 2026, supported by stabilizing deposit costs and disciplined balance-sheet management. The outlook reflects the bank’s efforts to benefit from a more favorable rate and funding environment while continuing to reshape its business toward higher-quality growth.

PNC Financial Price Performance & Zacks RankShares of PNC have surged 31.4% over the past year compared with the industry’s growth of 26.3%.

Price Performance

Image Source: Zacks Investment Research

Currently, PNC Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

July 17 (Reuters) - U.S. regional banks including U.S. Bancorp and PNC Financial relied on a lending rebound and strong fee income to deliver broad second-quarter gains, alleviating concerns that the Middle East war would weigh on loan demand and spending.

Strong business investment, ​steady hiring and resilient consumer spending drove consistent demand for commercial and personal credit in the first half ‌of 2026, pointing to a stable U.S. economy.

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The biggest U.S. regional lenders said this week that loan growth was strong and pipelines remain robust as clients look past an uncertain environment to move forward with their investment plans.

"The sentiment rebound from the pause with tariffs last year has been the story. A lot of people who had ​paused last year to say where is all of this going are seeing a very resilient consumer and a lot ​of demand and beginning to lean into that in a fair way," U.S. Bancorp CEO Gunjan Kedia ⁠said.

A rush by technology companies to fund artificial intelligence infrastructure is also boosting financing activity for banks across the country. Top regional ​banking executives, however, emphasized that loan growth was broad-based and not just concentrated in the AI buildout.

"People are feeling very optimistic. They (clients) ​are growing their businesses and it's in all areas. It's in food and beverage. It's in media and technology. It's in power," U.S. Bancorp finance chief John Stern said.

On a year-on-year basis, U.S. Bancorp (USB.N), opens new tab and Citizens Financial (CFG.N), opens new tab reported over 7% and 5% growth in their average loans in the second quarter, while ​Regions Financial (RF.N), opens new tab posted about 3% growth.

In recent quarters, loans to non-bank financial institutions have also emerged as a key growth driver for regional ​banks, which are ramping up credit facilities to private credit funds and business development companies to capitalize on the sector's rapid expansion.

Net interest margin, a ‌key measure ⁠of banking profitability, also grew across the industry in the second quarter. The metric came into sharper focus recently as Wall Street debates whether deposit costs could rise in the second half of 2026 as banks look to fund accelerating loan growth.

"There was a bit more loan growth than people expected coming into the quarter, which might have caused deposit competition to increase a little bit. I think that likely just ​evens out. I don't think it's ​a trend that we're all ⁠that concerned about," Citizens Financial CEO Bruce Van Saun said.

CAPITAL MARKETS MOMENTUMA rebound in dealmaking and IPO market activity is taking hold on Wall Street, fueling a surge in lucrative advisory and underwriting ​fees across the banking industry.

Capital markets revenue at six U.S. regional lenders surged 55% on average ​in the second ⁠quarter from a year earlier, with PNC Financial (PNC.N), opens new tab reporting the strongest percentage growth.

The biggest regional players have steadily expanded their Wall Street operations in recent years and carved a niche among middle-market firms.

They are also bolstering their long-term growth opportunities within capital markets by snapping up boutique investment banks.

This ⁠year, U.S. ​Bancorp bought BTIG, while Citizens Financial (CFG.N), opens new tab and Regions Financial (RF.N), opens new tab struck deals for Matrix Capital ​Markets Group and The Frazer Lanier Company, respectively.

"As we see our (M&A) pipelines, we feel like there's real upside if the markets remain as strong as they are ​right now," Citizens head of commercial banking Theodore Swimmer said.

Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Basil writes stories across the U.S. finance file including banks, asset managers, payment firms, insurers, and exchange operators. He also covers initial public offerings on U.S. exchanges and venture capital funding.

Key Takeaways PNC's Q2'26 earnings are projected to be $4.51 per share, up 17.1% year over year.Quarterly revenues are estimated to be $6.42 billion, reflecting 12.8% year-over-year growth.A stable interest rate environment, loan growth and FirstBank integration are likely to aid quarterly results. The PNC Financial Services Group, Inc. (PNC - Free Report) is scheduled to report second-quarter 2026 results on July 15, before market open. The company’s revenues and earnings are expected to have improved on a year-over-year basis.

In the first quarter of 2026, the company’s earnings surpassed the Zacks Consensus Estimate, driven by higher net interest income (NII) and fee income. Further, rising loan and deposit balances supported the results. However, higher expenses acted as a headwind.

PNC has an impressive earnings surprise history. Its earnings surpassed estimates in the trailing four quarters with an average surprise of 8.95%.

Factors to Impact PNC Financial’s Q2 EarningsNII & Loans: In the second quarter of 2026, the Federal Reserve kept interest rates unchanged while noting that economic activity continued to expand at a solid pace despite elevated uncertainty and inflation remaining above its 2% target. The stable rate environment is likely to have supported PNC Financial's NII growth.

