PNC Financial Services Group, Inc. (NYSE:PNC) on Thursday reported better-than-expected third-quarter earnings and raised its full-year revenue outlook.
Adjusted earnings of $5.09 per share beat the analyst consensus estimate of $4.92. However, revenue of $6.562 billion missed Wall Street’s estimate of $6.610 billion.
PNC raised its 2026 revenue forecast to approximately $26.264 billion from $26.102 billion. However, the revised outlook remains below the analyst consensus estimate of $26.329 billion.
The bank expects average loans to grow approximately 13.5% for the year. It also projects net interest income growth of 15.5%, noninterest income growth of 10.5% and total revenue growth of 13.7%.
Bill Demchak, PNC Chairman and Chief Executive Officer said, “Our strategy continues to drive growth across our businesses, as we deepen our presence in key markets and expand our reach nationally. During the third quarter, we continued to build on the strong momentum we delivered in the first half of the year, and we generated an 18.3% return on average tangible common equity. We are well positioned, and remain confident in our long-term outlook.”
PNC Financial shares rose 0.8% to trade at $216.56 on Friday.
These analysts made changes to their price targets on PNC Financial following earnings announcement.
- TD Cowen analyst R. Scott Siefers maintained the stock with a Hold and lowered the price target from $245 to $240.
- RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and cut the price target from $273 to $250.
- Oppenheimer analyst Chris Kotowski maintained the stock with an Outperform rating and raised the price target from $263 to $269..
Considering buying PNC stock? Here’s what analysts think:
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