Shares of financial services provider The PNC Financial Services Group (NYSE:PNC) are ticking upward today after the company delivered a first-quarter beat.
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Revenue rose 19.4% year-over-year to $5.6 billion but missed the cut by $10 million. EPS at $3.98 though outperformed expectations by $0.32. During the quarter, PNC’s top line declined 3% sequentially owing to lower net interest income and noninterest income. Further, the provision for credit losses in Q1 stood at $235 million.
The company delivered a robust performance in a quarter characterized by turmoil in the banking space. Its average loans at $325.5 billion saw strength in commercial and consumer loans. Further, while delinquencies decreased by 11%, average deposits increased by $1.3 billion to $436.2 billion.
Overall, the Street has a $156.75 consensus price target on PNC, pointing to a 29.1% potential upside in the stock. That’s after a nearly 24% slide in PNC shares so far in 2023.
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