Management expects NII to rise approximately 3% sequentially in the second quarter of 2026.

The Zacks Consensus Estimate for NII of $4.1 billion indicates a sequential rise of nearly 3.2%.

Per the Fed’s latest data, demand for commercial and industrial, real estate and consumer loans was decent in the second quarter of 2026. As such, a stable rate environment and decent loan demand are expected to have supported the company's overall lending activity in the quarter to be reported.

The Zacks Consensus Estimate for average interest-earning assets is pegged at $552.4 billion, indicating a sequential rise of 2.2%. The company expects average loans to rise nearly 2%-3% sequentially in the second quarter of 2026.

Non-Interest Revenues: The second quarter remained challenging for the mortgage business, with mortgage rates hovering around the mid-6.5% range and affordability remaining strained. While purchase activity continued to face pressure from inventory constraints, refinancing activity witnessed a modest improvement. As a result, PNC's residential and commercial mortgage revenues are likely to have improved in the quarter to be reported.

The Zacks Consensus Estimate for residential and commercial mortgage revenues is pegged at $131.1 million, indicating a sequential rise of 11.1%.

The second quarter witnessed solid client activity and market volatility, though both were less pronounced than in the previous quarter. Market conditions were shaped by shifting expectations around artificial intelligence, persistent geopolitical tensions, lingering inflation concerns and the Fed's relatively hawkish monetary policy stance. Volatility across equity markets, commodities, bonds and foreign exchange is likely to have supported client activity. As a result, PNC Financial's asset management and brokerage income is likely to have improved in the quarter to be reported.

The Zacks Consensus Estimate for the metric is pegged at $430.7 million, indicating a nearly 2.5% rise sequentially.

Global mergers and acquisitions (M&A) activity moderated in the second quarter of 2026 after a strong start to the year, as ongoing geopolitical uncertainty, elevated inflation, a persistent backlog of private equity exits and higher interest rates weighed on deal-making. While deal value declined as only a few large transactions dominated the market, M&A volumes improved year over year. Despite the challenging backdrop, the increase in deal volumes is likely to have supported PNC's capital markets and advisory revenues in the quarter to be reported.

The Zacks Consensus Estimate for the company's capital markets and advisory income is pinned at $478.3 million, indicating a sequential increase of nearly 3.3%.

Further, the Zacks Consensus Estimate for card and cash management revenues is pinned at $765.9 million, indicating a sequential increase of 3.7%. The consensus estimate for lending and deposit services is pegged at $338.5 million, indicating a marginal decline from the previous quarter's actual.

Management expects fee income to decline nearly 2.5% sequentially in the second quarter of 2026.

The Zacks Consensus Estimate for non-interest income is pegged at $2.33 billion, indicating a 5.6% increase from the previous quarter.

Expenses: The company's expenses are expected to have remained elevated in the second quarter of 2026, mainly due to FirstBank integration costs. Continued investments in franchise expansion, technology and digitalization are also likely to have kept expenses high.

Management expects non-interest expenses to rise nearly 2% sequentially in the second quarter of 2026.

Asset Quality: PNC Financial is likely to have maintained elevated reserves, particularly in its commercial lending portfolio, amid persistent inflation and geopolitical uncertainty stemming from the Middle East conflict. Additionally, the Fed's June statement signaling the possibility of a rate hike is expected to have prompted the company to remain cautious and build substantial provisions for potential credit losses in the second quarter of 2026.

Management expects net charge-offs to be around $225 million, down from $253 million in the first quarter of 2026.

The Zacks Consensus Estimate for non-performing assets is pegged at $2.55 billion, indicating an increase of 7% from the previous quarter. Also, the consensus estimate for non-performing loans is pinned at $2.45 billion, implying a sequential rise of 9.3%.

What Our Model Unveils for PNCOur proven model does not conclusively predict an earnings beat for PNC Financial this time. The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. This is not the case here.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: PNC Financial has an Earnings ESP of -0.30%.

Zacks Rank: The company currently carries a Zacks Rank of 3.

PNC Financial’s Q2 Earnings & Sales ExpectationsThe Zacks Consensus Estimate for second-quarter earnings per share has been revised downward to $4.51 over the past seven days. This implies a year-over-year rise of 17.1%.

The Zacks Consensus Estimate for quarterly revenues of $6.42 billion indicates a 12.8% year-over-year increase. PNC projects total revenues to rise approximately 3.5% in the second quarter of 2026 from the $6.2 billion reported in the first quarter of 2026.

Stocks to ConsiderHere are a couple of bank stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time:

The Earnings ESP for M&T Bank (MTB - Free Report) is +0.13% and carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The company is slated to report second-quarter 2026 results on July 15, 2026. Over the past seven days, the Zacks Consensus Estimate for MTB's quarterly earnings has remained unchanged at $4.66 per share.

