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BIP Wealth LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,584 shares of the financial services provider’s stock, valued at approximately $1,241,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $7,921,455,000. State Street Corp raised its stake in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after purchasing an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $2,102,631,000. Deutsche Bank AG purchased a new position in shares of The PNC Financial Services Group in the second quarter worth about $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after acquiring an additional 39,112 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.5% Shares of PNC stock opened at $224.49 on Friday. The business has a fifty day simple moving average of $232.07 and a 200-day simple moving average of $233.54. The stock has a market cap of $89.56 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.16 and a beta of 0.94. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.23. The PNC Financial Services Group, Inc has a fifty-two week low of $177.08 and a fifty-two week high of $258.96.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.91 by $0.18. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The business’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $4.35 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current fiscal year. The PNC Financial Services Group Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 42.58%.

Insider Activity at The PNC Financial Services Group In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes PNC has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of The PNC Financial Services Group from $269.50 to $258.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Raymond James Financial reduced their price target on shares of The PNC Financial Services Group from $275.00 to $255.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. Argus lifted their target price 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. Finally, Barclays upped their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.13.

Get Our Latest Stock Analysis on PNC

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The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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PITTSBURGH, Oct. 23, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 11:00 a.m.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of PNC, USB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

PNC Financial Services delivered strong Q3 earnings, driven by 19% year-over-year growth in commercial and industrial loan balances. I am upgrading PNC to 'Buy' as the Federal Reserve's rate increases and robust loan growth enhances net interest income prospects. PNC reported Q3 net income of $2.1 billion, up 15% year-over-year, and the bank raised its FY 2026 net interest income guidance to ~15.5%.

On its third quarter of 2026 earnings call, held on Oct. 15, 2026, PNC Financial (PNC +2.65%) reported generating $2.1 billion in net income. Organic client acquisition in new geographic markets continues to drive overall revenue growth. That expansion builds durable fee income and loan balances that compound over time. Three things management said stand out.

1. Geographic Expansion Drives Outsize Commercial GrowthPNC Financial is expanding beyond its legacy footprint into growth markets across the Southwest. Adding client accounts in Corporate & Institutional Banking (C&IB) generates fee income and fuels loan expansion that outpaces broader industry averages.

Expansion markets have added approximately 500 new client relationships year-to-date, contributing materially to a 5% average C&IB loan growth during the quarter, a 17% growth year-over-year.
-- Bill Demchak, Chairman and Chief Executive Officer2. Fixed-Rate Asset Repricing Secures Future Yield GainsAs older, lower-yielding securities and loans mature, the bank reinvests those funds at current higher interest rates. That mechanical reset steadily expands net interest income (NII), which measures total interest earned on assets minus interest paid on deposits.

Importantly, we have a clear path for continued fixed rate asset repricing over the next several years.
-- Rob Reilly, Executive Vice President and Chief Financial Officer3. Proprietary AI Infrastructure Takes Priority Over Large DealsManagement avoids large acquisitions to focus on building internal artificial intelligence infrastructure. Owning proprietary data centers and software allows the bank to automate operations without relying on costly third-party vendors.

To succeed long term, I think you need to have the core infrastructure that allows you to do this at scale and importantly, allows you to do it yourself without vendor support, without compute costs coming from third parties and with your own personnel instead of vendors.
-- Bill Demchak, Chairman and Chief Executive OfficerLooking AheadCommercial loan pipelines and client activity remain robust across every expansion market. The bank leverages its national platform and disciplined underwriting to capture market share from regional rivals.

Pipelines are strong. Activity levels are strong, and that's going to continue.
-- Bill Demchak, Chairman and Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The PNC Financial Services Group, Inc. (PNC) Q3 2026 Earnings Call Transcript

As technology makes it easier for clients to move deposits in search of higher interest rates, banks must compete by providing better solutions, PNC Financial Services Group Chairman and CEO William Demchak said Thursday (Oct. 15).

The PNC Financial Services Group, Inc (PNC - Free Report) came out with quarterly earnings of $5.09 per share, beating the Zacks Consensus Estimate of $4.97 per share. This compares to earnings of $4.35 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.41%. A quarter ago, it was expected that this company would post earnings of $4.51 per share when it actually produced earnings of $4.85, delivering a surprise of +7.54%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

The PNC Financial Services Group, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $6.59 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.23%. This compares to year-ago revenues of $5.95 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

The PNC Financial Services Group shares have added about 3.4% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for The PNC Financial Services Group?While The PNC Financial Services Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for The PNC Financial Services Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.10 on $6.72 billion in revenues for the coming quarter and $19.22 on $26.39 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Moelis (MC - Free Report) , has yet to report results for the quarter ended September 2026.

This investment bank is expected to post quarterly earnings of $0.68 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 4.2% lower over the last 30 days to the current level.

Moelis' revenues are expected to be $420.47 million, up 11.8% from the year-ago quarter.

PNC Financial Services Group recorded higher revenue, but came in short of Wall Street's estimates, as profit was dented by $36 million in integration costs tied to its acquisition of FirstBank.

Investors in The PNC Financial Services Group, Inc. (PNC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov. 11, 2026 $145 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for The PNC Financial Services shares, but what is the fundamental picture for the company? Currently, The PNC Financial Services is a Zacks Rank #3 (Hold) in the Financial - Investment Bank industry that ranks in the Top 32% of our Zacks Industry Rank. Over the last 60 days, two analysts have increased their earnings estimates for the current quarter, while one has dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $4.98 per share to $4.97 in that period.

