The Dow Jones Industrial Average
Home Depot reported net earnings of $947 million, or 63 cents a share for its fiscal third quarter ended Oct. 28, increasing from $934 million, or 60 cents a share, in the third quarter of fiscal 2011. Fiscal third-quarter sales increased 4.6% year-over-year to $18.1 billion, while comparable sales rose 4.2%.
The company raised its fiscal 2012 guidance to 5.2% annual growth in sales, and also said it expected fiscal 2012 EPS to increase by 18% year-over-year, to $2.92. The guidance reflects "the Company's intent to repurchase $700 million in additional shares in the fourth quarter of fiscal 2012, which will bring the total dollar amount of shares repurchased to $4 billion for the year."KBW Bank Index (I:BKX) was down over 1% to close at 47.66, with all 24 index components showing declines for the session, as investors continued to worry over the negotiations between President Obama and Republican members of the House of Representatives over the "fiscal cliff." Meanwhile, eurozone leaders concluded another meeting in Brussels without settling on the timeline that Greece must follow in reducing its debt to 120% of its gross domestic product, in order to receive its next installment of bailout funds. PNC's shares are now down 2% year-to-date, following a 3% decline during 2011. The shares trade for 1.1 times tangible book value, according to Thomson Reuters Bank Insight, and for eight times the consensus 2013 earnings estimate of $6.62 a share, among analysts polled by Thomson Reuters. The consensus 2014 EPS estimate is $7.04. Based on a quarterly payout of 40 cents, the shares have a dividend yield of 2.91%. Barclays analyst Jason Goldberg said in a report on Monday that following the completion of the next round of annual Federal Reserve stress tests late in the first quarter of 2013, he expects PNC to increase the quarterly dividend to 46 cents, while also receiving regulatory approval to repurchase $400 million in common shares. PNC was approved by the Fed to repurchase up to $250 million in shares through the first quarter of 2013, and bought back a total of $135 million in shares during the second and third quarters of 2012. Goldberg rates PNC "Equal Weight." PNC data by YCharts
Interested in more on PNC Financial Services Group? See TheStreet Ratings' report card for this stock.
Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV