The PNC Financial Services Group, Inc (PNC - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PNC broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Shares of PNC have been moving higher over the past four weeks, up 5.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that PNC could be poised for a continued surge.
The bullish case only gets stronger once investors take into account PNC's positive earnings estimate revisions. There have been 6 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors should think about putting PNC on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
The enhanced offering gives clients access to capital without disrupting their investment strategy
, /PRNewswire/ -- PNC Wealth Management today unveiled a new Securities-Based Lending (SBL) solution to provide enhanced liquidity and borrowing options for customers of PNC's Premier Client℠ program. For clients with more than $200,000 of assets at PNC Wealth Management, the SBL can be a quick and efficient way for them to access liquidity while remaining invested in the markets. The minimum line of credit that can be established is $100,000.
"Whether for a home renovation, critical emergency, luxury purchase, debt consolidation or an unexpected tax obligation, our Securities-Based Lending solution can serve as a crucial line of credit for clients without disrupting their financial plans," said Rich Guerrini, president and CEO of PNC Wealth Management.
SBL provides a number of benefits to PNC Wealth Management clients, including:
Flexibility: The solution is a flexible way of borrowing money as unexpected needs arise. Ease of implementation: Establishing a line of credit is quick, easy and cost-free. Clients will know immediately how much credit they qualify for. Continued market gains: SBL provides access to liquidity without having to sell securities or disrupt investment portfolios, meaning clients won't miss out on market gains. Interest-only repayments: The monthly obligation stays low, allowing users to pay down the principal when the time is right. By working with a PNC Premier Client banker, clients can – in a matter of minutes – receive a personalized securities-based lending evaluation, helping them understand the size of a potential credit line backed by their pledged portfolio. Additionally, the securities-based line of credit can be established and set in place at any time, providing clients with an available, ready line of credit for when a need arises.
The SBL solution is part of a larger suite of solutions that PNC Bank and PNC Wealth Management have rolled out recently to better serve the needs of its clients. Other programs and products include PNC's proprietary loyalty program, TotalRewards, digital account opening services for brokerage accounts, and its flagship client experience for those with at least $100,000 in investable assets, PNC Premier Client.
"A growing number of clients are building meaningful wealth while also making important, time-sensitive life decisions, and they need a bank that not only keeps pace, but proactively guides them to where they want to be on their financial journey," said Alex Overstrom, head of PNC Retail Banking. "A securities-based line of credit reflects the kind of practical, relationship-driven innovation we are bringing to PNC Premier Clients – giving them another way to access capital when needed, while ensuring today's priorities don't derail tomorrow's goals."
The PNC Premier Client experience serves individuals with approximately $100,000 to $3 million in investible assets. High- and ultra-high-net worth clients continue to be served by PNC Private Bank, which also provides a similar but distinct securities-based line of credit product.
To learn more, visit PNC's SBL web page.
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.
Investment products are provided by PNC Wealth Management LLC, a registered broker-dealer and a registered investment adviser, member FINRA/SIPC. Investments are not FDIC insured, not bank guaranteed, not a deposit, not insured by any federal government agency and may lose value.
Allspring Global Investments Holdings LLC boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 98.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 297,897 shares of the financial services provider’s stock after acquiring an additional 147,521 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of The PNC Financial Services Group worth $62,332,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group during the third quarter valued at about $25,000. Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $29,000. Financial Life Planners purchased a new position in shares of The PNC Financial Services Group in the first quarter worth about $31,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Insider Activity at The PNC Financial Services Group In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.
The PNC Financial Services Group News Roundup Here are the key news stories impacting The PNC Financial Services Group this week:
Positive Sentiment: PNC reported strong second-quarter results, topping forecasts on earnings and revenue as capital markets strength helped drive growth. The company also highlighted a record dividend and improving business momentum. PNC Financial tops second-quarter forecasts as capital markets business drives growth Positive Sentiment: Management raised its 2026 outlook, forecasting about 12.5% loan growth, net interest income growth of 15% to 15.5%, and a net interest margin above 3% by year-end, which suggests improving fundamentals ahead. PNC forecasts 2026 loan growth of ~12.5% and net interest income up 15%-15.5% Positive Sentiment: Multiple analysts lifted price targets on PNC after the earnings release, including Truist, Argus, RBC, Oppenheimer, Wells Fargo, Barclays, Stephens, and Baird, with several firms also maintaining bullish ratings such as outperform and overweight. Analyst price target updates Neutral Sentiment: Truist raised its target to $264 but kept a hold rating, implying the stock may be fairly valued after the recent run-up. PNC price target raised to $264 at Truist Financial Neutral Sentiment: One recent commentary piece argued that PNC looks “fairly valued,” which may temper enthusiasm even after the earnings beat and analyst upgrades. PNC Financial: Likely Fairly Valued Negative Sentiment: PNC also noted that costs are expected to rise alongside revenue, which could pressure margins if expense growth outpaces top-line gains. PNC is latest bank to say costs will rise alongside revenue The PNC Financial Services Group Stock Performance PNC stock opened at $252.88 on Friday. The stock’s 50 day simple moving average is $233.18 and its 200 day simple moving average is $223.46. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $256.49. The stock has a market capitalization of $101.55 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The company had revenue of $6.66 billion during the quarter, compared to analyst estimates 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 firm’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.85 earnings per share. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 19.14 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change 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 3.2%. The PNC Financial Services Group’s payout ratio is currently 37.42%.
Wall Street Analyst Weigh In PNC has been the topic of a number of recent analyst reports. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Barclays increased their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial raised their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods boosted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Finally, UBS Group upped their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $264.97.
Check Out Our Latest Research Report on The PNC Financial Services Group
The PNC Financial Services Group 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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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.
The company’s tangible book value (TBV) grew during the quarter, positioning it for enhanced organic growth, according to RBC Capital Markets.
• PNC Financial Services stock is challenging resistance. What’s driving PNC to record levels?
The PNC Financial Services Group Analyst: Analyst Gerard Cassidy maintained an Outperform rating, while raising the price target from $235 to $273.
The PNC Financial Services Group Thesis: The company reported record revenues, net interest income (NII) and fee income for the quarter, Cassidy said in the note.
Check out other analyst stock ratings.
He highlighted the following from PNC Financial Services Group’s results:
The company has enhanced its organic growth with accretive tangible book value acquisitions, the analyst stated.
"Long-term shareholder returns are driven by TBV per share and dividend per share growth, in our opinion," he further wrote.
PNC Price Action: Shares of PNC Financial Services Group had risen by 0.31% to $254.87 at the time of publication on Thursday.
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PNC Financial Services Group Inc. (NYSE:PNC) on Wednesday reported upbeat second-quarter 2026 results and raised its full-year revenue outlook.
Adjusted earnings were $4.85 per share, topping the analyst consensus estimate of $4.43. Revenue increased to $6.88 billion from $5.66 billion a year earlier, ahead of the consensus estimate of $6.50 billion.
The bank raised its full-year 2026 revenue outlook to about $26.10 billion from about $25.64 billion, above the Wall Street estimate of $25.92 billion.
Chairman and Chief Executive Officer William Demchak said the quarter reflected disciplined execution, a successful FirstBank integration and a strong capital position that supports customers, shareholders and communities.
PNC Financial shares rose 04% to trade at $255.04 on Thursday.
These analysts made changes to their price targets on PNC Financial following earnings announcement.
Baird analyst David George maintained the stock with an Outperform rating and raised the price target from $250 to $280. Stephens & Co. analyst Andrew Terrell maintained the stock with an Overweight rating and raised the price target from $265 to $275. Barclays analyst Jason Goldberg maintained the stock with an Overweight rating and raised the price target from $277 to $284. Considering buying PNC stock? Here’s what analysts think:
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The PNC Financial Services Group, Inc. (PNC) Q2 2026 Earnings Call July 15, 2026 10:00 AM EDT
Company Participants
Bryan Gill - EVP, Director of Investor Relations
William Demchak - Chairman & CEO
Robert Reilly - Executive VP & CFO
Conference Call Participants
John McDonald - Truist Securities, Inc., Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Ebrahim Poonawala - BofA Securities, Research Division
L. Erika Penala - UBS Investment Bank, Research Division
Michael Mayo - Wells Fargo Securities, LLC, Research Division
Manan Gosalia - Morgan Stanley, Research Division
Matthew O'Connor - Deutsche Bank AG, Research Division
Gerard Cassidy - RBC Capital Markets, Research Division
Kenneth Usdin - Bernstein Autonomous LLP
David Chiaverini - Jefferies LLC, Research Division
Saul Martinez - HSBC Global Investment Research
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Greetings, and welcome to The PNC Financial Services Group Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bryan Gill. Thank you, Bryan. You may now begin.
Bryan Gill
EVP, Director of Investor Relations
Well, good morning, and welcome to today's conference call for The PNC Financial Services Group. I am Bryan Gill, the Director of Investor Relations for PNC. And participating on this call are PNC's Chairman and CEO, Bill Demchak; and Rob Reilly, Executive Vice President and CFO.
Today's presentation contains forward-looking information. Cautionary statements about this information as well as reconciliations of non-GAAP measures are included in today's earnings release materials as well as our SEC filings and other investor materials. These are all available on our corporate website, pnc.com, under Investor Relations. These statements speak only as of July 15, 2026, and PNC undertakes no obligation to update them.
Fiserv’s Debit Network Talks Raise a Bigger Question for Visa and MastercardThe PNC Financial Services Group NYSE: PNC reported what Chairman and CEO Bill Demchak called an “impressive” second quarter, with management pointing to broad-based business momentum, stronger fee income, continued commercial loan growth and stable credit quality.
PNC generated second-quarter net income of $2.1 billion, or $4.81 per diluted share. Demchak said results included FirstBank integration costs and other significant items that collectively reduced earnings per share by $0.04, resulting in adjusted diluted EPS of $4.85.
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Big Bank Earnings Gave Financials a Lift, But Wall Street Is Still Cautious“Business momentum remains really strong,” Demchak said. “We continue to win new clients and deepen existing relationships.” He cited healthy growth in demand deposit accounts, increased client acquisition across corporate and private banking, and higher net interest income supported by commercial loan growth and favorable deposit mix and pricing.
Revenue Growth Driven by Net Interest Income and Fees Chief Financial Officer Rob Reilly said total revenue was $6.9 billion in the second quarter, up $710 million, or 12%, from the first quarter. Net interest income was $4.1 billion, up $146 million, helped by commercial loan growth and higher non-interest-bearing deposit balances. Net interest margin rose one basis point to 2.96%.
PNC Prepping for Its Best Year—Is Anyone Noticing?Fee income was a standout in the quarter, increasing $200 million, or 10%, to $2.3 billion. Reilly said the growth was broad-based across fee categories. Capital markets and advisory revenue increased $114 million, or 25%, reflecting record M&A advisory fees and strong activity across other capital markets businesses. Asset management and brokerage revenue rose 5%, card and cash management increased 5%, lending and deposit services rose 2%, and mortgage revenue increased 22%.
Demchak said PNC’s fee performance underscored the value of its diversified business model. Reilly added that, compared with the second quarter of 2025 and excluding integration costs and significant items, total non-interest income increased $444 million, or 21%.
Commercial Lending Leads Balance Sheet Growth Average loans were $363 billion, up $12 billion, or 4%, from the first quarter. Reilly said “virtually all” of the growth came from commercial and industrial lending, reflecting strong new production and higher utilization across almost every loan category. Commercial real estate balances rose $690 million, driven primarily by retail and industrial exposures, while consumer loans declined $730 million as credit card growth partially offset expected declines in residential real estate and auto loans.
During the question-and-answer session, Reilly said PNC expects loan growth to continue in the second half of the year, but at a slower pace than in the first half. He described the company’s second-half loan growth outlook as roughly aligned with GDP growth.
Demchak said the loan growth was broad-based across industries and geographies, with newer markets outpacing legacy markets as PNC gains share. “We’re gaining share all on the back of what feels like a pretty strong economy,” he said.
