PNC Financial Services Group Inc. Stock Update and Q1 2023 Earnings Preview
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, offering retail and business banking, corporate and institutional banking, asset management, and wealth management services. On Monday, shares of PNC Financial Services Group Inc. PNC, -0.51% sank 0.14% to $152.68 on a favorable trading session for the stock market. The stock closed $46.75 below its 52-week high ($199.43), which the company reached on March 22nd.
Unfortunately, the stock has been on a downward trend since then. On Friday, shares of PNC Financial Services Group Inc.[0] PNC, -0.51% slipped 0.51% to $137.16 on an all-around dismal trading session for the stock market. This was the stock's fifth consecutive day of losses, and it closed $62.27 below its 52-week high ($199.43).[1]
The company's market capitalization is $55.90 billion, with a P/E ratio of 10.46, a PEG ratio of 2.15, and a beta of 1.16.[2] MarketBeat.com reports that the consensus rating for The PNC Financial Services Group is “Hold” and the consensus price target is $180.36.[2]
The Federal Reserve, FDIC and Treasury Department recently announced a plan to guarantee the uninsured depositors at Silicon Valley Bank (SVB) get their money back.[3] It appears that other prospective purchasers declined to purchase SVB.[4]
On Sunday, April 14th, the PNC Financial Services Group, Inc. (NYSE: PNC) will issue financial results for the first quarter of 2023, at approximately 6:45 a.m. (ET).[0] On the same day, William S. Demchak, Chairman, President and Chief Executive Officer of PNC, and Robert Q. Reilly, Executive Vice President and Chief Financial Officer, will be hosting a conference call for investors at 11 a.m. (Eastern Time).[0]
Those holding shares as of February 3rd, 2023, the record date, are invited to attend the meeting, cast their votes, and ask questions.[0] Before the meeting, shareholders will be given proxy materials containing a unique control number. This number will be required to vote or ask a question during the meeting.[0]
0. “THE PNC FINANCIAL SERVICES GROUP ANNOUNCES FIRST QUARTER 2023 EARNINGS CONFERENCE CALL AND VIRTUAL-ONLY ANNUAL” EIN News, 7 Mar. 2023, https://www.einnews.com/pr_news/620708873/the-pnc-financial-services-group-announces-first-quarter-2023-earnings-conference-call-and-virtual-only-annual-shareholders-meeting-details
1. “PNC Financial Services Group Inc. stock outperforms market despite losses on the day” MarketWatch, 10 Mar. 2023, https://www.marketwatch.com/data-news/pnc-financial-services-group-inc-stock-outperforms-market-despite-losses-on-the-day-3aa368bf-7d0dddc1c345
2. “Doyle Wealth Management Has $7.80 Million Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)” MarketBeat, 9 Mar. 2023, https://www.marketbeat.com/instant-alerts/nyse-pnc-sec-filing-2023-03-09
3. “PNC Financial Declines A Bid On Silicon Valley Bank Assets: Report” msnNOW, 12 Mar. 2023, https://www.msn.com/en-us/money/savingandinvesting/pnc-financial-declines-a-bid-on-silicon-valley-bank-assets-report/ar-AA18xx2I
4. “PNC decides not to bid on Silicon Valley Bank as regulators struggle to find rescue buyers, source says” CNBC, 12 Mar. 2023, https://www.cnbc.com/2023/03/12/pnc-decides-not-to-bid-on-silicon-valley-bank-as-regulators-struggle-to-find-rescue-buyers.html
