PNC Financial Services (PNC)
NYSE:PNC
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PNC Financial
(NYSE:PNC)
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Rating:71Outperform
Price Target:
$240.00
â–²(6.76% Upside)
Action:Reiterated
Date:05/09/26
Overall score reflects solid financial performance (strong profitability and improved cash flow) tempered by declining revenue and meaningful leverage. Supportive valuation (low P/E and ~3.14% yield) and a constructive earnings outlook (loan/NII growth guidance and capital return) help offset mixed near-term technicals and integration/credit-volatility risks.
Positive Factors
Acquisition-driven Balance Sheet Expansion
Closing FirstBank materially enlarged PNC's deposit and loan base, creating durable scale benefits. Added low‑cost deposits and $15B of loans support funding stability and cross‑sell opportunities, improving structural NII prospects and geographic diversification over the medium term.
Negative Factors
Elevated Leverage
A debt-to-equity ratio near 1.05x and sizable absolute debt raise sensitivity to credit stress and interest rate changes. Low operating cash flow relative to total debt (~1.3%) limits rapid deleveraging ability, constraining capital flexibility and increasing medium‑term funding and regulatory risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Acquisition-driven Balance Sheet Expansion
Closing FirstBank materially enlarged PNC's deposit and loan base, creating durable scale benefits. Added low‑cost deposits and $15B of loans support funding stability and cross‑sell opportunities, improving structural NII prospects and geographic diversification over the medium term.
Read all positive factors
PNC Financial Key Performance Indicators (KPIs)
Any
Deposits
Measures the total amount of client deposits, providing insight into the bank's liquidity and funding base. Strong deposit growth can indicate customer trust and a stable source of low-cost capital.
Measures the total amount of client deposits, providing insight into the bank's liquidity and funding base. Strong deposit growth can indicate customer trust and a stable source of low-cost capital.
Data provided by:
The Fly
The FlyPNC Financial (PNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$85.82B
Dividend Yield3.11%
Average Volume (3M)2.00M
Price to Earnings (P/E)12.2
Beta (1Y)0.94
Revenue Growth3.47%
EPS Growth21.52%
CountryUS
Employees53,686
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)17.23
Shares Outstanding401,564,640
10 Day Avg. Volume1,682,401
30 Day Avg. Volume2,002,991
Financial Highlights & Ratios
PEG Ratio0.57
Price to Book (P/B)1.36
Price to Sales (P/S)2.62
P/FCF Ratio18.76
Enterprise Value/Market Cap1.42
Enterprise Value/Revenue3.81
Enterprise Value/Gross Profit5.30
Enterprise Value/Ebitda13.83
Forecast
1Y Price Target
$251.50Price Target Upside11.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)18.46
Revenue Forecast (FY)$25.79B
PNC Financial Business Overview & Revenue Model
Company Description
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residen...
How the Company Makes Money
PNC primarily earns revenue from a mix of net interest income and noninterest income. Net interest income is generated by taking deposits and other funding sources and lending or investing those funds, earning interest on loans (e.g., commercial a...
PNC Financial Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Positive
The call emphasized strong balance sheet growth (including the FirstBank acquisition), robust loan growth and NII expansion, double-digit fee income growth year-over-year, solid credit metrics and active capital returns, supported by a favorable initial assessment of proposed Basel III changes. Offsetting items included short-term declines in noninterest income (notably mortgage MSR volatility), integration costs and modest increases in delinquencies and charge-offs. Management maintained constructive guidance for 2026 and reiterated confidence in the low-risk profile of NDFI-related exposures.Positive Updates
Completed FirstBank Acquisition and Balance Sheet Expansion
Closed acquisition of FirstBank in Q1 2026, adding approximately $15 billion in loans and $22 billion in deposits; average loans rose to $351 billion, up $23 billion (7%) linked quarter and $34 billion (11%) year-over-year; spot loans were up 9% from year-end (including the acquisition and $14 billion legacy growth).
Negative Updates
Linked-Quarter Decline in Noninterest Income and Mortgage Revenue
Noninterest income decreased $136 million, or 6% linked quarter; mortgage revenue fell $30 million, or 20% linked quarter, largely due to a $31 million decline in MSR valuations amid heightened rate volatility.
Read all updates
Q1-2026 Updates
Positive
Negative
Completed FirstBank Acquisition and Balance Sheet Expansion
Closed acquisition of FirstBank in Q1 2026, adding approximately $15 billion in loans and $22 billion in deposits; average loans rose to $351 billion, up $23 billion (7%) linked quarter and $34 billion (11%) year-over-year; spot loans were up 9% from year-end (including the acquisition and $14 billion legacy growth).