On loan pricing, Reilly said PNC was not seeing significant competitive spread pressure. However, he said portfolio spreads were being diluted somewhat by mix, as much of the current lending is going to higher-credit-quality, lower-spread borrowers. He said those loans often come with treasury management or capital markets relationships and are “hugely accretive” to earnings per share even if they are dilutive to net interest margin.
Deposits Stable, Capital Returns Increase Average deposits were stable at $457 billion. Reilly said higher consumer balances offset a seasonal decline in commercial deposits. The total rate paid on interest-bearing deposits declined five basis points to 1.91%, while average non-interest-bearing balances grew 4% from the prior quarter and represented 23% of total deposits.
PNC increased borrowings by $16 billion to $79 billion, reflecting higher Federal Home Loan Bank advances. In response to an analyst question, Demchak said investors should view PNC’s funding approach as an optimization among multiple levers, including wholesale funding and deposits. He said the FHLB advances were the “cheapest alternative” during the quarter to fund loans relative to other options.
PNC returned $1.3 billion of capital to shareholders in the quarter, including $690 million of common dividends and $610 million of share repurchases. Reilly said third-quarter repurchases are expected to approximate the second-quarter level. The board also approved an 18% increase in the quarterly common stock dividend, raising it by $0.30 to $2 per share.
The company’s estimated common equity tier 1 ratio was 9.9%. Reilly said PNC’s operating target remains around 10%.
Credit Quality Remains Strong Reilly said overall credit quality remained strong, with improvements in nonperforming loans, delinquencies and net charge-offs. Nonperforming loans declined $216 million, or 10%, to $2 billion, representing 0.55% of total loans. Total delinquencies declined $122 million to $1.4 billion, or 0.39% of total loans.
Net loan charge-offs were $226 million, and the net charge-off ratio was 25 basis points. PNC’s allowance for credit losses totaled $5.5 billion, or 1.48% of total loans, at quarter-end.
Asked about potential areas of credit vulnerability, Reilly said PNC does not see “any big pockets forming.” He cited pressures in healthcare, distilleries and transportation related to fuel costs, but said there was nothing that particularly worried him beyond those areas.
Outlook Calls for Higher 2026 Revenue PNC’s full-year 2026 outlook, which excludes FirstBank integration charges and significant items, calls for average loan growth of approximately 12.5% compared with 2025. The company expects net interest income to rise 15% to 15.5%, non-interest income to increase approximately 9%, and total revenue to grow approximately 13%. Non-interest expense is expected to increase approximately 8.5%, with an effective tax rate of about 19.5%.
For the third quarter, PNC expects average loans to rise 1% to 2%, net interest income to increase 3% to 3.5%, fee income to decline 5% to 5.5%, and other non-interest income to be between $150 million and $200 million. Adjusted non-interest expense is expected to decline 2% to 3%, with approximately $50 million of integration expenses. Net charge-offs are expected to be approximately $225 million.
Reilly said PNC’s base case assumes U.S. GDP growth of approximately 2.1% in 2026, unemployment ending the year around 4.3%, and the Federal Reserve keeping rates stable throughout the year.
Demchak also highlighted progress beyond the quarter’s financial results, including completion of the FirstBank conversion, new branch openings in high-growth markets and the launch of a new mobile banking platform. He said those initiatives are intended to position PNC for sustained long-term growth rather than near-term results.
About The PNC Financial Services Group NYSE: PNCThe 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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways PNC posted Q2 2026 adjusted EPS of $4.85, beating estimates, but shares fell nearly 3.8% in early trading.PNC benefited from higher NII, stronger fee income, an improved NIM and solid loan growth. NII rose 15.5% and fee income climbed 31.4% YoY, while deposits declined 1.7% sequentially. The PNC Financial Services Group, Inc. (PNC - Free Report) has delivered adjusted earnings per share of $4.85 in the second quarter of 2026, beating the Zacks Consensus Estimate of $4.51 and up from $3.85 a year ago.
Results reflected higher net interest income (NII), strong fee income growth, an improvement in the net interest margin (NIM) and solid loan growth. However, higher expenses and a decline in the deposit balance were headwinds. Given the concern, PNC shares were down nearly 3.8% in the early trading session. A full day’s trading session will depict a clearer picture.
Results excluded FirstBank integration costs and certain significant items. After considering those, net income (GAAP basis) was $2.06 billion, which rose 25.1% from the year-ago quarter.
PNC Financial’s Q2 Revenues & Expenses Rise Quarterly revenues were $6.88 billion, up 21.4% year over year. The top line surpassed the Zacks Consensus Estimate of $6.44 billion.
NII rose to $4.1 billion in the quarter, increasing 15.5% from the year-ago period. The company’s NIM improved to 2.96%, expanding 16 basis points year over year, as the bank benefited from commercial loan growth, higher non-interest-bearing deposit balances, the FirstBank acquisition and lower funding costs.
Non-interest income totaled $2.8 billion, up 31.4% from the second quarter of 2025, reflecting improvement across all fee categories. Within fee income lines, capital markets and advisory revenues surged 79.8% from last year, while asset management and brokerage revenues, card and cash management revenues, lending and deposit services revenues, and residential and commercial mortgage revenues also increased.
Noninterest expenses increased to $4.1 billion, up 21.1% year over year. The rise reflected increased business activity, higher marketing expenses, continued investments to support growth and FirstBank operating expenses. PNC incurred $127 million of integration costs (pre-tax) in the second quarter of 2026 related to the FirstBank acquisition. Expenses also included a $140-million contribution to the PNC Foundation.
The efficiency ratio was 60%, unchanged from the prior-year quarter.
PNC's Loan Balance Rises, Deposits Decline Total loans increased 1.9% sequentially to $367.9 billion, driven by commercial loan growth and strong new production. Total deposits declined 1.7% sequentially to $449.8 billion.
PNC’s Credit Quality Total non-performing loans were $2.03 billion, down 3.8% from the year-ago quarter.
Net loan charge-offs were $226 million, up 14.1% from the year-ago quarter. The net charge-offs to average loans ratio was 0.25%, unchanged from the prior-year quarter.
The company reported a provision for credit losses of $191 million in the second quarter, down 24.8% from the year-ago quarter. The allowance for credit losses increased to $5.5 billion from $5.3 billion as of June 30, 2025. The allowance for credit losses to total loans ratio was 1.48% compared with 1.62% in the year-ago quarter.
PNC’s Capital Position & Profitability Ratios As of June 30, 2026, the Basel III common equity tier 1 capital ratio was 9.9% compared with 10.5% as of June 30, 2025.
Return on average assets and average common shareholders’ equity were 1.34% and 13.61%, respectively, compared with 1.17% and 12.20% in the year-ago quarter.
PNC’s Capital Return Stays Robust In the second quarter of 2026, PNC returned $1.3 billion of capital to its shareholders. This included $0.7 billion in common stock dividends and $0.6 billion in common share repurchases. Share repurchase activity in the third quarter of 2026 is expected to approximate the second-quarter level.
The company also raised its quarterly common stock dividend by 18% to $2 per share from $1.70.
PNC Financial’s Guidance For the third quarter of 2026, PNC expects average loans to rise 1% to 2% from the second-quarter baseline.
NII is expected to increase 3% to 3.5% sequentially, while fee income is projected to decline 5% to 5.5%.
Other non-interest income is expected to be between $150 million and $200 million.
Adjusted non-interest expenses are expected to decline 2% to 3% sequentially. Net charge-offs are projected to be nearly $225 million.
For 2026, the company raised its average loan growth outlook to approximately 12.5% from about 11% mentioned previously.
PNC also raised its 2026 NII outlook to 15-15.5% from the previously expected approximately 14.5%. The company now expects non-interest income and total revenues to rise about 9% and 13%, respectively, compared with the prior projections of nearly 6% and 11%.
PNC raised its adjusted non-interest expense growth expectation to approximately 8.5% from about 7%, while maintaining its effective tax rate outlook of nearly 19.5%.
Our View on PNC PNC Financial’s higher NII, expanding NIM, strong fee income and solid loan growth will likely continue supporting the top-line performance. The company’s strong capital position and improving credit quality also provide room for steady shareholder returns.
In June 2026, PNC completed the conversion of approximately 780,000 FirstBank customers, more than 1,620 employees and 95 branches across Colorado and Arizona. This marked a key integration milestone and positioned the company for enhanced long-term growth. However, elevated expenses tied to integration and an anticipated sequential decline in fee income remain near-term headwinds.
The PNC Financial Services Group, Inc Price, Consensus and EPS SurpriseCurrently, PNC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Dates & Expectations of Other Banks U.S. Bancorp (USB - Free Report) is scheduled to release second-quarter 2026 earnings on July 16.
The consensus estimate for USB’s quarterly earnings has remained unchanged at $1.28 per share over the past seven days. This indicates a 15.3% increase from the year-ago reported level.
State Street (STT - Free Report) is slated to report second-quarter 2026 results on July 16.
Over the past seven days, the Zacks Consensus Estimate for STT’s quarterly earnings has been revised upward to $3.30 per share. This indicates a 30.4% increase from the year-ago reported level.
For the quarter ended June 2026, The PNC Financial Services Group, Inc (PNC - Free Report) reported revenue of $6.9 billion, up 21.3% over the same period last year. EPS came in at $4.85, compared to $3.85 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $6.44 billion, representing a surprise of +7.13%. The company delivered an EPS surprise of +7.54%, with the consensus EPS estimate being $4.51.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how The PNC Financial Services Group performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency ratio: 60% versus the four-analyst average estimate of 58.9%.Total nonperforming assets: $2.15 billion compared to the $2.55 billion average estimate based on four analysts.Book value per common share: $145.52 versus the four-analyst average estimate of $146.34.Total interest-earning assets - Average balance: $555.01 billion versus the four-analyst average estimate of $552.4 billion.Net charge-offs to average loans: 0.3% compared to the 0.3% average estimate based on four analysts.Net interest margin: 3% versus the four-analyst average estimate of 3%.Total nonperforming loans: $2.03 billion versus the three-analyst average estimate of $2.45 billion.Tier 1 risk-based ratio: 11.1% versus 11.3% estimated by two analysts on average.Leverage Ratio: 9% versus 9% estimated by two analysts on average.Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP): $4.13 billion versus the four-analyst average estimate of $4.12 billion.Total Noninterest Income: $2.77 billion versus $2.33 billion estimated by four analysts on average.Net Interest Income: $4.11 billion compared to the $4.09 billion average estimate based on four analysts.View all Key Company Metrics for The PNC Financial Services Group here>>>
Shares of The PNC Financial Services Group have returned +7.3% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
PNC Financial logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
CompaniesJuly 15 (Reuters) - U.S. bank PNC Financial (PNC.N), opens new tab reported record quarterly revenue on Wednesday, boosted by robust capital markets activity and its acquisition of regional lender FirstBank.
Dealmaking on Wall Street has accelerated in 2026 as companies take advantage of a more relaxed regulatory environment to pursue scale.
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PNC completed the $4.1 billion acquisition of FirstBank in January, bolstering presence in Colorado and Arizona.
Its capital markets and advisory revenue surged 80% over the year earlier to $577 million during the second quarter, underpinned by record M&A advisory fees and strong activity across other businesses.
During the period, PNC's Harris Williams advised electrical equipment maker Hubbell (HUBB.N), opens new tab on the $3 billion acquisition of NSI Industries.
Net interest income, the difference between what a bank earns on loans and pays out on deposits, jumped 16% to $4.11 billion, driven by strong loan growth, the FirstBank acquisition and lower deposit costs.
The results reflect the broad-based strength of the U.S. economy. Robust consumer spending has kept credit quality strong and boosted loan demand.
Average loans rose 13% during the quarter, while net interest margin — a key measure of profitability — expanded 16 basis points.
