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5 Bank Earnings Winners From Jefferies

Stocks in this article: HBAN CMA PNC FRC MTB FHN SBNY SIVB RF ZION

PNC Financial Services Group
Shares of PNC Financial Services (PNC - Get Report) of Pittsburgh closed at $64.60 Thursday, returning 13% year-to-date.

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The shares trade for 1.4 times tangible book value, according to HighlineFI, and for nine times the consensus 2013 earnings estimate of $6.88 a share, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is $6.15.

Based on a quarterly payout of 40 cents, the shares have a dividend yield of 2.48%.

PNC on Wednesday reported first-quarter earnings of $811 million, or $1.44 a share, compared to $493 million, or 85 cent a share, during the fourth quarter of 2011. The bank reported a profit of $832 million, or $1.57 a share, during the first quarter of 2011.

The first-quarter results came in a penny ahead of the consensus estimate.

Following the industry trend, PNC's mortgage revenue increased 18% year-over-year, to $230 million.

Following PNC's earnings announcement, Usdin reiterated his "Buy" rating for PNC, while raising his price target for the shares by two dollars to $72, and increasing is 2012 EPS estimate to $6.90 from $5.85, and his 2013 EPS estimate to $6.60 from $6.45, saying that the "outsized jump in '12 is based on the switch to exclude merger and integration charges ($0.46)."

Aside from the merger expense accounting from PNC's acquisition of RBC Bank (USA), Usdin said his estimate increases were "primarily the result of higher net interest margin and lower provision for loan losses assumptions," with some offset from increasing expenses.

Interested in more on PNC Financial Services Group? See TheStreet Ratings' report card for this stock.

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