PNC Reports Second Quarter 2016 Net Income Of $989 Million, $1.82 Diluted EPS
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Piper Jaffray Reiterates Overweight on PNC Financial Services (PNC) Following 2Q Report
July 18, 2016 8:14 AM EDTPiper Jaffray reiterated an Overweight rating on PNC Financial Services (NYSE: PNC), and raised the price target to $97.00 (from $96.00), following the company's 2Q earnings report. Piper Jaffray cut 2016 EPS estimates to $7.00 from $7.10 due to incremental pressure to NIM. PNC will likely continue to see NIM pressure in the near... More
PNC Financial Services (PNC) Tops Q2 EPS by 7c
July 15, 2016 6:36 AM EDTPNC Financial Services (NYSE: PNC) reported Q2 EPS of $1.82, $0.07 better than the analyst estimate of $1.75. Revenue for the quarter came in at $3.79 billion versus the consensus estimate of $3.81 billion.
Income Statement Highlights
Second quarter results reflected higher fee income, increased noninterest expense driven by business activity, lower provision for credit losses, and growth in average loans and deposits compared with the first quarter of 2016.Net interest income of $2.1 billion for the second quarter decreased $30 million, or 1 percent, compared with the first quarter mainly from a decline in purchase accounting... More