Profit jumped 25% to $2.06 billion, or $4.81 per share, in the three months ended June 30. Revenue increased 21% to $6.88 billion.
BOND PORTFOLIO REJIGPNC booked a one-time gain of $448 million during the quarter, after monetizing a portion of its long-held stake in card giant Visa (V.N), opens new tab.
Several U.S. banks have used one-time gains, including those from asset sales, in recent years to rejig their bond securities portfolio and soften the hit from selling securities.
PNC took a $139 million hit after repositioning about $4 billion of investment securities into higher-yielding paper in the quarter. It had implemented a similar strategy in 2024.
Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
The PNC Financial Services Group, Inc (PNC - Free Report) came out with quarterly earnings of $4.85 per share, beating the Zacks Consensus Estimate of $4.51 per share. This compares to earnings of $3.85 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.54%. A quarter ago, it was expected that this company would post earnings of $4.12 per share when it actually produced earnings of $4.32, delivering a surprise of +4.85%.
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 $6.9 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.13%. This compares to year-ago revenues of $5.69 billion. The company has topped consensus revenue estimates three 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 20.7% since the beginning of the year versus the S&P 500's gain of 10.2%.
What's Next for The PNC Financial Services Group?While The PNC Financial Services Group has outperformed 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 $4.89 on $6.58 billion in revenues for the coming quarter and $18.83 on $25.9 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 22% 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.
Robinhood Markets, Inc. (HOOD - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -4.8%. The consensus EPS estimate for the quarter has been revised 6.7% higher over the last 30 days to the current level.
Robinhood Markets, Inc.'s revenues are expected to be $1.23 billion, up 23.9% from the year-ago quarter.
Generated record revenue, net interest income and fee income Increased quarterly common stock dividend 30 cents, or 18%, to $2.00 per share PITTSBURGH, July 15, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported: For the quarter In millions, except per share data and as noted 2Q26 1Q26 2Q25 Second Quarter Highlights Financial Results Comparisons reflect 2Q26 vs. 1Q26 Net interest income (NII) $ 4,107 $ 3,961 $ 3,555 Income Statement Adjusted EPS was $4.85 which excludes the net impact of FirstBank integration costs and 2Q26significant items, resulting in a 4 cent reduction to EPS Generated 3% positive operating leverage; PPNR increased 16%; ROTCE of 17.9% NII increased 4%; NIM of 2.96% increased 1 bp Fee income increased 10%, driven by strong capital markets activity Noninterest expense of $4.1 billion included $140 million of PNC Foundation contribution expense, $121 million of integration expenses and the impact of increased business activity Balance Sheet Average loans increased $12.3 billion, or 4% Average deposits were stable Average noninterest-bearing deposits grew 4% Rate paid on interest-bearing deposits declined 5 basis points Net loan charge-offs were $226 million, or 0.25% annualized to average loans Maintained strong capital position CET1 capital ratio of 9.9% Returned $1.3 billion to shareholders, including $0.6 billion of share repurchases Increased quarterly common stock dividend 30 cents, or 18% to $2.00 per share Converted FirstBank customers, employees, systems and branches as of June 22, 2026 Fee income (non-GAAP) 2,279 2,079 1,894 Other noninterest income 489 125 212 Noninterest income 2,768 2,204 2,106 Revenue 6,875 6,165 5,661 Noninterest expense 4,098 3,768 3,383 Pretax, pre-provision earnings (PPNR) (non-GAAP) 2,777 2,397 2,278 Provision for credit losses 191 210 254 Net income 2,055 1,772 1,643 Per Common Share Diluted earnings per share (EPS) $ 4.81 $ 4.13 $ 3.85 EPS impact of integration costs and 2Q26 significant items 0.04 0.19 — Diluted EPS - as adjusted (non-GAAP) 4.85 4.32 3.85 Average diluted common shares outstanding 403 405 397 Book value 145.52 143.65 131.61 Tangible book value (TBV) (non-GAAP) 111.09 109.42 103.96 Balance Sheet & Credit Quality Average loans In billions $ 363.2 $ 350.9 $ 322.8 Noninterest-bearing deposits In billions 103.5 99.1 93.1 Interest-bearing deposits In billions 353.5 359.3 329.8 Average deposits In billions 457.0 458.4 423.0 Accumulated other comprehensive income (loss) (AOCI) In billions (4.1) (3.8) (4.7) Net loan charge-offs 226 253 198 Allowance for credit losses to total loans 1.48 % 1.52 % 1.62 % Selected Ratios Return on average common shareholders' equity 13.61 % 11.92 % 12.20 % Return on avg.
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on July 23, 2026, of all outstanding 5.102% Fixed Rate/Floating Rate Senior Notes due July 23, 2027, issued by PNC in the amount of $1,000,000,000 (CUSIP 693475 BY0). The securities have an original scheduled maturity date of July 23, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of July 23, 2026. Interest on the 5.102% Fixed Rate/Floating Rate Senior Notes will cease to accrue on the redemption date.
Payment of the redemption price for the 5.102% 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.
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.
For decades, video games have been a go-to hobby for Alyx Green. But in recent years, Green has felt priced out.
Instead of buying the biggest releases, the Illinois graduate student has opted for cheaper alternatives from smaller studios or turned to board and card games. In some cases, the 31-year-old watches videos of others playing hot games on YouTube in lieu of actually playing.
"The price has been going up," Green said. "It's just hard to keep up."
U.S. consumers have for years grappled with "funflation," used to describe the sharply higher prices for live experiences like concerts or sporting events that were halted during pandemic lockdowns.
Sticker shock first felt by consumers outside the home is now following them into their living rooms. After a wave of price hikes from some of the world's largest companies, including Amazon, Apple and Netflix, even at-home pastimes like streaming movies or playing video games are pinching the pocketbooks of consumers like Green.
Exclusive data analyzed for CNBC by PNC Financial Services shows that, as pricing pressures mounted, the average consumer pulled back on home entertainment in June compared with a year ago. That was most prominent among Gen Z and Millennial consumers, who each cut their transactions by about 4%.
"Funflation is back in 2026," said Brian LeBlanc, PNC's senior economist.
"We're seeing that very clearly in things like travel, entertainment, concerts," LeBlanc said. Now, "we're also starting to see it more in home leisure."
Unwelcome newsMicrosoft's Xbox and Apple each announced price hikes for devices in late June, which Apple acknowledged in a statement was "not welcome news." A month earlier, Nintendo said that it was raising the price of its Switch 2 in the U.S. by 11%.
Companies blamed higher prices on more expensive components as a result of the artificial intelligence-driven memory chip crunch.
Deborah Weinswig, founder of Coresight Research, said some of the increases could price out consumers.
Xbox CEO Asha Sharma said in recent interviews that gaming is becoming unaffordable and that the company will focus on making less-costly consoles. Microsoft announced this week that it was laying off thousands of workers in its Xbox unit and spinning off several gaming studios.
"We've reached a point where it will be hard to imagine that mass audiences can afford thousands of dollars to spend on a console generation," Sharma said on stage during a Fortune event early last month.
Computers and related devices had gotten cheaper over time, adjusted for inflation and their capacity, as production became more efficient. But that trend has begun to reverse as component costs take off, meaning the disinflationary relief for shoppers looks to be coming to an end, said Elizabeth Renter, NerdWallet senior economist.
Powering these devices — along with air-conditioning units that are running more thanks homebodies — has also gotten more expensive. Electricity prices have skyrocketed 45% since 2019, partially driven by supply shocks tied to the Russian invasion of Ukraine in 2022, and the war with Iran in 2026, according to government data.
'Streamflation'Several major streaming services have also raised their subscription prices, a phenomenon dubbed "streamflation."
Netflix, Amazon and Spotify announced increases for their platforms earlier this year, following similar moves by Disney and Warner Bros. Discovery's HBO Max in late 2025. Apple raised prices for its TV+ service in mid-2025, its third increase in as many years.
Tubi, the free service from Fox Corp., has seen its viewership numbers exceed those of the leading streamers in some cases. Executives have bet that consumers tired of rising monthly subscriptions would be willing to watch ads in exchange for free content.
Fiona Williams said she regularly subscribes to services and then cancels to keep her spending manageable. Sometimes, the project manager skips out altogether. Rather than purchasing a Peacock membership for the newest season of the hit dating show "Love Island," for example, she watches clips from episodes on social media platforms to follow along with the latest developments.
"It's a balancing act," said Williams, 40. "But I'm never maintaining more than one at a time, because it's just too expensive."
The Akron, Ohio, resident has shifted some of her downtime to reading reading books, which haven't seen the same price increases as other leisure categories.
The Bureau of Labor Statistics reported a 53% surge in the price of subscribing or renting videos and video games since the start of 2019, while TV services climbed 27% and music subscriptions by 14%. Recreational book prices, on the other hand, have fallen 4%.
Pressure on consumersAnnual inflation spiked in out-of-home "funflation" categories, like sporting events and amusement park visits, in 2026, according to the data analysis from PNC. The Pittsburgh-based bank said these service categories are once again putting upward pressure on the core personal consumption expenditures price index, Federal Reserve policymakers' favorite measurement of inflation.
This year's FIFA World Cup, co-hosted by the U.S., has fetched a median ticket price topping $900, TicketData said this week. When asked about fan anger over ticket costs, FIFA President Gianni Infantino told CNBC that attending a match in the U.S. was a "once-in-a-lifetime opportunity" with demand dwarfing that of past tournaments.
Economists warn that higher prices on recreational activities — whether in or out of the home — can further intensify the average Joe's economic pessimism. Consumer sentiment has dropped to record lows in recent months, according to a closely followed index from the University of Michigan.
"The ability to play games and get out of my own life for a second was a major way for me to have some sort of happiness," said Green, the student in Illinois. "Now, the overall economy is getting worse, and I don't have any distractions from it."
All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the 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.
Headquartered in Pittsburgh, The PNC Financial Services Group, Inc (PNC - Free Report) is a Finance stock that has seen a price change of 20.21% so far this year. Currently paying a dividend of $1.70 per share, the company has a dividend yield of 2.71%. In comparison, the Financial - Investment Bank industry's yield is 1.18%, while the S&P 500's yield is 1.36%.
Looking at dividend growth, the company's current annualized dividend of $6.80 is up 3% 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 39%, meaning it paid out 39% 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 $18.83 per share, with earnings expected to increase 13.50% from the year ago period.
Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. 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).
Wall Street analysts forecast that The PNC Financial Services Group, Inc (PNC - Free Report) will report quarterly earnings of $4.51 per share in its upcoming release, pointing to a year-over-year increase of 17.1%. It is anticipated that revenues will amount to $6.47 billion, exhibiting an increase of 13.7% compared to the year-ago quarter.
Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific The PNC Financial Services Group metrics that are commonly monitored and projected by Wall Street analysts.
Analysts expect 'Efficiency ratio' to come in at 58.9%. The estimate compares to the year-ago value of 60.0%.
The combined assessment of analysts suggests that 'Total nonperforming assets' will likely reach $2.55 billion. The estimate compares to the year-ago value of $2.14 billion.
Analysts' assessment points toward 'Book value per common share' reaching $146.34 . Compared to the current estimate, the company reported $131.61 in the same quarter of the previous year.
Analysts predict that the 'Total interest-earning assets - Average balance' will reach $552.40 billion. The estimate is in contrast to the year-ago figure of $507.61 billion.
The consensus estimate for 'Total nonperforming loans' stands at $2.45 billion. Compared to the present estimate, the company reported $2.11 billion in the same quarter last year.
The collective assessment of analysts points to an estimated 'Tier 1 risk-based ratio' of 11.3%. The estimate compares to the year-ago value of 11.9%.
The consensus among analysts is that 'Leverage Ratio' will reach 9.0%. The estimate compares to the year-ago value of 9.3%.
According to the collective judgment of analysts, 'Net Interest Income' should come in at $4.09 billion. The estimate is in contrast to the year-ago figure of $3.56 billion.