Given the way analysts feel about The PNC Financial Services right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Key Takeaways PNC has stronger NII growth prospects and a more favorable valuation than BAC currently.BAC expects upper end of 6-8% NII growth, but softer IB fees and flat trading revenues pose challenges.PNC projects 15-15.5% NII growth, aided by the FirstBank acquisition and expanding branch network.
Bank of America (BAC - Free Report) and The PNC Financial Services Group (PNC - Free Report) are gearing up to report third-quarter 2026 results amid a mixed operating environment for the U.S. banking industry. Evolving interest-rate dynamics, lending activity and economic uncertainty shaped the sector’s performance during the quarter. The Federal Reserve’s September rate hike added complexity to net interest margin (NIM) prospects, while loan and deposit growth, credit quality, and expense management remained key profitability drivers.

Both BAC and PNC offer consumer and commercial lending, deposit products, and wealth management services. However, BAC has a broader global presence, with significant exposure to investment banking (IB), trading and wealth management, providing diversified revenue streams. In contrast, PNC primarily focuses on domestic retail and commercial banking, making its performance more dependent on lending activity and net interest income (NII).

While BAC faces potential pressure on capital markets revenues, PNC expects sequential NII growth despite fee income headwinds. With both banks facing distinct opportunities and challenges, let us find out which stock offers a more compelling investment opportunity ahead of third-quarter earnings.

The Case for BACBank of America, the second-largest bank in the United States, is positioned to sustain NII growth, supported by continued loan expansion, the repricing of lower-yielding fixed-rate assets and disciplined deposit pricing. From 2020 to 2025, NII saw a compound annual growth rate (CAGR) of 6.7%, with growth continuing in the first half of 2026. Management expects fully taxable-equivalent NII to rise toward the upper end of its 6-8% guidance in 2026.

BAC's extensive, low-cost deposit base remains a significant competitive advantage, providing stable funding and supporting profitability. As of June 30, 2026, net loans and leases increased 6.2% year over year to $1.20 trillion, while total deposits rose 1% to $2.03 trillion. Continued loan growth, coupled with disciplined funding management, should support balance-sheet expansion and NII growth.

Bank of America’s IB business has recovered considerably from the weakness witnessed in 2022 and 2023, supported by improving capital markets activity and corporate dealmaking. Following IB fee growth of 31.4% in 2024 and 8.4% in 2025 in the Global Banking segment, the upward momentum continued in the first half of 2026. A healthy deal pipeline and improving financing activity should support fee income over the longer term. Nonetheless, management's third-quarter 2026 IB fee outlook of $1.6-$1.8 billion compared with $2 billion a year earlier suggests near-term moderation.

The company’s sales and trading business has benefited from elevated client activity and market volatility in the past. In the first half of 2026, sales and trading revenues, excluding net DVA, increased 22.3% year over year, driven by a 49.5% rally in equities trading and 4.8% growth in fixed-income trading. While the bank's diversified trading platform remains a key revenue contributor, management expects third-quarter trading revenues to be relatively flat year over year, indicating normalization of growth following the strong first-half performance.

BAC continues to invest in digital banking, artificial intelligence (AI), payments and branch expansion to strengthen customer engagement and operating efficiency. Its plans to open more than 150 financial centers by 2027, alongside the growing adoption of Erica and Zelle, should deepen client relationships and support cross-selling opportunities. Enhanced AI capabilities, including EricaAssist, are expected to improve employee productivity and reduce servicing costs. Meanwhile, investments in cross-border payments and the proposed Jio Credit stake could create growth opportunities, supporting revenue diversification and long-term profitability.

The Case for PNCSimilar to BAC, PNC Financial is well-positioned to sustain NII growth, supported by loan expansion, fixed-rate asset repricing, contributions from the FirstBank acquisition and stabilizing funding costs. During the six years ended 2025, NII witnessed a CAGR of 6.3%, with momentum continuing in the first half of 2026. Management expects NII to increase 15-15.5% year over year in 2026.

PNC Financial also continues to strengthen its national footprint through strategic investments in branch expansion and digital capabilities. In November 2025, the bank increased its branch investment program to nearly $2 billion, targeting more than 300 new branches across approximately 20 markets, alongside renovations of its existing network by 2029. The integration of FirstBank has further expanded PNC's presence in Colorado and Arizona, bringing its total network to approximately 2,400 branches.

PNC's acquisition strategy continues to enhance its geographic reach and revenue diversification. The January 2026 FirstBank acquisition added approximately $26 billion in assets, $16 billion in loans and $23 billion in deposits, strengthening its presence in high-growth Western markets.

Following the successful conversion of FirstBank's customers and branches in June, PNC is positioned to capitalize on cross-selling opportunities across consumer banking, wealth management and commercial services. Management expects the transaction to contribute $1 per share to earnings by 2027. Strategic partnerships and acquisitions involving TCW, Plaid, Harris Williams and Linga have broadened its capabilities across private credit, financial technology, advisory and payments.

PNC maintains a diversified loan portfolio and an expanding deposit franchise, providing a solid foundation for sustained growth. During the six years ended 2025, total loans and deposits saw CAGRs of 5.5% and 7.3%, respectively, with both increasing year over year in the first half of 2026. Supported by the FirstBank acquisition and healthy commercial lending activity, management raised its 2026 average loan growth outlook to 12.5% from 11%. Expected deposit growth in the second half should also help reduce reliance on wholesale funding and support profitability. Nevertheless, persistent deposit competition and credit-quality risks warrant monitoring.

BAC & PNC: Price Performance, Valuation & Other ComparisonsSo far this year, shares of Bank of America have lost 0.8%, while PNC Financial has rallied 6%, both underperforming the S&P 500 Index’s growth of 13.9%.

