PNC Financial Services Group, Inc. (PNC) is expected to report earnings of $2.79 a share on sales of $4.4 billion before the market opens on Jan. 16, based on a FactSet survey of 25 analysts. In the same period a year ago the company posted earnings of $2.29 a share on sales of $4.3 billion.

The stock has fallen 3% since the company last reported earnings on Oct. 12. Quarterly estimates have fallen less than 1 cent a share in the past month.

PNC Financial Services Group is currently trading at a price-to-forward-earnings ratio of 10.6 based on the 12-month estimates of 27 analysts surveyed by FactSet.

Wednesday is a busy day for bank earnings with results due from Bank of America Corp.  (BAC)   Goldman Sachs Group (GS) and Bank of New York Mellon Corp. (BNY) among others.

Among banks that have already reported, Wells Fargo (WFC) managed to beat estimates in the latest quarter, but saw its shares fall Tuesday after CEO Tim Sloan said the financial giant will likely continue to operate under Federal Reserve sanctions through the end of the year.

JPMorgan Chase (JPM) missed estimates for the first time in four years on weaker-than-expected trading revenue and higher costs for loan-loss reserves.

Notwithstanding their immediate challenges, Real Money Pro columnist Doug Kass says banks are a "must own" for the long term and may be the most attractively valued industry group in the S&P index. Find out how you can read Doug's comments here.

Goldman Sachs Group and JPMorgan Chase are holdings in Jim Cramer's Action Alerts portfolio. Want to be alerted before Jim Cramer buys or sells GS or JPM? Learn more now.