Based on the collective assessment of analysts, 'Total Noninterest Income' should arrive at $2.33 billion. Compared to the present estimate, the company reported $2.11 billion in the same quarter last year.
It is projected by analysts that the 'Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP)' will reach $4.12 billion. Compared to the current estimate, the company reported $3.58 billion in the same quarter of the previous year.
The average prediction of analysts places 'Capital markets and advisory' at $478.35 million. Compared to the present estimate, the company reported $321.00 million in the same quarter last year.
Analysts forecast 'Card and cash management' to reach $765.86 million. Compared to the current estimate, the company reported $737.00 million in the same quarter of the previous year.
View all Key Company Metrics for The PNC Financial Services Group here>>>
Shares of The PNC Financial Services Group have demonstrated returns of +7.3% over the past month compared to the Zacks S&P 500 composite's +2.2% change. With a Zacks Rank #3 (Hold), PNC is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Key Takeaways PNC is expanding through FirstBank and other deals, strengthening its market reach and revenue base.PNC benefits from solid capital, liquidity and an 18% dividend hike after the 2026 Fed stress test.PNC targets long-term growth through branch expansion, though expenses and commercial loans remain risks. The PNC Financial Services Group, Inc. (PNC - Free Report) shares have gained 14.3% in the past six months, outperforming the industry’s growth of 7.2%. Its close peers, Citigroup Inc. (C - Free Report) , have gained 16.7%, whereas shares of Wells Fargo (WFC - Free Report) have lost 9.9% during the same time period.
Price Performance
Image Source: Zacks Investment Research
Can PNC shares continue gaining after their recent strength? Let’s take a closer look.
What’s Aiding PNC’s Performance?Business Expansion Through Strategic Acquisitions: PNC Financial has been actively expanding its business through strategic acquisitions and partnerships to strengthen its market presence and diversify its revenue base. In January 2026, the company acquired FirstBank Holding Company, substantially expanding its franchise in Colorado and Arizona. The acquisition added 95 branches and $26.8 billion in assets, with management expecting the deal to contribute nearly $1 per share to earnings by 2027. Further, the successful conversion of 780,000 FirstBank customers, more than 1,620 employees and all 95 branches in June 2026 marked the completion of a major integration milestone.
Beyond expanding its banking footprint, PNC Financial has continued to enhance its product offerings and investment banking capabilities. In August 2025, it acquired Aqueduct Capital Group to strengthen the fund placement capabilities of Harris Williams. In 2024, the company partnered with Plaid to facilitate secure customer data sharing and expanded its alliance with TCW Group to offer private credit solutions to middle-market companies. These strategic initiatives are expected to support revenue diversification and drive long-term growth.
Solid Liquidity and Capital Strength Drive Shareholder Value: The company maintains a solid liquidity and capital position. As of March 31, 2026, its total available liquidity (comprising cash and due from banks, and interest-earning deposits in banks) was $31.7 billion, while long-term debt totaled $63.9 billion, with no short-term borrowings. Further, in June 2026, PNC cleared the Federal Reserve’s 2026 stress test, with its Common Equity Tier 1 (CET1) ratio of 10.1% comfortably exceeding its stress capital buffer-based regulatory requirement of 7%. Backed by this capital strength, the company raised its quarterly common stock dividend by 18% to $2 per share in July 2026.
Over the past five years, PNC has increased its dividend six times, delivering a five-year annualized dividend growth rate of 6%. Further, its current dividend yield of 2.76% compares favorably with the industry's average of 1.66%.
Dividend Yield
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Likewise, its peers, WFC and C, also announced plans to increase dividends following the 2026 Fed’s stress test. Wells Fargo intends to raise its third-quarter 2026 common stock dividend by 11% to 50 cents per share, subject to board approval, while Citigroup plans to increase its quarterly common stock dividend by 12% to 67 cents per share beginning in the third quarter of 2026, subject to quarterly board approval.
Apart from regular dividend hikes, PNC also returns capital through share repurchases. The company has an existing authorization to repurchase up to 100 million common shares, with nearly 32 million shares remaining under the program as of March 31, 2026. Given its strong liquidity and capital position, PNC's capital deployment initiatives appear sustainable and are expected to continue enhancing shareholder value.
Steady Growth in Loans and Deposits: The company continues to benefit from steady growth in its loan and deposit balances, supported by a strong balance sheet and strategic expansion initiatives. Its total loans and deposits recorded a compound annual growth rate (CAGR) of 5.5% and 7.3%, respectively, between 2019 and 2025. The growth momentum continued in the first quarter of 2026, with both loan and deposit balances increasing year over year. The acquisition of FirstBank further strengthened the company's balance sheet, adding nearly $16 billion in loans and $23 billion in deposits during the quarter. Earlier, in 2023, PNC Financial acquired approximately $16 billion of loan commitments from Signature Bank, enhancing its lending capacity.
Looking ahead, a well-diversified deposit base, continued growth in commercial and operational deposits and a relatively favorable interest rate environment are expected to support loan demand. Reflecting these tailwinds, management expects average loan balances to grow nearly 11% year over year in 2026, up from its earlier expectation of about 8% growth.
Expansion of Branch Network: PNC Financial continues to invest in its retail banking franchise through an aggressive branch expansion strategy. In November 2025, the company increased its planned investment in branch expansion to nearly $2 billion from the $1.5 billion announced in 2024. The initiative includes opening more than 300 branches across nearly 20 U.S. markets, renovating its entire branch network by 2029 and hiring more than 2,000 employees by 2030.
The company's focus on expanding in high-growth markets has already supported customer acquisition and checking account growth. Going forward, the expanded branch network is expected to strengthen PNC Financial's retail banking presence, deepen customer relationships and support sustainable revenue growth.
Few Concerns Prevail for PNCPersistent Expense Pressure: PNC Financial continues to witness an increase in operating expenses. The company's non-interest expenses recorded a CAGR of 4.6% between 2019 and 2025, with the upward trend continuing in the first quarter of 2026. While the company exceeded its 2025 Continuous Improvement Program cost-saving target, merger integration costs and continued investments in technology, branch expansion and personnel are expected to keep expenses elevated in the near term.
Total Expense Trend
Image Source: Zacks Investment Research
Loan Portfolio Concentration: The company's loan portfolio remains heavily concentrated in commercial lending. As of March 31, 2026, commercial loans accounted for 70% of total loans. Despite a diversified commercial portfolio, persistent weakness in office real estate and an uncertain macroeconomic environment remain concerns. Commercial loans accounted for 61.5% of total non-performing loans and 47.4% of net charge-offs as of March 31, 2026. Further, management expects commercial real estate charge-offs, particularly in the office segment, to remain elevated, posing risks to asset quality if economic conditions weaken.
Parting Thoughts on PNCPNC Financial's strategic acquisitions, expanding branch network, steady loan and deposit growth and solid liquidity position are expected to support its long-term financial performance.
Over the past week, the Zacks Consensus Estimate for 2026 earnings per share has been revised upward, while the estimate for 2027 has been revised downward.
Estimate Revision Trend
Image Source: Zacks Investment Research
The expected estimates imply growth of 13.5% and 11.4% for 2026 and 2027, respectively.
However, persistent expense pressure and the company's significant exposure to commercial lending remain key near-term headwinds. Additionally, the Fed's signal of a possible rate hike later in 2026 might put additional pressure on asset quality.
From a valuation perspective, PNC stock appears inexpensive relative to the industry. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 12.36X, below the industry's 14.67X. Meanwhile, Wells Fargo and Citigroup trade at P/E multiples of 11.51X and 11.73X, respectively.
Price-to-Earnings F12 M
Image Source: Zacks Investment Research
Investors already holding the stock may consider retaining their positions, given PNC Financial's diversified growth initiatives, solid liquidity profile and sustainable capital deployment strategy. Those considering fresh investments may prefer to wait for a more favorable entry point until there is greater clarity on expense trends and commercial credit quality.
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.
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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The market expects The PNC Financial Services Group, Inc (PNC - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 15. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $4.51 per share in its upcoming report, which represents a year-over-year change of +17.1%.
Revenues are expected to be $6.47 billion, up 13.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.27% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. 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.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for The PNC Financial Services Group?For The PNC Financial Services Group, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.30%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that The PNC Financial Services Group will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that The PNC Financial Services Group would post earnings of $4.12 per share when it actually produced earnings of $4.32, delivering a surprise of +4.85%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. 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 doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Financial - Investment Bank industry, Goldman Sachs (GS - Free Report) , is soon expected to post earnings of $14.01 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +28.4%. Revenues for the quarter are expected to be $16.49 billion, up 13.1% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Goldman has been revised 2.6% up to the current level. Nevertheless, the company now has an Earnings ESP of +2.07%, reflecting a higher Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #2 (Buy), suggests that Goldman will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Key Takeaways PNC increases its quarterly dividend 18% to $2 per share, boosting shareholder returns.PNC maintains strong capital with a 10.1% CET1 ratio and SCB at the 2.5% regulatory minimum.PNC continues buybacks with nearly 32M shares available under its repurchase authorization. Shares of The PNC Financial Services Group, Inc. (PNC - Free Report) gained nearly 1.3% during yesterday’s trading session after the company announced an 18% increase in its quarterly cash dividend to $2 per share from the preceding payout. The dividend will be paid out on Aug. 5, 2026, to shareholders of record as of July 20, 2026.
Earlier, in June 2026, PNC announced plans to raise its quarterly dividend following the successful completion of the Federal Reserve’s 2026 stress test. The increase reflects the company’s strong capital position, confidence in its strategy and outlook, and progress with the integration of FirstBank, acquired in January 2026.
Over the past five years, PNC has increased its dividend six times and delivered a five-year annualized dividend growth rate of 6%. Before the latest hike, the bank increased its dividend by 6% to $1.70 per share in July 2025.
Based on yesterday’s closing price of $253.20, PNC’s dividend yield stands at 2.7%, higher than the industry average of 1.7%. With a payout ratio of 39%, the bank is balancing reinvestment needs with consistent shareholder returns.
Dividend Yield
Image Source: Zacks Investment Research
Apart from dividends, PNC continues to return capital through share repurchases. In July 2022, the company authorized a 100 million-share repurchase program. As of March 31, 2026, nearly 32 million shares remained available for repurchase under the authorization.
The company’s capital position remains strong, with its stress capital buffer (SCB) expected to remain at the regulatory minimum of 2.5%. As of March 31, 2026, its Common Equity Tier 1 (CET1) ratio stood at 10.1%, comfortably above its regulatory minimum CET1 requirement of 7%.
PNC also maintains a decent liquidity position. As of March 31, 2026, total available liquidity, comprising cash and due from banks as well as interest-earning deposits in banks, was $31.7 billion. With no short-term borrowings and long-term debt of $63.9 billion as of the same date, the company maintains a healthy funding profile.
With robust capital buffers and a decent liquidity position, PNC appears well-positioned to continue efficient capital deployment. The latest dividend increase underscores management’s confidence in the company’s financial position and long-term growth prospects.
PNC’s Price Performance and Zacks RankOver the past six months, shares of PNC Financial have rallied 15.8% compared with the industry’s growth of 4.4%.
Price Performance
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks Signal Higher Dividend Post 2026 Stress TestOther banks also announced plans to increase dividends following the completion of the Fed’s 2026 stress test, including Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) .
Wells Fargo intends to raise its third-quarter 2026 common stock dividend by 11% to 50 cents per share from the previous payout, subject to board approval in July. The bank also continues to support shareholder returns through its share repurchase program, with approximately $25.7 billion remaining under its $40-billion buyback authorization announced in April 2025.
Citigroup plans to increase its quarterly common stock dividend by 12% to 67 cents per share from 60 cents, subject to quarterly board approval, beginning in the third quarter of 2026. The company also commenced a $30-billion multi-year share repurchase program in the second quarter of 2026, reflecting its focus on returning capital to shareholders.