In terms of investor sentiment, PNC Financial clearly has the edge.

YTD Price Performance
Image Source: Zacks Investment Research

In terms of valuation, BAC is currently trading at a 12-month forward price-to-earnings (P/E) of 10.71X, marginally above PNC’s P/E (F12M) of 10.61X. So, Bank of America is slightly more expensive than PNC.

P/E F12M
Image Source: Zacks Investment Research

Bank of America’s return on equity (ROE) of 12.2% is below PNC’s 12.48%. This reflects that PNC Financial is more efficiently using shareholder funds to generate profits.

ROE
Image Source: Zacks Investment Research

BAC & PNC Financial’s Growth ProspectsThe Zacks Consensus Estimate for BAC’s 2026 and 2027 revenues imply year-over-year growth of 12% and 5.6%, respectively.

The consensus estimate for 2026 earnings indicates growth of 21%, while the estimate for 2027 indicates growth of 13.5%. Earnings estimates for both years have been revised lower over the past 30 days.

BAC Earnings Estimate Revision
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PNC’s 2026 and 2027 revenues imply year-over-year growth of 13.7% and 4.7%, respectively.

The consensus estimate for earnings indicates 15.9% and 10.8% rallies for 2026 and 2027, respectively. Estimates for both years have been revised lower over the past 30 days.

PNC Earnings Estimate Revision
Image Source: Zacks Investment Research

BAC or PNC: Which Bank Is a Better Bet Right Now?Both Bank of America and PNC Financial are positioned to benefit from NII growth, healthy lending activity and strategic investments. While BAC’s diversified revenue streams, strong deposit franchise and digital initiatives support its long-term prospects, the anticipated moderation in IB and trading revenues could weigh on near-term performance. Moreover, downward earnings estimate revisions for 2026 and 2027 remain concerning.

PNC Financial, meanwhile, appears relatively better positioned, supported by robust NII growth expectations, the earnings-accretive FirstBank acquisition and continued branch expansion. Its stronger year-to-date share price performance, slightly lower forward P/E ratio and higher ROE further strengthen its investment appeal. Nonetheless, fee income headwinds, integration expenses and downward earnings estimate revisions warrant caution here as well.

Overall, PNC Financial appears to be the better investment choice ahead of third-quarter earnings, given its relatively favorable growth prospects, strategic expansion and valuation. This is reflected in PNC Financial’s Zacks Rank #3 (Hold), while Bank of America carries a Zacks Rank #4 (Sell). Investors may consider retaining PNC shares while exercising greater caution toward BAC at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways PNC is set to report Q3'26 earnings on Oct. 15, with NII expected to rise 3%-3.5% sequentially.PNC expects average loans to grow 1%-2% sequentially in Q3'26, supporting higher net interest income.PNC expects adjusted expenses to fall 2%-3% sequentially, while fee income is projected to decline 5%-5.5%.
The PNC Financial Services Group, Inc. (PNC - Free Report) is scheduled to report third-quarter 2026 results on Oct. 15, before market open. The company’s revenues and earnings are expected to have improved on a year-over-year basis.

In the second quarter of 2026, the company’s earnings surpassed the Zacks Consensus Estimate, driven by higher net interest income (NII) and fee income. Solid loan growth further supported the results, while higher expenses and lower deposit balances acted as headwinds.

PNC has an impressive earnings surprise history. Its earnings surpassed estimates in the trailing four quarters, with an average surprise of 8.79%.

Factors to Impact PNC Financial’s Q3 EarningsNII & Loans: In mid-September 2026, the Federal Reserve raised interest rates by 25 basis points to 3.75-4.00%, citing persistently elevated inflation. However, as rates remained unchanged for most of the third quarter, the hike is unlikely to have a significant impact on PNC Financial’s NII growth during the quarter.

Management expects NII to increase 3%-3.5% sequentially in the third quarter of 2026. The Zacks Consensus Estimate for NII of $4.2 billion implies a sequential increase of 2.9%.

Loan growth momentum is likely to have moderated in the third quarter of 2026 following solid lending activity in the first half of the year. Per the Fed’s latest data, commercial and industrial loan growth remained strong in the third quarter of 2026, while consumer and real estate lending remained broadly stable. As such, stabilized funding costs and continued loan demand are expected to have supported PNC’s lending activity in the quarter to be reported.

The Zacks Consensus Estimate for average interest-earning assets is pegged at $564.2 billion, indicating a sequential increase of 1.6%. Meanwhile, management expects average loans to rise 1%-2% sequentially in the third quarter of 2026.

Non-Interest Revenues: In the third quarter of 2026, mortgage rates remained elevated near 7%, while affordability continued to be strained. Purchase activity and refinancing demand likely faced persistent headwinds from high borrowing costs and affordability constraints. As a result, PNC Financial’s residential and commercial mortgage revenues are likely to have faced pressure during the quarter.

The Zacks Consensus Estimate for residential and commercial mortgage revenues is pegged at $137 million, indicating a sequential decline of 4.8%.

Client activity and market volatility remained elevated in the third quarter of 2026, supported by shifting expectations surrounding artificial intelligence (AI), persistent geopolitical tensions, lingering inflation concerns and the Federal Reserve’s hawkish monetary policy stance. Volatility across equity markets and other asset classes, including commodities, fixed income 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 $448.4 million, indicating a 1.9% rise sequentially.

Global mergers and acquisitions (M&A) activity slowed considerably in the third quarter of 2026 following a record-setting first half, as rising interest rates and persistent inflation weighed on valuations and deal negotiations. Although strategic buyers remained active, pursuing acquisitions to enhance scale, resilience and supply-chain security, overall global M&A volume and value remained muted, with a handful of large transactions dominating the market. This subdued deal-making environment is likely to have weighed on PNC Financial’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 pegged at $467.6 million, indicating a sequential decline of 18.9%.

