PNC Financial Services Group Shares Fall 5% as 4Q EPS Miss Analyst Views

By Kathryn Hardison

Shares of PNC Financial Services Group Inc. declined 5.1% to $153.52 on Wednesday after the company reported fourth-quarter earnings per share that missed analysts' expectations.

The Pittsburgh-based bank said net income attributable to common shareholders rose to $1.4 billion, compared with $1.21 billion in the same period a year earlier. Earnings were $3.47 a share, an increase from the year prior but below the $3.95 per share that analysts were expecting, according to FactSet.

The company also said noninterest income fell 8% to $2.08 billion as year-over-year declines in asset management, deal activity and mortgage demand weighed on the business.

Still, revenue rose 12% to $5.76 billion, beating the $5.71 billion analysts expected.

PNC shares were the second-biggest decliner in the S&P 500 in afternoon trading, according to FactSet. Kraft Heinz was the biggest loser in the index, down 5.7%.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

January 18, 2023 13:33 ET (18:33 GMT)

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