On July 07, 2026, we delve into the DCF analysis for PNC Financial Services Group Inc PNC. The company has shown a strong price performance with a year-to-date increase of 23.2% and a one-year increase of 33.1%. Here are some key points to consider:
DCF Earnings-based intrinsic value of $247.27 compared to the current price of $253.18 (margin of safety: -2.4%) DCF FCF-based intrinsic value of $223.58 compared to the current price (second opinion: -13.2% margin of safety) GF Score™ of 78/100 indicates a reliable assessment of the DCF inputs What Is PNC Worth? DCF Earnings-Based Model The DCF earnings-based model for PNC utilizes a two-stage approach, considering both a growth phase and a terminal phase. The current EPS is $17.16, and we expect an 8.4% growth rate over the next 10 years. The discount rate is set at 11%, which combines the risk-free rate and equity risk premium.
Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.49% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the growth phase (Years 1-10), the EPS is expected to grow at 8.4% per year, discounted at 11%. The terminal phase (Years 11-20) assumes a slower growth rate of 4%, also discounted at 11%. The calculation summary is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 Comparing the current price of $253.18 with the intrinsic value of $247.27 indicates that PNC is fairly valued, with a margin of safety of -2.4%. It is important to note that GuruFocus uses EPS excluding non-recurring items, as research shows that stock prices correlate more closely with earnings than with free cash flow. For a detailed calculation, visit the PNC DCF Calculator.
What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for PNC is calculated at $223.58. When comparing this with the earnings-based intrinsic value of $247.27, we see a divergence in the valuations. The FCF model suggests a fair valuation status with a margin of safety of -13.2%, indicating that the stock may be overvalued based on cash flow metrics.
How Does GF Value™ Compare to the DCF Models? The GF Value™ for PNC stands at $203.53, providing a third perspective on the valuation. GF Value™ is GuruFocus' proprietary measure, calculated from historical trading multiples, past business growth, and future performance estimates. The three models present a consensus of fair valuation, although the GF Value™ suggests a more conservative outlook compared to the DCF models. For more insights, visit the GF Value™ page.
What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).
Metric Rating GF Score™ 78/100 Financial Strength 3/10 Profitability 6/10 Growth 8/10 Valuation 6/10 Momentum 8/10 With a predictability rank of 2/5 stars, it suggests that the DCF model may be less reliable for this stock. For further details, visit the PNC stock page.
Key Assumptions and Limitations It is essential to recognize that DCF models are highly sensitive to growth rate and discount rate assumptions. Stocks with low predictability ratings tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not hold true in all market conditions.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—the consensus indicates that PNC is fairly valued, albeit with slight indications of overvaluation based on FCF metrics. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is PNC's intrinsic value based on DCF?
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
A Personalized, Customizable Experience Powered by Secure, Scalable Technology
, /PRNewswire/ -- PNC today announced the launch of its new Mobile Banking app, a modernized platform that delivers a personalized, secure and high-performing digital experience to help retail clients seamlessly manage their financial lives.
Put your favorite features front and center with customizable navigation, enhanced by an intuitive dark mode experience.
Put your favorite features front and center with customizable navigation, enhanced by an intuitive dark mode experience. PNC is introducing the new app through a phased rollout to ensure a seamless transition for clients. To-date, clients in several markets – including all recently converted FirstBank customers – have received access to the new platform, with all clients expected to be introduced to the modernized experience by the end of summer. The rollout follows the launch of PNC TotalRewards and the ongoing buildout of more than 300 new branches nationwide, reflecting PNC's focus on building lifelong, holistic relationships that help clients manage their financial lives where, when and how they want.
"Our new mobile app puts clients at the center of the experience," said Alex Overstrom, head of Retail Banking at PNC. "We've created a flexible platform that allows clients to manage their money, their way. By combining modern design, integrated rewards and advanced technology, we will deliver a more personalized and complete mobile banking experience."
Personalized Banking Experience
The new PNC Mobile app introduces a streamlined interface with improved navigation, faster load times and a highly customizable design that adapts to each user. Clients can tailor the app by organizing and prioritizing accounts, adjusting their dashboard, and selecting display preferences such as light or dark mode, as well as language options. This flexibility enables clients to interact with their money on their own terms.
The updated design reflects direct client feedback and introduces a cleaner layout, intuitive navigation and interactive elements that make it easier to move through the app and complete tasks efficiently. These enhancements create a more responsive and engaging experience while maintaining familiarity across devices.
Built on Modern Technology Leveraging Agentic Software Development
The PNC Mobile app is powered by a next-generation technology platform designed for speed, scalability and continuous innovation. Built using PNC's agentic development system and leveraging PNC's patented data-streaming microservices-based architecture, the mobile app can be rapidly updated and enhanced with new features and capabilities reflecting client feedback and PNC innovation.
"The new app reflects a fundamental shift in how we build and deliver digital experiences," said Tom Kunz, head of Retail Digital and Payments. "By leveraging modern engineering practices and next-generation technology, we've created a scalable foundation that allows us to rapidly innovate and optimize the mobile experience for our clients."
The platform is designed to support embedded generative AI capabilities that will further personalize the client experience, including intelligent assistance, proactive insights and enhanced self-service functionality that will be expanded over time. The app is further strengthened by PNC's access to advanced frontier AI models which are used to enhance the fidelity, safety and resiliency of the software development process. This capability enables a higher degree of precision in how software is designed, tested and validated to help ensure that rapid innovation is matched by rigorous security controls and production-grade quality.
Driving Engagement, Scale, and Growth
PNC's existing mobile platform, which serves 8 million clients and 150 million monthly sessions, has been expanding rapidly, with active users growing 8% year-over-year in the first quarter. The modernization is expected to further accelerate adoption and usage by making it even easier for clients to bank with PNC digitally.
Taking an omni-channel approach, PNC has prepared its branch network, business banking teams and customer care centers to support clients throughout the transition. In-app tutorials and guided experiences are designed to help users quickly become familiar with the updated navigation and features, ensuring a smooth and confident onboarding to the new platform.
"Each enhancement is grounded in how clients actually bank day-to-day," said Overstrom. "From faster interactions to more intuitive navigation, we're delivering a mobile experience that feels simple, responsive and built around real financial needs."
Clients will automatically receive the new experience through the Apple App Store or Google Play as it becomes available to them. No action is required beyond ensuring the app is kept up to date.
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.
, /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $2.00 per share, an increase of $0.30 per share, or 18%, from the second quarter dividend of $1.70 per share. The dividend will be payable Aug. 5, 2026, to shareholders of record at the close of business July 20, 2026.
"The increase in our dividend reflects our continued financial strength, our board's confidence in our strategy and outlook, and the successful integration of FirstBank," said William S. Demchak, PNC chairman and chief executive officer.
The board also declared a cash dividend on the following series of preferred stocks, which will be payable to shareholders of record as of the close of business on the respective record dates shown below. The preferred stocks listed below (except for Preferred Series B and X) are each represented by 100 depositary shares:
Preferred
Series
Dividend Amount
(per Preferred Share)
Dividend Amount
(per Depositary Share)
2026
Payment
Date*
2026
Record
Date
B
$0.45
N/A
Sept. 10
Aug. 14
T
$850.00
$8.50
Sept. 15
Aug. 28
U
$1,500.00
$15.00
Aug. 15
July 31
V
$1,550.00
$15.50
Sept. 15
Aug. 28
W
$1,562.50
$15.6250
Sept. 15
Aug. 28
X
$18.13
N/A
July 29
July 15
* If a payment date falls on a non-business day, the dividend will be payable the next business day following the payment date.
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.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.
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.
Merger mania continues unabated among regional banks. Currently at its highest level in seven years, merger and acquisition (M&A) transaction volume among banks reached $15.1 billion in the first six months of this year.
That's not even including several deals first announced in 2025 that have so far closed this year, including deals that overnight have significantly bulked up national presence for regional banks including PNC Financial Services (PNC +2.19%), Fifth Third (NYSE: FITB), Huntington Bancshares (HBAN +2.14%) and Pinnacle Financial Partners (PNFP 0.06%). As the trend continues, what are the top regional bank takeover targets? Let's dive in and find out.
Image source: Getty Images
This year's top buyers could pursue more takeovers The aforementioned regional banks are front and center in some of the highest-profile bank M&A deals of early 2026. PNC, formerly East Coast-focused, completed its merger with FirstBank in January, expanding its presence in Western states such as Arizona and Colorado. In January, Pinnacle closed on its merger with Synovus, creating a new regional banking powerhouse in the Southeastern U.S.
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In February, Fifth Third completed its merger with Comerica. Besides bolstering its Midwest presence, this transaction also increased Fifth Third's exposure to Sunbelt regions such as Texas and California. Also at the start of 2026, Huntington Bancshares completed its acquisition of Texas-based Cadence Bank.
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After digesting such large deals, many of these banks could seek more deals, and not only for geographic diversification. These transactions also provide regional banks with the opportunity to quickly increase their deposit bases. Mergers between regional banks can also create favorable cost and growth synergies. For the larger, more profitable regional banks, these deals can often be immediately accretive, thanks to relatively high stock market valuations. A favorable regulatory climate, which could end after this year's midterm elections, is another factor driving this latest bank consolidation wave.
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PNC and Fifth Third, for example, each trade at a forward price-to-earnings ratio in the mid-teens. Acquiring banks with lower valuations in all-stock transactions can immediately boost earnings per share (EPS), even before implementing cost reduction measures.
Top targets among regional banks Although Fifth Third and PNC could continue as top buyers, what are some likely targets among regional bank stocks? Banks that have come under shareholder activist pressure from HoldCo Asset Management, including KeyCorp (KEY +0.87%) and Eastern Bankshares (EBC +1.75%) could be top targets for a regional bank merger deal.
KeyCorp and Eastern's presence in the Midwest and Northeast, respectively, could make them prime acquisition candidates for banks looking to expand in either region. Even as management at both banks was successful in keeping their mutual activist at bay, shareholder dissatisfaction could pressure their respective managements to pursue strategic alternatives, including a sale or merger.
Large banks that haven't experienced high-profile activist campaigns but are trading at low valuations could also be prime targets for the most acquisitive regional banks. Some names that spring to mind include First Horizon (FHN +1.60%), FNB Corporation (FNB +1.83%), and Webster Financial (WBS +0.28%). Each of these regional banks trades at a lower forward valuation than the aforementioned richly priced serial acquirers.
However, I wouldn't buy any of these financial stocks solely on takeover potential. I would approach each one under the assumption that they will stay independent, by assessing other factors, such as deposit growth, earnings growth, and any potential acquisition efforts each one may have planned. I also wouldn't rule out buying some of the acquirer stocks, especially Huntington Bancshares. It's already trading at a discount, and success in integrating its recent acquisitions could result not just in better-than-expected earnings growth but also in improved sentiment about the stock.
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today it expects to issue 2027 quarterly earnings releases pre-market open and hold conference calls at 10 a.m. (ET) on the following dates:
First Quarter – Thursday, April 15, 2027 Second Quarter – Thursday, July 15, 2027 Third Quarter – Friday, Oct. 15, 2027 Fourth Quarter – Tuesday, Jan. 18, 2028 A link to the live audio webcast, presentation slides, earnings release and supplementary financial information will be made available at www.pnc.com/investorevents, and dial-in information will be provided at a later date.
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.
Key Takeaways PNC passed the Fed's 2026 stress test, with SCB held at 2.5% through Oct. 1, 2027.The company plans to raise its quarterly dividend 18% to $2 per share, pending approval.PNC's CET1 ratio stood at 10.1%, comfortably above the 7% minimum requirement as of March 31, 2026. Following the release of the Federal Reserve's 2026 stress test, PNC Financial Services (PNC - Free Report) announced its planned capital actions and reaffirmed its strong capital position. According to the Fed's stress test results released on June 24, 2026, PNC was among the 32 U.S. banks that successfully passed the test.