Further, the Zacks Consensus Estimate for card and cash management revenues is pegged at $764.9 million, indicating a sequential decline of nearly 1%. The consensus estimate for lending and deposit services is pegged at $338.5 million, indicating an increase of 1.8% from the previous quarter's actual.

Management expects fee income to decline 5%-5.5% sequentially in the third quarter of 2026.

The Zacks Consensus Estimate for non-interest income stands at $2.34 billion, implying a sequential decline of 15.3%.

Expenses: The company's expenses remained elevated in the first half of 2026, primarily due to FirstBank integration costs and continued investments in franchise expansion, technology and digitalization. While these factors may have continued to weigh on expenses in the third quarter, savings from the 2026 Continuous Improvement Program are likely to have provided some relief during the quarter to be reported.

Management expects adjusted non-interest expenses to decline nearly 2%-3% sequentially in the third 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 stance on interest rates and the possibility of further rate hikes are expected to have prompted the company to remain cautious and set aside substantial provisions for potential credit losses in the third quarter of 2026.

Management expects net charge-offs to be around $225 million, largely unchanged from the $226 million reported in the second quarter of 2026.

The Zacks Consensus Estimate for non-performing assets is pegged at $2.31 billion, indicating an increase of 7.6% from the previous quarter. Also, the consensus estimate for non-performing loans is pegged at $2.23 billion, implying a sequential rise of 9.9%.

What Our Model Unveils for PNCOur proven model predicts 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. That is exactly 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 +0.80%.

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

PNC Financial’s Q3 Earnings & Sales ExpectationsThe Zacks Consensus Estimate for third-quarter earnings per share has been revised downward to $4.97 over the past seven days. This implies a year-over-year rise of 14.3%.

The Zacks Consensus Estimate for quarterly revenues of $6.60 billion indicates an 11.1% year-over-year increase.

Stocks to ConsiderHere are a couple of other 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 +0.73% and carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The company is slated to report third-quarter 2026 results on Oct. 16, 2026. Over the past seven days, the Zacks Consensus Estimate for MTB's quarterly earnings has been revised downward to $4.98 per share.

Fifth Third Bancorp (FITB - Free Report) is scheduled to announce third-quarter 2026 results on Oct. 19, 2026. The company has an Earnings ESP of +0.89% and a Zacks Rank #3 at present.

Quarterly earnings estimates for FITB have remained unchanged at $1.09 per share over the past week.

, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Oct. 20, 2026, of all outstanding 6.615% Fixed Rate/Floating Rate Senior Notes due Oct. 20, 2027, issued by PNC in the amount of $1,250,000,000 (CUSIP 693475 BT1). The securities have an original scheduled maturity date of Oct. 20, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of Oct. 20, 2026. Interest on the 6.615% Fixed Rate/Floating Rate Senior Notes will cease to accrue on the redemption date.

Payment of the redemption price for the 6.615% Fixed Rate/Floating Rate Senior Notes will be made through the facilities of The Depository Trust Company.

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.

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering The PNC Financial Services Group, Inc (PNC - Free Report) , which belongs to the Zacks Financial - Investment Bank industry.

This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 6.20%.

For the most recent quarter, The PNC Financial Services Group was expected to post earnings of $4.51 per share, but it reported $4.85 per share instead, representing a surprise of 7.54%. For the previous quarter, the consensus estimate was $4.12 per share, while it actually produced $4.32 per share, a surprise of 4.85%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for The PNC Financial Services Group. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

The PNC Financial Services Group currently has an Earnings ESP of +0.61%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 15, 2026.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

The PNC Financial Services Group, Inc. (NYSE:PNC) will release its third-quarter earnings report before the opening bell on Thursday, Oct. 15.

Analysts expect the Pittsburgh, Pennsylvania-based company to report quarterly earnings of $4.89 per share, up from $4.35 per share in the year-ago period. The consensus estimate for PNC’s quarterly revenue is $6.61 billion. It reported $5.92 billion last year, according to Benzinga Pro.

On Oct. 2, PNC declared a quarterly cash dividend of $2.00 per share on common stock

PNC shares rose 0.1% to close at $221.03 on Friday.

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.

JP Morgan analyst Vivek Juneja maintained the stock with an Overweight rating and cut the price target from $269.5 to $258 on Oct. 2, 2026. This analyst has an accuracy rate of 57%. Evercore ISI Group analyst John Pancari maintained the stock with an Outperform rating and cut the price target from $285 to $265 on Oct. 1, 2026. This analyst has an accuracy rate of 61%. Truist Securities analyst John McDonald maintained the stock with a Hold rating and lowered the price target from $254 to $252 on Oct. 1, 2026. This analyst has an accuracy rate of 65%. Argus Research analyst Stephen Biggar maintained a Buy rating and raised the price target from $250 to $280 on July 16, 2026. This analyst has an accuracy rate of 72%. RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and boosted the price target from $235 to $273 on July 16, 2026. This analyst has an accuracy rate of 75%. Considering buying PNC stock? Here’s what analysts think:

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All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in Pittsburgh, The PNC Financial Services Group, Inc (PNC - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 5.76%. Currently paying a dividend of $2.00 per share, the company has a dividend yield of 3.62%. In comparison, the Financial - Investment Bank industry's yield is 1.32%, while the S&P 500's yield is 1.44%.