U.S. Bancorp (USB - Free Report) is also scheduled to announce second-quarter 2026 results on July 16, 2026. The company has an Earnings ESP of +0.34% and a Zacks Rank #2 at present.

Quarterly earnings estimates for USB have been revised upward to $1.28 per share over the past week.

The PNC Financial Services Group, Inc. (NYSE:PNC) will release its second quarter earnings report before the opening bell on Wednesday, July 15.

Analysts expect the Pittsburgh, Pennsylvania-based company to report quarterly earnings of $4.41 per share, up from $3.85 per share in the year-ago period. The consensus estimate for PNC Financial’s quarterly revenue is $6.39 billion. It reported $5.66 billion last year, according to Benzinga Pro.

On June 25, PNC Financial Services announced plans to raise quarterly dividend from $1.70 to $2 per share.

Shares of PNC Financial rose 0.3% to close at $254.01 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying PNC stock? Here’s what analysts think:

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Key Takeaways PNC Financial plans to invest $2B to open 300 branches, renovate its network and hire 2,000 staff.PNC expanded in Colorado and Arizona through the January 2026 FirstBank Holding Company acquisition.PNC's branch expansion will complement digital banking for mortgages, wealth management and business lending. While much of the banking industry continues to shrink its physical footprint in favor of digital channels, The PNC Financial Services Group, Inc.  (PNC - Free Report) is moving in the opposite direction. The bank's decision to invest roughly $2 billion in expanding and modernizing its branch network is a calculated capital allocation strategy that reflects confidence in the long-term value of relationship banking. 

PNC's expansion plan is ambitious. The bank intends to open more than 300 branches across nearly 20 U.S. markets, renovate its existing network by 2029 and hire more than 2,000 employees by 2030.

The expansion is focused on high-growth markets, particularly in the Southwest, where population growth and business activity continue to create opportunities for retail and commercial banking. Rather than spreading resources evenly across the country, PNC Financial is concentrating on regions with strong economic momentum, allowing it to build deeper customer relationships and strengthen its competitive position. 

A major boost to this strategy came through the acquisition of FirstBank Holding Company in January 2026. The transaction added 95 branches and significantly expanded PNC's presence in Colorado, while increasing its Arizona network to more than 70 branches. This acquisition accelerated the company's market penetration and complemented its organic branch expansion plans, giving PNC a stronger presence in some of the fastest-growing banking markets in the United States.

PNC Financial's strategy stands out because it blends physical expansion with modern banking capabilities. While digital channels remain essential for routine transactions, branches continue to play a critical role in serving customers with mortgages, wealth management, small business lending and other complex financial needs. By investing in both its physical infrastructure and workforce, the bank aims to create a more accessible and relationship-driven banking experience.

The strategy, however, comes at a cost. Building new branches, renovating existing locations, upgrading technology and expanding staffing levels require significant upfront investment, putting pressure on operating expenses in the near term. Nonetheless, despite these short-term headwinds, PNC's branch expansion underscores its long-term growth strategy. With approximately 2,315 brick-and-mortar branches nationwide and an expanding presence in high-growth markets, the bank is well-positioned to attract new customers, deepen existing relationships and strengthen its banking franchise over the years ahead.

Branch Expansion Efforts by Other BanksPNC Financial is not the only bank that is expanding its physical footprint. Bank of America (BAC - Free Report) and JPMorgan (JPM - Free Report) are among other large lenders pursuing meaningful branch expansion.

Bank of America has embarked on an ambitious expansion plan to open financial centers in new and existing markets. The company plans to open more than 150 financial centers across 60 markets by the end of 2027. With this move, Bank of America continues its aggressive expansion as part of a broader strategy to strengthen customer relationships and tap into new markets. 

JPMorgan is also doubling down on physical expansion to strengthen its competitive edge in relationship banking. JPMorgan is expanding its affluent banking services with plans to open more than 500 branches by 2027, with more than 160 across 30 states to be opened this year. This move will solidify its position as the bank with the largest branch network, covering all 48 U.S. states.

PNC’s Price Performance & Zacks RankShares of PNC Financial have gained 16.6% in the past six months compared with the industry’s growth of 2.4%. 

Image Source: Zacks Investment Research

PNC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Results of PNC's company-run stress test, including PNC's estimates of pre-provision net revenue, other revenue, loan and other losses, net income before taxes, risk-weighted assets, and regulatory capital ratios for PNC, as well as additional information on the methodologies used in conducting the stress test, may be found at http://www.pnc.com/regulatorydisclosures.

The Federal Reserve released its results of the 2026 supervisory stress test at 4:00 p.m., June 24, 2026. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the regulatory minimum of 2.5% until PNC receives a new stress capital buffer requirement based on the results of a supervisory stress test conducted in 2027, which would be effective Oct. 1, 2027.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:
Anne Pace
(631) 338-3268
[email protected]

INVESTORS:  
Bryan Gill
(412) 768-4143
[email protected]

SOURCE The PNC Financial Services Group, Inc.