Consistent with the Fed's announcement in February 2026, PNC's stress capital buffer (SCB) will remain unchanged at the regulatory minimum of 2.5% until Oct. 1, 2027, while the agency reviews public feedback on its supervisory models. A new SCB requirement, based on the results of the 2027 stress test, is expected to become effective thereafter.
The Fed's Comprehensive Capital Analysis and Review also estimated PNC's minimum capital ratios for the period from the first quarter of 2026 through the first quarter of 2028 under the hypothetical severely adverse scenario. During the stress test horizon, PNC's Common Equity Tier 1 (CET1) capital ratio declined by only 0.3% from its starting level to the minimum level, marking the strongest performance among its peer group.
Including the Basel III minimum CET1 capital requirement of 4.5%, PNC is required to maintain a CET1 ratio of at least 7%. As of March 31, 2026, the company's CET1 ratio stood at 10.1%, significantly above the required minimum level. This underlines PNC's capital strength and enables the company to undertake growth initiatives and continue capital payouts.
As part of its capital plan, PNC intends to raise its quarterly cash dividend by 18% to $2 per share from $1.7. The proposed increase remains subject to approval by the company's board of directors at its July 6, 2026, meeting and is expected to become effective in the third quarter of 2026.
Based on yesterday's closing price of $245.3, PNC's current dividend yield stands at 2.8%, higher than the industry's 1.7%. Over the past five years, the company has increased its dividend five times.
Dividend Yield
Image Source: Zacks Investment Research
Apart from the dividend hike, PNC continues to return capital through share repurchases. In July 2022, the company authorized a 100 million-share repurchase program. As of March 31, 2026, nearly 32 million shares remained available under the authorization.
PNC also maintains a solid liquidity position. As of March 31, 2026, total available liquidity, comprising cash and due from banks as well as interest-earning deposits in banks, was $31.7 billion. With no short-term debt and a long-term debt of $63.9 billion as of March 31, 2026, the company maintains a healthy funding profile.
Supported by robust capital levels, solid liquidity and continued earnings strength, PNC appears well-positioned to sustain its capital distribution activities while supporting future growth. The planned dividend increase, along with ongoing share repurchases, underscores management's confidence in the company's financial strength and long-term outlook.
Other Banks Signal Higher Dividend Post 2026 Stress TestOther firms also announced higher capital return plans following the completion of the 2026 stress test process, including Citigroup (C - Free Report) and U.S. Bancorp (USB - Free Report) .
Citigroup plans to increase its quarterly common stock dividend by 12% to 67 cents per share from 60 cents, subject to quarterly board approval, starting in the third quarter of 2026.
U.S. Bancorp intends to raise its quarterly dividend by 3.8% to 54 cents per share from 52 cents, subject to board approval, with the increase expected to become effective in the third quarter of 2026.
PNC’s Price Performance and Zacks RankOver the past six months, shares of PNC Financial have rallied 14.7% compared with the industry’s growth of 4.8%.
Price Performance
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced that it plans to recommend to its board of directors an increase in the quarterly cash dividend on common stock of $0.30 per share, or 18%, to $2.00 per share in the third quarter of 2026, consistent with the current capital plan approved by its board. PNC's board of directors is expected to consider this recommendation at its next scheduled meeting July 6, 2026.
PNC received the results of the Federal Reserve's 2026 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2026 through the first quarter of 2028 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's start to minimum Common Equity Tier 1 (CET1) depletion during the stress test horizon is 0.3%, which reflects the best performance in our peer group. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the current regulatory minimum of 2.5% until PNC and other firms receive a new SCB requirement based on the results of a supervisory stress test to be conducted in 2027, which would be effective Oct. 1, 2027. PNC's CET1 ratio of 10.1% as reported for March 31, 2026, significantly exceeds PNC's SCB-based requirement of 7.0%, which is comprised of the regulatory minimum (4.5%) plus our SCB (2.5%), reflecting PNC's continued robust capital levels.
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.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act regarding our outlook or expectations for planned capital actions. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. These forward-looking statements speak only as of the date of this press release, and we assume no duty, and do not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. As a result, we caution against placing undue reliance on any forward-looking statements. Forward-looking statements are subject to the risks and uncertainties that are disclosed in PNC's 2025 Form 10-K, including in Item 1A. Risk Factors, and in PNC's subsequent SEC filings. Our SEC filings are accessible on the SEC's website at www.sec.gov and on our corporate website at www.pnc.com/secfilings.
, /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.
All FirstBank Branches in Colorado and Arizona are now PNC Bank branches
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced it has completed the conversion of 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona from FirstBank to PNC Bank. Former FirstBank customers now have access to PNC's full range of products and services, including its digital banking capabilities, treasury management solutions, wealth management offerings and nationwide branch and ATM network.
"Today is about our customers," said William S. Demchak, chairman and chief executive officer of PNC. "We're proud to officially welcome FirstBank customers to PNC Bank and deliver the products, capabilities and expertise of one of the nation's leading banks while maintaining the local relationships they value most. This milestone reflects the hard work of thousands of employees across both organizations who remained focused on one goal: making this transition as seamless as possible for our customers."
The completion of the conversion follows PNC's acquisition of FirstBank and further strengthens PNC's presence in Colorado and Arizona. The combination expands PNC's ability to serve consumers, businesses and communities nationwide through a network of approximately 2,400 branch locations and 58,000 PNC and partner ATMs.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This communication contains forward-looking statements within the meaning of the federal securities laws, including the meaning of the Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "believe," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Because forward-looking statements relate to future results and occurrences, many of which are outside of PNC's control, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Many possible events or factors could adversely affect the future results and performance of PNC and could cause those results or performance to differ materially from those expressed in or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks related to the transaction including the risk that the cost savings and synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, and the risk that the integration of FirstBank's business and operations into PNC will be materially delayed or will be more costly or difficult than expected. For additional information on these and other factors that could affect PNC's actual results, see the risk factors set forth in PNC's filings with the Securities and Exchange Commission (the "SEC"), including PNC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC, and other reports and statements PNC has filed with the SEC. Copies of the SEC filings for PNC may be downloaded from the Internet at no charge from https://investor.pnc.com. PNC disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Forward-looking statements included in this communication are made as of the date of this communication.
Last July, I picked U.S. Bancorp over The PNC Financial Services Group, Inc. as an opportunity for new money. USB outperformed as predicted, but its discount is now gone and the total-yield edge shifted to PNC. PNC has been buying back more shares and growing its dividend about twice as fast as USB, with a lower payout ratio. USB's growth has been slower but organic. For PNC, the coming quarters are all about integrating FirstBank as PNC's organic assets have been flat for two years.
Key Takeaways PNC has migrated 780,000 customers and 95 branches, completing the FirstBank system conversion.The transaction expands PNC's footprint in Colorado and Arizona with $26.8B in assets and strong deposits.PNC expects the transaction to drive cross-selling gains and add nearly $1 per share in accretion by 2027. The PNC Financial Services Group (PNC - Free Report) has completed the conversion of FirstBank customers and branches onto its banking platform, marking the final phase of its integration of the Colorado-based lender. By transitioning 780,000 customers, more than 1,620 employees and 95 branches onto its platform, PNC has finalized a key phase of the FirstBank integration process.
The FirstBank acquisition, completed in January 2026, expanded PNC's footprint in high-growth markets across Colorado and Arizona. FirstBank added $26.8 billion in assets, a strong retail deposit base and an established branch network in both states. As a result, PNC more than tripled its Colorado presence to nearly 120 branches and expanded its Arizona network to more than 70 locations. It also positioned the company to become the leading bank in Denver by retail deposit share and branch share. The broader footprint also complements its branch expansion strategy, which includes a planned $2 billion investment to open more than 300 branches across nearly 20 U.S. markets and renovate its existing network by 2029, thereby supporting long-term deposit and loan growth opportunities.
For PNC, the acquisition supports a broader growth strategy beyond its physical expansion. Former FirstBank customers now have access to the company's broader suite of products and services, including digital banking capabilities, treasury management solutions, wealth management offerings and its nationwide branch and ATM network. The expanded product portfolio is expected to help deepen customer relationships, increase cross-selling opportunities and generate additional revenues. Management also expects the acquisition to be earnings accretive, contributing nearly $1 per share by 2027.
The successful conversion also removes a key integration hurdle for PNC and allows management to focus on realizing the expected benefits of the acquisition. Systems conversions are often the most challenging phase of bank mergers, carrying risks related to customer retention, service disruptions and operational execution. With this process now complete, PNC can focus on realizing anticipated synergies and expanding customer relationships.
However, the benefits of the transaction will take time to fully materialize, with customer adoption, revenue synergies and deposit growth expected to remain key focus areas over the upcoming quarters.
Overall, the successful conversion enables PNC to advance its expansion strategy in Colorado and Arizona. By combining FirstBank's strong local relationships with PNC's broader capabilities, the company is better positioned to deepen customer engagement, expand market share and support long-term earnings growth.
How Other Finance Firms Executing Their Expansion Strategies?Similar to PNC, the other financial firms like UBS Group AG (UBS - Free Report) and Hancock Whitney Corp. (HWC - Free Report) are also advancing expansion strategies with footprint optimization across key markets.
UBS Group is completing the final phase of integrating Credit Suisse following its 2023 acquisition, one of the largest banking deals in Europe. As of March 2026, UBS Group has migrated about 1.2 million former Credit Suisse clients onto its platform, following earlier steps such as the 2024 Swiss entity merger and the transfer of most wealth management accounts across key hubs including Hong Kong, Singapore and Japan, supporting a more streamlined global wealth and banking platform.
Hancock Whitney is expanding its U.S. regional footprint through the acquisition of OFB Bancshares, adding six financial centers in the Orlando region. The transaction was agreed in May 2026 and is expected to close in the third quarter of 2026, subject to regulatory and shareholder approvals. The deal lifts Florida’s pro forma deposit share to about 21%, strengthening Hancock Whitney’s position in one of the fastest-growing banking markets in the United States.
PNC Financial’s Price Performance & Zacks RankOver the past six months, PNC's shares have rallied 10% compared with 4.1% growth of the industry.
Image Source: Zacks Investment Research
At present, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On June 16, 2026, we delve into the DCF analysis for PNC Financial Services Group Inc PNC , a company that has shown solid price performance over the past year with a 37.5% increase. The stock has also gained 12.2% year-to-date and 8.3% in the last month, indicating positive momentum in the market.
DCF Earnings-based intrinsic value of $247.27 vs current price of $230.56 (margin of safety: 6.8%) DCF FCF-based intrinsic value of $223.58 vs current price (second opinion: -3.1% margin of safety) GF Score™ of 78/100 suggests a reliable basis for the DCF inputs What Is PNC Worth? DCF Earnings-Based Model To determine the intrinsic value of PNC, we utilize a two-stage DCF model. The first stage accounts for the growth phase over the next ten years, where we expect earnings per share (EPS) to grow at a rate of 8.4%. The second stage considers a terminal growth rate of 4% for the subsequent ten years. The discount rate applied to both stages is 11%, which is derived from the risk-free rate and equity risk premium.
Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.44% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the two-stage model is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 With the current price at $230.56, the intrinsic value of $247.27 indicates that PNC is fairly valued, with a margin of safety of 6.8%. It is important to note that GuruFocus employs EPS excluding non-recurring items in its calculations, as research indicates that stock prices correlate more closely with earnings than with free cash flow. For further details, you can visit the PNC DCF Calculator.
What Does the Free Cash Flow DCF Say? The intrinsic value derived from the Free Cash Flow (FCF) DCF model is $223.58. When compared to the earnings-based intrinsic value of $247.27, there is a slight disagreement between the two models. The FCF-based model indicates that PNC is slightly overvalued, with a margin of safety of -3.1%. This suggests that while the earnings-based model shows a fair valuation, the FCF model provides a more conservative view of the company's value.
