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The PNC Financial Services Group (PNC) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
PITTSBURGH , Oct. 3, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share. The dividend will be payable Nov. 5, 2024, to shareholders of record at the close of business Oct. 16, 2024.
PITTSBURGH , Oct. 3, 2024 /PRNewswire/ -- PNC Bank and Akoya today announced the expansion of their existing integration to support corporate data sharing through the Akoya data access network. This feature enhances the ability of corporate clients to securely share their financial data with third parties, including fintechs and data aggregators, that power platforms they use to run their businesses, enhancing security and reliability through API-based connections.
PNC's strategic growth efforts, a solid balance sheet, along with Fed's recent rate cut, are set to support its financials. Yet, rising costs remain a concern.
PNC Financial and Plaid enter into a bilateral data access agreement to boost safety while sharing clients' financial data with third-party applications.
PITTSBURGH , Sept. 18, 2024 /PRNewswire/ -- PNC Bank, N.A.
PNC Financial expects Q3 NII to be at the higher end of its 1-2% growth range projected earlier, driven by its subsidiary's solid capital markets performance.
Regional bank stocks, particularly PNC, have surged due to more favorable interest rates and a steepening yield curve, enhancing profitability despite economic concerns. PNC's recent earnings beat normalized EPS estimates with a positive outlook for Q3, driven by higher non-interest income and controlled expenses. Key risks include potential slower loan growth and yield spread retreat, but PNC's strong nationwide presence and earnings growth forecast support a buy rating.
PNC Financial is well-positioned to benefit from the anticipated interest rate cuts, potentially boosting lending and refinancing demand in 2025. PNC's new rewards credit card and planned future card launches could drive growth through increased interest and fee income. Valuation metrics indicate PNC is reasonably valued with a forward PE of 13.7 and a price/book ratio of 1.5, suggesting potential for double-digit stock growth driven by earnings growth.
56% of small and mid-sized business owners surveyed are optimistic about the national economy – up significantly from 34% a year ago. 76% are highly optimistic about the prospects of their own business.