NEW YORK (TheStreet) -- PNC Financial Services (PNC - Get Report) shares are down -2% to $86.50 in pre-market trading on Wednesday after the company reported a second quarter drop in earnings from the same period last year.
The company reported quarterly earnings of $1.85, 7 cents better than analysts had expected, but worse than the $1.98 it earned during the second quarter of 2013. The decline was led by a 23.2% drop in its corporate and institutional banking segment.
The company reported total revenue of $3.8 billion, down 6.1% from the year ago period, in-line with analysts expectations.
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
TheStreet Ratings team rates PNC FINANCIAL SVCS GROUP INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate PNC FINANCIAL SVCS GROUP INC (PNC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, increase in net income, good cash flow from operations, expanding profit margins and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."