PNC Financial Services Group Inc
PNC: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $921.00 | Fcrplts | Zgvykldp |
No Change to Our $175 Fair Value Estimate for PNC After Third-Quarter Earnings
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Business Strategy and Outlook
PNC is one of the larger regional banks in the U.S., has a fairly diversified fee base, and has a national presence, but is concentrated primarily in the East and Midwest. The bank has grown substantially from acquisitions, transforming itself with the integration of the troubled National City (doubling the size of PNC) in 2008, acquiring RBC’s U.S. branch network in the Southeast in 2012, and more recently picking up BBVA USA in 2021 (a roughly 25% increase in size).