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TheStreet Open House

6 Bank Stock Picks for Earnings Season From FBR

PNC Financial Services Group
Shares of PNC Financial Services (PNC) of Pittsburgh closed at $65.38 on Friday, returning 13.4% year to date, following last year's 3% pullback.

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The shares trade for 1.4 times tangible book value and for nine times the consensus 2013 earnings estimate of $6.88 a share. The consensus 2012 EPS estimate is $6.16.

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 cents, 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.

PNC's first-quarter mortgage revenue increased 18% year over year to $230 million.

Miller on Wednesday reiterated his outperform rating for PNC, with a $68 price target, saying the company "reported strong operating earnings as the company experienced asset growth and realized higher-than-expected mortgage banking and asset management revenue."

However, the "real story this quarter," according to Miller, "is that management raised its earnings outlook,"and that "considering management's expectations for high-single-digit revenue and net interest income growth as well as declining credit costs, we believe that earnings estimates are too low across the Street."

FBR estimated that PNC will earn $6.65 a share this year, followed by 2013 EPS of $7.40.

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

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