Looking at dividend growth, the company's current annualized dividend of $8.00 is up 21.2% from last year. Over the last 5 years, The PNC Financial Services Group, Inc has increased its dividend 3 times on a year-over-year basis for an average annual increase of 8.49%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. The PNC Financial Services Group's current payout ratio is 37%, meaning it paid out 37% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, PNC expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $19.23 per share, representing a year-over-year earnings growth rate of 15.91%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, PNC is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

The PNC Financial Services Group (NYSE:PNC – Get Free Report) had its price target increased by equities researchers at HSBC from $275.00 to $283.00 in a report released on Monday, MarketBeat reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. HSBC’s target price would suggest a potential upside of 25.91% from the company’s previous close.

Several other equities analysts have also issued reports on PNC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Truist Financial upped their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Barclays upped their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Robert W. Baird upped their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price for the company. in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $268.63.

Read Our Latest Analysis on The PNC Financial Services Group

The PNC Financial Services Group Stock Down 0.4% Shares of The PNC Financial Services Group stock traded down $0.88 on Monday, hitting $224.76. The company had a trading volume of 71,778 shares, compared to its average volume of 2,202,546. The stock has a market capitalization of $89.67 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 1.13 and a beta of 0.90. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $258.96. The stock has a 50 day moving average of $244.81 and a 200-day moving average of $231.57. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm 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 company’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.85 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group will post 19.23 earnings per share for the current year.

Insider Transactions at The PNC Financial Services Group In other news, EVP Stacy Juchno sold 3,354 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On The PNC Financial Services Group Large investors have recently added to or reduced their stakes in the business. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $25,000. Highland Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth about $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth about $28,000. Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $29,000. Finally, Financial Life Planners purchased a new position in shares of The PNC Financial Services Group in the first quarter worth about $31,000. Institutional investors own 83.53% of the company’s stock.

(Get Free Report)

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

Featured Articles Five stocks we like better than The PNC Financial Services Group 3 Stocks Under the Microscope After Large Insider Sales The Nasdaq Nears a Major Breakout: 5 Tech ETFs to Play the Move AST SpaceMobile’s New Securities Lawsuit Adds Fuel to an Already Volatile Stock Analyst Rating Boosts May Signal More Upside for These 3 Stocks

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Nykredit A S purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 136,188 shares of the financial services provider’s stock, valued at approximately $33,532,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at about $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,967,080,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $2,102,631,000. Deutsche Bank AG acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $1,054,189,000. Finally, Jupiter Topco LLC purchased a new stake in shares of The PNC Financial Services Group in the second quarter worth about $756,877,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4% Shares of NYSE:PNC opened at $232.97 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 1 year low of $176.88 and a 1 year high of $258.96. The firm has a market capitalization of $92.94 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.16 and a beta of 0.90. The firm’s 50-day moving average is $247.48 and its two-hundred day moving average is $230.86.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.85 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year. The PNC Financial Services Group Increases Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.4%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Wall Street Analysts Forecast Growth A number of research firms recently weighed in on PNC. UBS Group upped their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Wells Fargo & Company upped 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. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Truist Financial increased their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Finally, Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $267.87.

Read 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 Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president 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 filing with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

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. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

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New report from PNC Bank finds many workers are confident managing day-to-day finances, but lack preparedness for complex financial decisions, creating opportunities for employers to strengthen workforce outcomes.

, /PRNewswire/ -- PNC Bank today released findings from its annual Financial Wellness in the Workplace Report, titled "Turning financial preparedness into workforce advantage," which examines how U.S. workers and employers view financial wellness, workplace benefits and long-term financial preparedness. The 2026 report is based on survey responses of 1,000 U.S. workers and 500 U.S. employers, along with in-depth interviews with workers and business leaders.

The 2026 report found a growing disconnect between workers' confidence in managing everyday finances and their preparedness for more complex financial decisions. While many workers report feeling capable of handling day-to-day financial responsibilities, fewer demonstrate the knowledge and preparedness needed for longer-term goals such as retirement planning, investing, emergency savings and healthcare expenses. Among workers surveyed, 71% said they feel confident creating a savings plan, while only 33% demonstrated high proficiency in foundational financial knowledge.

"Financial wellness is no longer just a personal issue. It's increasingly becoming a workforce issue," said Kaley Keeley Buchanan, executive vice president and head of PNC Financial Wellness Solutions. "Our research continues to show that many workers feel confident managing everyday financial decisions, but confidence doesn't always translate into long-term preparedness. When employers help employees build financial knowledge and connect them with guidance and resources, they can support stronger financial outcomes while helping employees get more value from the benefits available to them."

The findings show that financial stress remains a persistent part of workers' experiences. Eighty-five percent of workers said they worry about personal finances during the workday, and workers spend an average of 3.5 hours per week worrying about finances at work. Employers also reported seeing the effects of financial stress in the workplace, including reduced productivity, workers borrowing from retirement plans, requests for pay advances and wage garnishments.

Other notable findings include:

Employers and workers are experiencing the same economy differently. Seventy percent of employers said they are very or somewhat optimistic about the economy, compared with 47% of workers. Additionally, 86% of workers said inflation negatively affected their financial situation in 2026. Employers may be overestimating workers' retirement preparedness. Seventy-five percent of employers said workers are at least somewhat prepared for retirement, while 45% of workers said they feel prepared for retirement. Only 10% of workers said they feel very prepared for retirement, and 15% said they do not believe they will ever be able to afford to retire.  Access to financial guidance is linked to stronger confidence. Forty-two percent of workers said they have worked with a professional financial planner or advisor at some point. Workers who have worked with an advisor reported higher confidence across several financial activities, including setting a budget, managing debt, creating a savings plan, retirement planning and investing in the stock market.                             Employers are taking a more data-driven approach to benefits. Sixty-five percent of employers said they measure the return on investment of their benefit offerings, up from 51% last year. Additionally, 95% said they use or plan to use artificial intelligence in human resources operations. Workers show strong interest in financial education, yet access remains limited. Thirty-two percent of employers said they offer financial education benefits, while 57% of workers without access to those benefits said they would use them if offered. Among employers offering financial education, 92% said their education includes retirement planning. "Employers continue to invest in benefits, but the real opportunity is helping employees understand, access and use those benefits in ways that improve financial outcomes," Buchanan said. "By aligning benefits with employees' needs and measuring outcomes, employers can help build a more financially resilient workforce."

