PNC Financial The bank reported Wednesday first-quarter earnings of $811 million, or $1.44 a share, up from year-earlier earnings of $493 million, or 85 cents. "We reiterate our Buy rating on PNC post 1Q12 earnings," Bank of America Merrill Lynch analysts wrote in a report Wednesday. "Shares of PNC have underperformed the BKX by 12pp YTD. However, we expect this trend to reverse as the market doesn't seem to appreciate: 1) positive momentum from legacy PNC, with commercial loans up 15% sequential annualized ex. RBC; 2) solid EPS accretion from the RBC deal; and 3) that PNC is likely on the sidelines in the M&A arena for the next 12-18mos as it rebuilds Basel III capital ratios." Shares of PNC Financial hit a 52-week high of $64.99 on Friday. The stock's 52-week low of $42.70 was set on Aug. 23. PNC Financial's forward P/E is 9.51; the average among its peers is 10.73. For comparison, Bank of New York Mellon ( BK) has a lower forward P/E of 9.2. Twenty-three of the 28 analysts who cover PNC Financial rated it buy. Four analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives PNC Financial a B+ grade with a buy rating and $73.24 price target. The stock has risen 12.95% year to date.