How Does GF Value™ Compare to the DCF Models? According to GuruFocus, the GF Value™ of PNC is $202.37, which indicates that the stock is 13.9% overvalued based on this third valuation perspective. GF Value™ is a proprietary measure calculated from historical trading multiples, past business growth, and future performance estimates. The three models present a mixed view: the earnings-based DCF suggests fair valuation, the FCF DCF indicates slight overvaluation, and the GF Value™ suggests overvaluation. For more insights, visit the GF Value™ page.
What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006 to 2021. Below is a summary of PNC's GF Score™ metrics:
Metric Rating GF Score™ 78/100 Financial Strength 3/10 Profitability 6/10 Growth 8/10 Valuation 6/10 Momentum 8/10 PNC's predictability rank is 2 out of 5 stars, indicating that the DCF model may be less reliable for this stock. For more information, visit the PNC stock page.
Key Assumptions and Limitations It is essential to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Additionally, stocks with low predictability ratings, such as PNC's 2/5 stars, tend to produce less reliable DCF estimates. The terminal growth rate of 4% used in this analysis is a simplifying assumption that may not reflect future economic conditions accurately.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find that PNC is fairly valued according to the earnings-based DCF model, slightly overvalued according to the FCF model, and overvalued according to the GF Value™. Overall, the consensus suggests a cautious approach to investing in PNC at its current price level. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is PNC's intrinsic value based on DCF?
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Investors looking for stocks in the Financial - Investment Bank sector might want to consider either The PNC Financial Services Group, Inc (PNC) or Goldman Sachs (GS). But which of these two stocks is more attractive to value investors?
On April 28, 2026, we present a detailed DCF analysis for PNC Financial Services Group Inc (PNC). The company has shown a price performance of +44.4% over the p
New payments capability builds on PNC's Claim Payments & Remittances platform
, /PRNewswire/ -- PNC Bank today announced the expansion of its Treasury Management insurance payments offering to support property and casualty insurance payments. This offering helps insurers streamline complex, multi-party claims payments with greater speed, flexibility and transparency.
The enhanced solution builds on PNC's existing Claim Payments & Remittances (CPR) platform, which has supported healthcare-related insurance payments since 2018. Through a continued collaboration with ECHO Health, Inc., PNC is extending those proven capabilities to meet the distinct needs of property and casualty insurers.
"Insurance payments don't follow a one-size-fits-all model, especially in property and casualty claims," said Tom Lang, head of Treasury Management Product Operations at PNC Bank. "By combining ECHO's best-in-class claims technology with PNC's payment rails, we're providing insurers a more efficient way to deliver payments and remittance details to every party involved in a claim — from policyholders to body shops and contractors."
Property and casualty claims often involve a broad network of recipients, including individual policyholders. These recipients may have different preferences and requirements for how they receive payments and related information. PNC's expanded CPR solution enables insurers to:
Deliver payments to both businesses and individuals Support multiple electronic payment methods, including instant payment options Provide remittance details in formats tailored to each recipient's needs Manage payments for both medical and non-medical claims through a single platform "ECHO has long helped insurers simplify claims payments, and our work with PNC extends that value even further," said Tom Davis, chief strategy officer for ECHO Health, Inc. "Together, we're enabling insurers to deliver faster, more transparent payments while maintaining the control and reliability they expect from a leading financial institution."
PNC's property and casualty insurance payments solution is designed for large national and regional insurers, including those managing high-claim volumes and complex vendor networks. By offering an alternative backed by a regulated financial institution, PNC provides insurers with greater choice and confidence in a market traditionally served by a limited number of providers.
About ECHO
ECHO® delivers market-leading payment solutions by removing complexity and cost from every transaction. Our innovative solutions are backed by over 25 years of experience solving diverse payment challenges. These proven solutions address the needs of insurers, consumers, technology partners, and over 1.6M service providers that comprise the ECHO Payment Network, while driving customer satisfaction with payment choice for all payees. We securely distribute more than $220B in payments and save our customers over $1B each year with seamless, flexible integrations. ECHO is payments simplified. For more information about ECHO, please visit us at www.echohealthinc.com.
About PNC Bank
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.
Concurrent Investment Advisors LLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 43.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,400 shares of the financial services provider’s stock after buying an additional 2,853 shares during the period. Concurrent Investment Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,962,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $35,000. Westfuller Advisors LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $34,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth Several brokerages have issued reports on PNC. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. TD Cowen raised their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $241.69.
Read Our Latest Research Report on PNC
Insider Activity at The PNC Financial Services Group In related news, CEO William S. Demchak sold 50,000 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares in the company, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Stock Down 0.2% Shares of NYSE:PNC opened at $220.83 on Wednesday. The company has a market cap of $89.07 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.92 and a beta of 0.96. The firm’s 50-day simple moving average is $214.34 and its 200-day simple moving average is $208.12. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00. The PNC Financial Services Group, Inc has a fifty-two week low of $156.70 and a fifty-two week high of $243.94.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.51 earnings per share. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 39.51%.
About The PNC Financial Services Group (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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The PNC Financial Services Group, Inc (PNC - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PNC broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Shares of PNC have been moving higher over the past four weeks, up 5.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that PNC could be poised for a continued surge.
The bullish case only gets stronger once investors take into account PNC's positive earnings estimate revisions. There have been 6 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PNC for more gains in the near future.
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on May 13, 2026, of all outstanding 4.543% Senior Fixed Rate/Floating Rate Notes due May 13, 2027, in the amount of $1,250,000,000 (CUSIP 69353R FY9), issued by PNC Bank, National Association. The securities have an original scheduled maturity date of May 13, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of May 13, 2026. Interest on the 4.543% Senior Fixed Rate/Floating Rate Notes will cease to accrue on the redemption date.
Payment of the redemption price for the 4.543% Senior Fixed Rate/Floating Rate 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.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But 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 that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the 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.
The PNC Financial Services Group, Inc (PNC - Free Report) is headquartered in Pittsburgh, and is in the Finance sector. The stock has seen a price change of 6.18% since the start of the year. The company is currently shelling out a dividend of $1.70 per share, with a dividend yield of 3.07%. This compares to the Financial - Investment Bank industry's yield of 0.71% and the S&P 500's yield of 1.43%.
Looking at dividend growth, the company's current annualized dividend of $6.80 is up 3% 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 39%, meaning it paid out 39% of its trailing 12-month EPS as dividend.
PNC is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $18.93 per share, which represents a year-over-year growth rate of 14.10%.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. 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).
On May 08, 2026, we present a discounted cash flow (DCF) analysis for PNC Financial Services Group Inc PNC . The stock has shown a mixed performance recently, with a year-to-date increase of 6.7% and a notable 36.0% rise over the past year. Below are key highlights from our analysis:
DCF Earnings-based intrinsic value of $247.27 compared to the current price of $219.29, indicating a margin of safety of 11.3%. DCF Free Cash Flow (FCF)-based intrinsic value of $223.58, suggesting a fair valuation. GF Score™ of 82/100, indicating a high level of reliability in the DCF inputs. What Is PNC Worth? DCF Earnings-Based Model To determine the intrinsic value of PNC, we utilized a two-stage DCF model. The first stage accounts for the company's growth over the next 10 years, while the second stage estimates the terminal value based on a more conservative growth rate. Below is a summary of the key assumptions used in our analysis:
Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.33% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The two-stage model consists of a growth phase and a terminal phase. The growth phase assumes an 8.4% annual EPS growth for the first 10 years, while the terminal phase assumes a 4% growth rate for the subsequent 10 years. The calculation summary is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 With the current price at $219.29, the intrinsic value of $247.27 indicates that PNC is modestly undervalued, with a margin of safety of 11.3%. It is important to note that GuruFocus uses EPS without non-recurring items, as research indicates that stock prices correlate more closely with earnings than with free cash flow. For a detailed calculation, visit the PNC DCF Calculator.
What Does the Free Cash Flow DCF Say? In addition to the earnings-based DCF model, we also evaluated PNC using a Free Cash Flow (FCF) DCF model. The FCF-based intrinsic value is calculated at $223.58. When comparing this value with the earnings-based intrinsic value of $247.27, we find that while the two models provide different perspectives, the FCF model suggests that PNC is fairly valued with a margin of safety of 1.9%.
How Does GF Value™ Compare to the DCF Models? According to GuruFocus, the GF Value™ for PNC is $200.23, indicating that the stock is currently overvalued based on this proprietary measure. The GF Value™ is derived from historical trading multiples, past business growth, and future performance estimates. When we consider the three valuation models, the DCF earnings model suggests undervaluation, the FCF model indicates fair valuation, and the GF Value™ suggests overvaluation, highlighting the importance of using multiple approaches in valuation. For more details, visit the GF Value™ page.
What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021). Below is a summary of PNC's GF Score™ metrics:
Metric Rating GF Score™ 82/100 Financial Strength 4/10 Profitability 6/10 Growth 8/10 Valuation 6/10 Momentum 10/10 With a predictability rank of 2/5 stars, it suggests that the DCF model may be less reliable for this stock. For more information, visit the PNC stock page.
Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to growth rate and discount rate assumptions. Stocks with low predictability ratings, such as PNC's 2/5 stars, produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect future economic conditions.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find a mixed consensus. The DCF earnings model suggests that PNC is modestly undervalued, while the FCF model indicates fair valuation, and the GF Value™ suggests overvaluation. Overall, investors should consider these perspectives when evaluating PNC's stock. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is PNC's intrinsic value based on DCF?
According to our analysis, the earnings-based intrinsic value is $247.26, while the FCF-based intrinsic value is $223.58.
Is PNC overvalued or undervalued?
Based on the DCF earnings model, PNC is modestly undervalued, while the GF Value™ indicates it is overvalued.
How reliable is the DCF model for PNC?
With a predictability rank of 2/5 stars, the DCF model's reliability for PNC is considered low.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
PNC Financial is transforming into a national powerhouse, driven by its FirstBank acquisition and robust Q1 2026 results. PNC delivered 13.1% revenue growth and 23.1% adjusted EPS growth, with net interest income up 14% and noninterest income up 11.5%. Integration of FirstBank, repricing of $50 billion in fixed-rate assets, and a 3.1% dividend yield with 7%–8% growth underpin a compelling long-term thesis.
A month has gone by since the last earnings report for The PNC Financial Services Group, Inc (PNC - Free Report) . Shares have lost about 3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is The PNC Financial Services Group due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
PNC Financial Beats Q1 Earnings on Higher NII After FirstBank DealPNC Financial has delivered adjusted earnings per share of $4.32 in the first quarter of 2026, beating the Zacks Consensus Estimate of $4.12 and up from $3.51 a year ago.
Results reflected higher net interest income, a rise in the net interest margin (NIM), and strong loan and deposit growth, aided by the FirstBank acquisition (completed in January 2026). However, higher expenses were headwinds.
Results excluded certain non-recurring charges. After considering those, net income (GAAP basis) was $1.77 billion, which rose 18.2% from the year-ago quarter.
Revenues & Expenses Rise
Quarterly revenue came in at $6.2 billion, up 13% year over year while missing the consensus mark by 0.5%.
NII rose to $4 billion in the quarter, increasing nearly 14% from the year-ago period. PNC’s NIM improved to 2.95%, expanding 17 basis points year over year, as the bank benefited from lower funding costs and loan growth.
Non-interest income totaled $2.2 billion, up 11.5% from the first quarter of 2025, reflecting broader improvement across several fee categories. Within fee income lines, capital markets and advisory revenues rose sharply from last year, while residential and commercial mortgage revenues declined year over year.
Non-interest expenses increased to $3.8 billion, up 11.2% year over year. The rise largely reflected FirstBank’s operating and integration expenses, increased business activity, and continued investments to support growth. PNC incurred $98 million of integration costs (pre-tax) in the quarter related to the FirstBank acquisition, and management noted that expense growth was notably more modest, excluding integration expenses.
The efficiency ratio was 61% compared with 62% in the prior-year quarter.
