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10 Bank Stocks You Need to Watch During Earnings Season (Update 1)

6. PNC Financial Services Group
Shares of PNC closed at $61.11 Friday, returning 7% year-to-date, following last year's 3% decline.

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Based on a quarterly payout of 40 cents, the shares have a dividend yield of 2.62%.

The shares trade for 1.3 times tangible book value, and for nine times the consensus 2013 EPs estimate of $6.81. The consensus 2012 EPS estimate is $5.94.

The company said in April that it planned "to purchase up to $250 million of common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions during the remainder of 2012."

PNC will announce its second-quarter results on July 18, with analysts expecting EPS of $1.26, declining from $1.44 in the first quarter, and $1.67 a year earlier. As mentioned above, the second-quarter results will reflect the addition of $350 million to the company's mortgage repurchase reserves.

Sterne Agee analyst Todd Hagerman rates PNC a "Buy," with a $74 price target, and said on Friday that "the loan growth outlook in 2012 remains positive, as PNC continues to gain market share, with new clients exhibiting higher loan utilization rates vs. legacy customers," adding that "accretion stemming from [the] RBC transaction should begin to emerge in the quarter... however, with the company recently increasing its non-interest expense guidance, in addition to an announced mortgage repurchase charge of $350mm in 2Q12, strategic execution and profitability outlook will be at the forefront in the quarter."

Sterne Agee expects PNC to post second-quarter earnings of $1.20 a share, and estimates EPS of $6.28 for all of 2012, followed by 2013 EPs of $6.90.

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