According to the report, the most effective financial wellness strategies connect employees with education, guidance, banking, savings, borrowing and retirement resources that support better financial decision-making throughout their financial lives. More findings, including the complete report and information about PNC's Workplace Advantage program, are available at pnc.com/WorkplaceReport.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC 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 http://www.pnc.com.

Methodology
The Financial Wellness in the Workplace Study was conducted in early 2026 and surveyed two populations: U.S. employers and U.S. workers. The research was conducted in two phases. The qualitative phase included in-depth interviews with employers and workers in January 2026. The quantitative phase included separate online surveys with employers and workers in March 2026. The employer survey was conducted online with a national sample of 500 U.S. employers with 100 or more workers and annual revenue of $5 million or more. The sampling error is +/- 4.4% at the 95% confidence level. The workers survey was conducted online with a national sample of 1,000 U.S. workers ages 21 to 69 who work full time at companies with 100 or more workers. The sampling error is +/- 3.0% percentage points at the 95% confidence level. The study was conducted by Willow Research, a custom market research firm and certified woman-owned business. Gen Z 1997-2012, Millennial 1981-1996, Gen X 1965-1980, Boomer 1946-1964.

DISCLAIMER: This report was prepared for general information purposes only and is not intended as specific advice or recommendations. Any reliance upon this information is solely and exclusively at your own risk. NOTE: The sum of percentages may not add to the total due to rounding.

CONTACT:

Nicole Lininger
(724) 601-0337
[email protected]

SOURCE PNC Bank

PITTSBURGH, Sept. 16, 2026 /PRNewswire/ -- PNC Bank, N.A.

Key Takeaways PNC's capital markets and advisory revenues jumped 65.9% year over year in the first half of 2026.PNC's Harris Williams investment-banking unit is on track for a record year, aided by stronger M&A activity.PNC raised its 2026 non-interest income growth outlook to approximately 9% from 6%. The PNC Financial Services Group, Inc.’s (PNC - Free Report) fee businesses are gaining momentum, with capital markets emerging as an important growth driver. At the Barclays 24th Annual Global Financial Services Conference, CFO Robert Q. Reilly highlighted that the company's fee businesses are having a strong year and expects the momentum to continue. Over the past five years (ended 2025), fee income increased at a compound annual growth rate of 7.7%, with growth continuing in the first half of 2026.

Providing a significant boost to this momentum, capital markets is on pace for a record year, supported by stronger mergers and acquisitions (M&A) activity and demand for advisory services. As of June 30, 2026, PNC’s capital markets and advisory accounted for approximately 20.8% of total noninterest income, while revenues from these businesses increased 65.9% year over year in the first half of 2026. The favorable M&A environment is providing an additional tailwind for PNC’s advisory business.

The company’s investment-banking business, Harris Williams, is also on track for a record year. PNC has expanded Harris Williams’ capabilities through the 2025 acquisition of Aqueduct Capital Group, which added private-equity and private-credit capital-raising capabilities, and the 2023 merger with Sixpoint Partners, which expanded capital-solutions and primary-fund-placement capabilities. These additions have broadened Harris Williams’ advisory platform and enabled PNC to address a wider range of clients’ transaction and capital needs.

Capital markets strength is part of broader growth across PNC Financial’s fee businesses, including treasury management, asset management, cards, cash management and lending-related services. Stronger equity markets are supporting asset-management fees, while fee-generating businesses, including capital markets, M&A advisory and treasury management, now account for about 40% of corporate-bank revenue. The company is also expanding its fee opportunities through acquisitions. Its January 2026 acquisition of FirstBank, converted in June 2026, expanded its presence across Colorado and Arizona and generated stronger-than-expected cross-selling of wealth management, private banking and asset-management products. Colorado has since emerged as its fastest-growing asset-management market, providing another source of fee-income growth.

Reflecting the stronger-than-expected first-half performance, record-paced capital-markets activity, stronger cross-selling and growth across other fee-generating businesses, the company raised its 2026 non-interest income growth outlook to approximately 9% (excluding integration costs and significant items) from its previous target of 6%.

Major Banks Benefit from Stronger M&A ActivityGoldman Sachs (GS - Free Report) and JPMorgan (JPM - Free Report) are also benefiting from stronger M&A and capital-markets activity in 2026, reflecting an improving deal environment and stronger demand for advisory services.

Goldman Sachs maintained its No. 1 position in announced and completed M&A in the first half of 2026. Goldman Sachs’ investment-banking fees rose 52% year over year to $6.2 billion during the period, while its investment-banking backlog reached a five-year high, including a record advisory backlog, supported by robust strategic M&A activity.

JPMorgan retained its No. 1 global ranking in investment-banking fees and captured a 9.3% wallet share in the first half of 2026. A healthy pipeline and resilient M&A demand are supporting JPMorgan’s investment-banking business, with companies pursuing strategic transactions to achieve scale, cost synergies and technology capabilities.

