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
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts