PNC Financial Hits New 52-Week High - Analyst Blog
May 15 2013 - 6:10AM
Zacks
Shares of The PNC Financial Services Group,
Inc. (PNC) set a new 52-week high, touching $70.40 in the
second half of the trading session on May 14. The closing price of
this major regional bank represents a solid year-to-date return of
19.4%. The trading volume for the session was 3.05 million shares,
higher than the average 2.98 million shares over the last 3
months.
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions over
the last 30 days and expected year-over-year earnings growth of
6.5% for 2013.
Growth Drivers
Impressive first-quarter 2013 results –– including an earnings
surprise of 12.1%, year-over-year growth of 6% in revenues and a 2%
decline in non-interest expenses – as well as a strong capital
position were the primary growth drivers for PNC Financial.
On Apr 17, PNC Financial reported its first-quarter earnings per
share of $1.76, significantly exceeding the Zacks Consensus
Estimate of $1.57. Moreover, results beat the earnings per share of
$1.44 recorded in the prior-year quarter.
Better-than-expected results reflected improved top line. Moreover,
lower nonperforming assets and reduced non-interest expenses were
the positives. PNC Financial remains on track to reduce full-year
2013 non-interest expense from 2012 levels and realize $700 million
in expense savings in 2013.
Moreover, the company has now delivered positive earnings surprises
for 4 straight quarters with an average beat of 13.3%.
Estimate Revisions Show Potency
Over the last 30 days, 17 of the 21 estimates for 2013 have been
revised upward for PNC Financial, lifting the Zacks Consensus
Estimate by 2.0% to $6.68 per share. For 2014, 9 of the 20
estimates moved north, helping the Zacks Consensus Estimate advance
0.7% to $6.89 per share.
Some well performing banks include JPMorgan Chase &
Co. (JPM), Fifth Third Bancorp (FITB) and
State Street Corporation (STT), all of which carry
a Zacks Rank #2 (Buy).
FIFTH THIRD BK (FITB): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
PNC FINL SVC CP (PNC): Free Stock Analysis Report
STATE ST CORP (STT): Free Stock Analysis Report
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