PNC’s Price Performance & Zacks RankShares of PNC Financial have gained 2.6% in the past three months compared with the industry’s growth of 1.7%.

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.

The PNC Financial Services Group, Inc. (PNC) Barclays 24th Annual Global Financial Services Conference September 14, 2026 12:00 PM EDT

Company Participants

Mark Wiedman - President
Robert Reilly - Executive VP & CFO

Conference Call Participants

Jason Goldberg - Barclays Bank PLC, Research Division

Presentation

Jason Goldberg
Barclays Bank PLC, Research Division

We're going to get going. Next up, very pleased to have PNC Financial Services from the company making his debut performance on stage at this conference, Mark Wiedman, the President. And as you know, who's been here 18th consecutive years or so, Rob Reilly, Chief Financial Officer. I guess, Mark, maybe we'll start with you. I think given this is your first time here as part of PNC. Just maybe share a little bit about your background and how you wound up at the company.

Mark Wiedman
President

Sure. Well, I spent 21 years in a former subsidiary of PNC called BlackRock. And there, I did 2 things that connected me to PNC over time. One is I spent a large part of my career there advising banks, including actually PNC along the way, on balance sheet questions. So healthy banks like a PNC and then some not so healthy where I led the work in restructuring AIG's credit book, credit derivative book, Bear Stearns, Morgan Stanley's recapitalization and the like during the crisis.

I actually started a company called PennyMac as part of that. And we saw the opening that, frankly, banks were going to create was for the nonbanks, the creation of PennyMac back in 2008. And then separately, I spent time at BlackRock, I would say, scaling and growing businesses in the capital market space generally, like, for example, iShares.

All that came together back in '23 when PNC and BlackRock jointly looked to acquire a

The new PNC program elevates workplace banking with meaningful rewards and 
personalized financial support and education

, /PRNewswire/ -- PNC Bank today announced the launch of PNC Workplace Advantage, a new workplace banking program designed to help employers enhance their benefit offerings while supporting employees' financial confidence and overall well-being. Part of PNC's broader Financial Wellness Solutions platform, PNC Workplace Advantage delivers banking rewards, financial education and personalized guidance through a dedicated team of financial wellness experts, helping employers provide a more modern and valuable experience for their workforce.

Designed for companies with 100 or more employees, PNC Workplace Advantage helps employers elevate their benefits strategy without adding administrative complexity. The program integrates seamlessly into the workplace, enabling employers to offer a financial wellness benefit through a trusted financial institution. In addition to enhanced banking rewards, employees have access to personalized financial guidance from dedicated financial wellness professionals, flexible access to banking services available virtually or onsite and financial education through live seminars and on-demand digital resources designed to support real-life financial decisions.

"This launch represents an important step in the evolution of our financial wellness offerings," said Kaley Keeley, head of Financial Wellness Solutions at PNC. "PNC Workplace Advantage builds on the momentum we've created across our solutions, delivering a more cohesive and impactful way to help employers support the financial well-being of their employees. Today's workforce is looking for practical benefits they can actually use, not added complexity. PNC Workplace Advantage cuts through the noise with tools, educational resources and rewards that are relevant, easy to access and focused on what matters most in their financial lives."

Through PNC Workplace Advantage, employees who open a qualifying PNC checking account and set up a qualifying direct deposit method through their employer, will be invited to enroll in PNC TotalRewards Silver Tier. This is a benefit level that is typically only available to customers who maintain at least $25,000 or more in deposits and investments.

As part of PNC Financial Wellness Solutions, PNC Workplace Advantage complements a comprehensive suite of offerings, including PNC EarnedIt, education benefits, PNC BeneFit Plus Health Savings and other Benefit Spending Accounts, retirement services and financial education. Together, these solutions give employers the flexibility to build a benefits strategy that aligns with the diverse financial needs of their workforce.

"Financial well-being has become a critical factor in attracting, engaging and retaining talent, yet many organizations are still looking for ways to provide meaningful support without adding complexity," said Alina Crisi-Wetherell, head of Affiliated Banking at PNC. "With PNC Workplace Advantage, we're offering employers a smarter way to support their workforce, delivering real value to employees while helping organizations strengthen employee engagement and long-term loyalty."

PNC Workplace Advantage reflects the evolution of PNC's workplace banking experience, going beyond traditional banking benefits to offer support that meets employees where they are, both at work and in their daily lives.

The launch of PNC Workplace Advantage reflects PNC's broader commitment to helping employers address the financial well-being of their workforce, informed by ongoing research, including PNC's annual Financial Wellness in the Workplace Report launching later this month, as well as client webinars and educational events designed to help employers navigate today's diverse workforce. For more information about PNC Workplace Advantage and PNC Financial Wellness Solutions, visit pnc.com/WorkplaceAdvantageEmployer.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC 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.

CONTACT:

Darby Rowe
(717) 824-6314 
[email protected]

SOURCE PNC Bank

PITTSBURGH, Aug. 31, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that President Mark Wiedman and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at noon (ET), Monday, Sept.

Key Takeaways WFC's NII, balance-sheet growth and 17.7% ROTCE highlight improving profitability.PNC is delivering stronger NII and earnings growth, supported by loan growth and the FirstBank acquisition.WFC trades at a lower forward P/E, while PNC offers a higher dividend yield. Wells Fargo & Company (WFC - Free Report) and The PNC Financial Services Group, Inc. (PNC - Free Report) are two prominent U.S. banking institutions offering a broad range of financial services to consumers, businesses and institutional clients. Both banks benefit from diversified business models spanning retail and commercial banking, lending, wealth management and capital markets-related services. However, differences in their scale, geographic footprint, business mix and growth strategies could influence their financial performance and long-term prospects.

