PNC Financial (PNC) Stock Advances on Q2 Earnings Beat
NEW YORK (TheStreet) -- Shares of PNC Financial Services (PNC) - Get Report are increasing 1.01% to $83.70 in pre-market trading Friday after the company reported better-than-expected earnings for the 2016 second quarter.
Before today's market open, the Pittsburgh-based regional bank operator reported earnings of $1.82 per diluted share, topping analysts' estimates of $1.75 per share.
Revenue for the period was $3.79 billion, lower than Wall Street's projections of $3.81 billion.
"We had a good second quarter against a backdrop of global uncertainty," CEO William Demchak said in a statement.
"In the wake of the Brexit vote, as lower interest rates weigh on future performance, we remain focused on executing against our strategic priorities to create long-term shareholder value without compromising our risk profile or balance sheet," he added.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and attractive valuation levels.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PNC