Loan and Deposit Balance Rises
The balance sheet expansion was notable following the closure of the FirstBank deal. Total loans increased 8.9% sequentially to $360.9 billion, while total deposits climbed 3.8% sequentially to $457.6 billion, aided by acquired balances.
Credit Quality Remained Solid
Total non-performing loans were $2.24 billion, down 2.1% from the year-ago quarter.
Net loan charge-offs were $253 million, up 23.4% from the year-ago quarter. These included $45 million in acquired net loan charge-offs related to certain FirstBank loans. Excluding acquired net loan charge-offs, net charge-offs were $208 million.
The company reported a provision for credit losses of $210 million in the first quarter, down 4.1% from the year-ago quarter. The allowance for credit losses increased to $5.5 billion from $5.22 billion as of March 31, 2025. The allowance for credit losses to total loans ratio was 1.52% compared with 1.64% in the year-ago quarter.
Capital Position & Profitability Ratios
As of March 31, 2026, the Basel III common equity tier 1 capital ratio was 10.1% compared with 10.6% as of March 31, 2025.
Return on average assets and average common shareholders’ equity were 1.19% and 11.92%, respectively, compared with 1.09% and 11.60% in the year-ago quarter.
Capital Return Stayed Robust
In the first quarter of 2026, PNC returned $1.4 billion of capital to shareholders. This included $0.7 billion in common stock dividends and $0.7 billion in common share repurchases. Share repurchase activity in the second quarter of 2026 is expected to be $600-$700 million.
OutlookQ2 2026
The company expects average loans to increase 2%–3% from the first-quarter 2026 reported figure of $350.9 billion.
Management anticipates net interest income to rise around 3% from the $3.9 billion reported in the first quarter of 2026.
Fee income (non-GAAP) is expected to increase nearly 2.5% from the first-quarter 2026 reported figure of $2.1 billion.
Other non-interest income is projected to be in the range of $150 million to $200 million, compared with $125 million reported in the first quarter of 2026.
Total revenues are expected to rise approximately 3.5% from the $6.2 billion reported in the first quarter of 2026.
Non-interest expenses (excluding one-time integration costs, non-GAAP) are anticipated to increase around 2% from the $3.8 billion reported in the first quarter of 2026.
Net charge-offs are estimated to be around $225 million, compared with $253 million reported in the first quarter of 2026.
2026
Average loans are expected to grow around 11% from the 2025 baseline of $323.4 billion, up from the prior expectation of nearly 8% growth.
NII is projected to increase approximately 14.5% from the 2025 baseline of $14.4 billion, revised upward from the earlier guidance of around 14% growth.
Non-interest income is expected to rise nearly 6% from the 2025 baseline of $8.7 billion.
Total revenues are anticipated to increase about 11% from the 2025 baseline of $23.1 billion.
Adjusted non-interest expenses (excluding one-time integration costs, non-GAAP) are expected to rise nearly 7% from the 2025 baseline of $13.8 billion.
The effective tax rate is estimated to be approximately 19.5%.
Management expects to generate nearly 400 basis points of positive operating leverage in 2026.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.
VGM ScoresCurrently, The PNC Financial Services Group has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, The PNC Financial Services Group has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerThe PNC Financial Services Group is part of the Zacks Financial - Investment Bank industry. Over the past month, Goldman Sachs (GS - Free Report) , a stock from the same industry, has gained 7.7%. The company reported its results for the quarter ended March 2026 more than a month ago.
Goldman reported revenues of $17.23 billion in the last reported quarter, representing a year-over-year change of +14.4%. EPS of $17.55 for the same period compares with $14.12 a year ago.
Goldman is expected to post earnings of $13.71 per share for the current quarter, representing a year-over-year change of +25.7%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.2%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Goldman. Also, the stock has a VGM Score of D.
Industry veteran to enhance PNC's focus on driving digital growth and seamless experiences
, /PRNewswire/ -- PNC Bank today announced that it has hired Tim Ferriter as head of Product, Digital, and Growth within its Retail Bank. Ferriter brings deep expertise across digital platforms, product development, growth and AI. He will report to Alex Overstrom, Head of Retail Banking, and is based in Wilmington, Delaware.
In this new role, Ferriter will bring together Retail's Product Development, Product Management, Digital and Payments teams into a unified organization focused on delivering seamless, client obsessed experiences that accelerate growth. His leadership will help further drive Retail's significant investment agenda, which is focused on scaling client acquisition, delivering new capabilities and bringing a sense of hospitality to its products and experiences.
"Tim is an accomplished leader with a strong track record of building innovative, data-driven digital and product experiences at scale," said Overstrom. "His breadth of experience across product, digital, AI and growth will help us continue to elevate how our clients interact with PNC across channels."
Ferriter joins PNC from JPMorgan Chase, where he most recently served as head of Digital, with responsibility for the Chase mobile app, online banking platforms and the consumer-facing AI strategy. During his tenure, he also led product teams overseeing customer acquisition platforms across JPMorgan's Consumer and Community Bank, helping drive engagement and growth across digital and branch experiences.
"PNC has a clear strategy and unique culture that is centered around its clients," said Ferriter. "I'm excited to partner with this talented team to deliver differentiated experiences that fuel growth and strengthen our client relationships."
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.
On May 19, 2026, we present a discounted cash flow (DCF) analysis for PNC Financial Services Group Inc PNC . The company has shown a price performance of -0.4% over the past week, -4.9% over the past month, +4.0% year-to-date, and +23.1% over the past year. Below are key highlights from our analysis:
DCF Earnings-based intrinsic value of $247.27 compared to current price of $213.72, indicating a margin of safety of 13.6%. DCF Free Cash Flow (FCF)-based intrinsic value of $223.58, suggesting a fair valuation. GF Score™ of 80/100, indicating a high reliability of the DCF inputs. What Is PNC Worth? DCF Earnings-Based Model In our DCF analysis, we utilize a two-stage model to estimate PNC's intrinsic value. The first stage considers a growth phase lasting 10 years, where we project earnings per share (EPS) growth at an annual rate of 8.4%. The second stage accounts for a terminal growth rate of 4% over the subsequent 10 years. The discount rate applied in our calculations is 11%, derived from the risk-free rate and equity risk premium.
Parameter Value Current EPS (TTM, excl. non-recurring) $17.16 10-Year Growth Rate 8.4% 10-Year Treasury Rate 4.33% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the two-stage model is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 11% $150.98 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $96.29 Intrinsic Value Growth + Terminal $247.27 With the current price at $213.72 and the intrinsic value calculated at $247.27, PNC appears to be modestly undervalued, with a margin of safety of 13.6%. It is important to note that GuruFocus uses EPS without non-recurring items, as research indicates that stock prices correlate more closely with earnings than with free cash flow. For further calculations, visit the PNC DCF Calculator.
What Does the Free Cash Flow DCF Say? In addition to the earnings-based model, we also assessed PNC using a Free Cash Flow (FCF) DCF model. The FCF-based intrinsic value is calculated at $223.58. When comparing this with the earnings-based intrinsic value of $247.27, the two models provide a slightly different perspective on valuation. The FCF model suggests that PNC is fair valued, with a margin of safety of 4.4%.
How Does GF Value™ Compare to the DCF Models? According to GuruFocus, the GF Value™ for PNC is $201.02, indicating that the stock is currently overvalued by 6.3%. GF Value™ is a proprietary measure calculated from historical trading multiples, past business growth, and future performance estimates. While the DCF earnings model suggests modest undervaluation, the FCF model indicates fair valuation, and GF Value™ presents a perspective of overvaluation. This divergence highlights the importance of considering multiple valuation methods. For more details, visit the GF Value™ page.
What Does PNC's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006-2021. Below is a summary of PNC's GF Score™ metrics:
Metric Rating GF Score™ 80/100 Financial Strength 3/10 Profitability 6/10 Growth 8/10 Valuation 7/10 Momentum 10/10 PNC has a predictability rank of 2/5 stars, indicating that the DCF model may be less reliable for this stock. For more information, visit the PNC stock page.
Key Assumptions and Limitations It is important to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as PNC, tend to produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect future economic conditions accurately.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find that PNC presents a mixed valuation picture. While the DCF earnings model indicates modest undervaluation, the FCF model suggests fair valuation, and GF Value™ indicates overvaluation. Overall, PNC can be considered fairly valued based on the consensus of these models. For the full DCF analysis, visit the PNC DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is PNC's intrinsic value based on DCF?
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Key Takeaways PNC expanded in Colorado and Arizona through the FirstBank deal, adding 95 branches.PNC acquired Aqueduct and Linga to grow fund placement and payment capabilities.PNC partnered with Coinbase, Plaid and TCW to expand digital assets and private credit services. The PNC Financial Services Group, Inc. (PNC - Free Report) is pursuing growth with a clear strategy to expand in attractive markets, deepen customer relationships and strengthen fee-based capabilities through acquisitions and partnerships. While the banking industry continues to navigate market volatility, rising expenses and commercial real estate pressure, PNC is using inorganic growth to build scale and diversify its revenue opportunities.
A major pillar of this playbook is the acquisition of FirstBank Holding Company, completed in January 2026. The deal significantly expanded PNC’s presence in Colorado and Arizona, two high-growth banking markets. FirstBank added $26.8 billion in assets and 95 branches, more than tripling PNC’s branch network in Colorado. It also strengthened PNC’s Arizona footprint, expanding the bank’s network to more than 70 branches. In Denver, the acquisition made PNC the leading bank by retail deposit share and branch share, creating a stronger platform for commercial, corporate, private banking and retail growth. Management expects the FirstBank acquisition to be earnings accretive, adding nearly $1 per share by 2027, with integration expected to be completed by mid-June 2026.
PNC’s acquisition strategy extends beyond traditional banking. In August 2025, the company acquired Aqueduct Capital Group to strengthen fund placement services at Harris Williams, its global investment banking arm. Earlier, PNC bought Linga, a point-of-sale and payment solutions firm, to expand its corporate payments capabilities in the hospitality and restaurant sectors. Its 2021 acquisition of BBVA USA also remains a defining step in building a broader national franchise.
Partnerships are other important parts of the growth formula. In 2025, PNC partnered with Coinbase, aimed at expanding access to trusted, secure and innovative digital asset solutions to PNC's banking clients and institutional investors. In 2024, PNC partnered with Plaid for secure customer data sharing and expanded its TCW Group alliance to offer private credit solutions, strengthening its presence in emerging financial services beyond branch expansion.
Overall, PNC Financial’s inorganic expansion efforts support a growth strategy centered on scale, innovation and client-focused expansion. While higher costs and commercial lending risks remain a near-term challenge, these initiatives strengthen its market position, diversify revenues and support long-term growth potential.
PNC Peers’ Efforts to Grow InorganicallyTwo of the peers of PNC Financial, Fifth Third (FITB - Free Report) and U.S Bancorp (USB - Free Report) , are also expanding inorganically.
Fifth Third has expanded over the years through acquisitions and partnerships. In February 2026, Fifth Third acquired Comerica. With this acquisition, Fifth Third will now operate in 17 of the 20 fastest-growing large markets in the country, including key regions in the Southeast, Texas and California, while solidifying its leadership in the Midwest. In August 2025, Fifth Third Bancorp acquired DTS Connex, enhancing its commercial payments capabilities, while in July 2025, it partnered with Eldridge to expand private credit offerings for Commercial Bank clients.
U.S. Bancorp has made several acquisitions and partnerships in recent years, helping it enter markets, fortify existing markets, and improve its products and services. The pending BTIG acquisition (expected to close in the second quarter of 2026) will expand its capital markets platform and add equity and investment banking capabilities over time. In December 2025, U.S. Bancorp expanded its embedded finance capabilities through its Avvance point-of-sale lending platform and expanded its Coinstar partnership. These initiatives add incremental growth options without changing the company’s core regional banking model.
PNC Financial’s Price Performance & Zacks RankPNC shares have gained 14.1% over the past six months compared with the industry’s 4.2% growth.
Image Source: Zacks Investment Research
At present, PNC Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
