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PNC Financial Services Group Inc PNC

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Morningstar’s Analysis

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Decent Q4 Results for PNC, but Expenses Expected to Come in Hot as Inflationary Pressure Builds

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

PNC reported okay fourth-quarter earnings of $2.86, missing the FactSet consensus of $3.29 earnings per share. Top-line full-year revenue came in at $19.2 billion, exactly in line with our own estimate, while expenses came in roughly 3% above our estimate for the quarter and 1% above our full-year estimate. A lot of moving parts remain, as this will be the first full year with BBVA folded in, and integration related expenses should also roll off of the expense base.

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Company Profile

Business Description

PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking across the United States.

Contact
300 Fifth Avenue, The Tower at PNC Plaza
Pittsburgh, PA, 15222-2401
T +1 888 762-2265
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 51,257

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