Read all positive updates
Company Guidance
PNC's guidance for 2Q 2026 calls for average loans up 2–3%, net interest income up about 3%, fee income up 2.5%, other noninterest income of $150–$200 million and total revenue up roughly 3.5%, with noninterest expense (ex‑integration) up ~2% and expected net charge‑offs of about $225 million; for full‑year 2026 versus 2025 management expects average loan growth of ~11%, full‑year net interest income up ~14.5%, noninterest income up ~6%, total revenue up ~11%, noninterest expense (ex‑integration) up ~7%, an effective tax rate of ~19.5% and ~$325 million of nonrecurring merger/integration costs (of which $98 million was recognized in Q1 and ~ $150 million is expected in Q2); Q1 averages were $351 billion loans and $458 billion deposits, Q1 NIM was 2.95% (up 11 bps) with management targeting NIM >3% in the back half, estimated CET1 of 10.1% (down 50 bps linked quarter), anticipated RWA relief under the Basel III proposal of ~10% (~$45–$50 billion), and ongoing capital return with quarterly buybacks expected in the $600–$700 million range (Q1 returned $1.4 billion: ~$700 million dividends and ~$700 million repurchases); macro assumptions include ~1.9% GDP growth in 2026, unemployment drifting to ~4.6% by year‑end, and no Fed cuts in 2026.PNC Financial Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 32.05B | 31.34B | 33.69B | 31.90B | 23.54B | 19.70B |
| Gross Profit | 23.04B | 22.46B | 20.01B | 20.75B | 20.64B | 19.99B |
| EBITDA | 8.83B | 8.58B | 7.50B | 6.95B | 8.12B | 8.76B |
| Net Income | 7.21B | 6.94B | 5.89B | 5.58B | 6.04B | 5.67B |
Balance Sheet | ||||||
| Total Assets | 603.03B | 573.57B | 560.04B | 561.58B | 557.26B | 557.19B |
| Cash, Cash Equivalents and Short-Term Investments | 185.32B | 50.39B | 55.64B | 92.51B | 78.52B | 213.79B |
| Total Debt | 66.67B | 57.10B | 61.67B | 72.74B | 58.71B | 33.00B |
| Total Liabilities | 539.35B | 512.94B | 505.57B | 510.44B | 511.45B | 501.46B |
| Stockholders Equity | 63.63B | 60.59B | 54.42B | 51.10B | 45.77B | 55.70B |
Cash Flow | ||||||
| Free Cash Flow | 6.82B | 4.38B | 7.88B | 10.11B | 9.08B | 7.21B |
| Operating Cash Flow | 6.82B | 4.38B | 7.88B | 10.11B | 9.08B | 7.21B |
| Investing Cash Flow | -25.22B | -15.62B | -3.23B | 10.11B | -60.36B | -2.79B |
| Financing Cash Flow | 11.70B | 4.70B | -9.12B | -3.85B | 3.38B | -3.43B |
PNC Financial Technical Analysis
Negative
224.81
Price Trends
213.33
Negative
216.36
Negative
203.60
Positive
Market Momentum
-1.16
Positive
44.15
Neutral
23.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PNC, the sentiment is Negative. The current price of 224.81 is above the 20-day moving average (MA) of 218.29, above the 50-day MA of 213.33, and above the 200-day MA of 203.60, indicating a neutral trend. The MACD of -1.16 indicates Positive momentum. The RSI at 44.15 is Neutral, neither overbought nor oversold. The STOCH value of 23.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PNC.
PNC Financial Risk Analysis
PNC Financial disclosed 29 risk factors in its most recent earnings report. PNC Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PNC Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $30.21B | 12.71 | 10.25% | 2.76% | -0.49% | 19.72% | |
72 Outperform | $31.56B | 13.98 | 8.82% | 3.50% | 9.10% | 0.60% | |
71 Outperform | $85.82B | 12.15 | 11.98% | 3.11% | 3.47% | 21.52% | |
71 Outperform | $82.97B | 10.39 | 12.22% | 3.77% | 2.43% | 18.20% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $58.62B | 9.69 | 8.51% | 4.12% | 26.77% | 19.23% | |
66 Neutral | $43.45B | 58.08 | 8.86% | 3.14% | 7.12% | -5.41% |
* Financial Sector Average
PNC
PNC Financial
213.27
46.61
27.96%
TFC
Truist Financial
46.77
9.35
24.97%
FITB
Fifth Third Bancorp
47.60
11.31
31.17%
HBAN
Huntington Bancshares
15.46
0.71
4.80%
MTB
M&T Bank
206.56
31.88
18.25%
USB
US Bancorp
53.30
12.16
29.55%
PNC Financial Corporate Events
Business Operations and StrategyShareholder Meetings
PNC Financial Shareholders Approve 2026 Equity Incentive Plan
Positive
Apr 24, 2026
On April 22, 2026, PNC shareholders approved the company’s 2026 Omnibus Equity Incentive Plan, authorizing 28 million new common shares plus unused shares from the prior 2016 plan for a broad range of equity- and cash-based awards to employe...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
PNC Financial Reports Strong First-Quarter 2026 Results
Positive
Apr 15, 2026
On April 15, 2026, PNC reported solid first-quarter 2026 results, highlighting the successful January 5 closing of its FirstBank acquisition, which helped drive a 7% linked-quarter and 11% year-over-year rise in average loans and a 4% increase in ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.