Against this backdrop, investors naturally ask: Which bank, WFC or PNC, is better positioned for growth and offers greater upside potential? Let us take a closer look at their fundamentals to find out.

The Case for WFCWells Fargo has been expanding across multiple business lines since the Fed lifted the asset cap that had limited its growth since 2018. With this, the company can boost deposits, grow its loan portfolio and broaden its securities holdings, supporting NII growth in the future. Management expects NII to be $50 billion in 2026, up from $47.5 billion in 2025, driven by balance-sheet growth, a favorable loan and deposit mix, and continued fixed-asset repricing.

Wells Fargo’s multi-year simplification strategy is another key growth driver. Under CEO Charlie Scharf, who has led the bank since 2019, the bank has been exiting non-core and lower-return businesses to focus resources on higher-return areas. As part of this effort, WFC sold its rail lease portfolio to a joint venture between GATX Corporation and Brookfield Infrastructure Partners in January 2026. These divestitures are helping streamline operations and improve capital efficiency, while allowing WFC to concentrate on its core businesses.

The company has been taking a strategic approach to its branch network and total headcount, reducing branch count 1.3% year over year to 4,079 and headcount 7.2% to nearly 197,500. Although non-interest expenses increased 2.6% year over year in the first half, continued branch optimization, workforce reductions and technology investments are expected to generate furtherefficiencies. Together, these initiatives are supporting profitability, with return on tangible common equity (ROTCE) reaching 17.7% in the second quarter of 2026, within management’s sustainable medium-term target of 17%-18%.

The Case for PNCSimilar to WFC, PNC Financialis also benefiting from favorable NII trends, supported by solid commercial loan growth and a favorable deposit mix. The bank’s NII increased 14.7% year over year in the first half of 2026, as these factors helped to offset lower loan yields. Continued repricing of fixed-rate assets, robust loan growth and stabilizing funding costs are expected to support spread income. Reflecting this momentum, management raised its 2026 NII growth guidance to 15-15.5% from its previous expectation of 14.5%.

Further, the bank is set to expand its branch network across the United States. PNC plans to invest nearly $2 billion to open more than 300 branches across nearly 20 markets and renovate its branch network by 2029, and hire more than 2,000 employees to support growth and customer service efforts by 2030. By broadening its reach in high-growth regions, the company aims to establish itself as a leading financial institution that effectively serves the diverse needs of consumers and businesses of all sizes.

PNC is pursuing an expansion-led strategy through acquisitions, partnerships and branch investments. The FirstBank acquisition has significantly strengthened its presence in Colorado and Arizona, while earlier acquisitions, including Linga and Aqueduct Capital Group, along with partnerships with Plaid and TCW, have broadened PNC’s capabilities in payments, fund placement, data sharing and private credit.

However, this expansion is also increasing the bank’s cost base. Its non-interest expenses increased 16.1% year over year in the first half of 2026, due to investments in technology, branch expansion and client infrastructure. Management expects adjusted non-interest expenses to rise 8.5% year over year in 2026. Although these investments are intended to support long-term expansion, elevated expenses and FirstBank integration costs could weigh on near-term profitability.

How Do Estimates Compare for WFC & PNC?The Zacks Consensus Estimate for WFC’s 2026 and 2027 revenues suggests year-over-year increases of 5.9% and 5.0%, respectively. Meanwhile, the consensus estimate for earnings implies growth of 15.4% in 2026 and 9.5% in 2027. Over the past month, earnings estimates for both 2026 and 2027 have been revised upward.

Estimates Revision Trend
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The consensus mark for PNC’s 2026 and 2027 revenues indicates year-over-year increases of 13.6% and 4.8%, respectively. Meanwhile, the consensus estimate for earnings implies growth of 16.0% and 10.8% for 2026 and 2027, respectively. The 2026 earnings estimates have remained unchanged, while the 2027 estimates have been revised upward over the past 30 days.

Estimates Revision Trend
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WFC & PNC: Price Performance, Valuation & Other ComparisonsOver the past three months, shares of Wells Fargo and PNC Financial have rallied 11.4% and 10.6%, respectively, underperforming the industry’s growth of 14.9%.

Price Performance
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From a valuation standpoint, WFC is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 11.01X, while PNC is trading at 11.85X. Both stocks are trading below the industry average of 13.97X. However, PNC appears relatively more expensive than WFC.

Price-to-Earnings F12M
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Meanwhile, both WFC and PNC continue to return capital to shareholders. Post-clearing the Fed’s 2026 stress test, WFC raised its common stock dividend by 11% to 50 cents per share, while PNC increased its quarterly common stock dividend by 18% to $2 per share. WFC offers a dividend yield of 2.36% compared with 3.28% for PNC, giving PNC an edge in terms of shareholder returns.

Dividend Yield
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WFC and PNC: Which Offers More Value?Both Wells Fargo and PNC Financial present compelling investment cases, but their growth strategies and valuation profiles differ. PNC stands out with stronger NII and earnings growth, supported by strong loan expansion, the FirstBank acquisition and continued investments in its geographic footprint. However, this growth comes with higher expenses and integration costs, which could weigh on near-term profitability.

WFC, meanwhile, offers a more balanced investment case, combining improving balance-sheet growth with cost discipline and a multi-year simplification strategy. Its lower forward P/E multiple also provides a valuation advantage over PNC, while its strong ROTCE and continued capital returns add to its appeal.

Although PNC offers a higher dividend yield, WFC’s lower valuation, improving operating efficiency and focus on higher-return businesses, along with upward estimate revision, make it more attractive for investors looking for stable long-term growth.  

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