This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Bank Earnings Winners From Jefferies

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

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CMA $46.00 0.00%
FRC $58.89 0.00%
HBAN $11.11 0.00%
MTB $120.81 0.00%
PNC $90.93 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs