PNC Financial Services Group Stock Price, News & Analysis

PNC Financial Services Group has announced that its top executives will participate in the Barclays Global Financial Services Conference in New York City. Chairman and CEO William S. Demchak and Executive VP and CFO Robert Q. Reilly are scheduled to discuss PNC's business performance and strategy on Monday, Sept. 9, at 12:00 p.m. (ET).

Investors and interested parties can access a live webcast of the presentation, along with related materials and cautionary statements, through PNC's investor events webpage. This event provides an opportunity for stakeholders to gain insights into PNC's current position and future plans directly from its leadership team.

A recent survey by PNC reveals that women business leaders are more optimistic about the economy and their business success compared to men. Key findings include:

- 43% of women cite passion and personal satisfaction as their primary motivation for business, versus 35% for financial success.
- Women are more likely to expect increases in demand (51%), sales (51%), prices (49%), and profits (52%) in the next six months.
- 64% of women express confidence in the national economy, compared to 51% of men.
- Women value support from community, friends, and family more than men (62% vs 41%).

PNC supports women entrepreneurs through its network of over 5,000 Women's Business Advocates, offering resources beyond traditional banking services.

PNC is expanding its free financial education initiative, the PNC Center for Financial Education (CFE), to nine new markets by year-end. The program, which aims to boost money management skills for individuals, first-time homebuyers, and small business owners, will launch in Atlanta, Birmingham, Cleveland, Harrisburg, Indianapolis, Oakland, Phoenix, Philadelphia, and Pittsburgh. Since its pilot launch in six cities last year, the CFE has facilitated 80 workshops serving over 1,000 adults, primarily in unbanked, underbanked, and low and moderate-income communities.

The expansion comes as American household debt reached $17.5 trillion in Q4 2023, with lower-income and younger households facing increased financial stress. PNC's initiative aims to bridge gaps in financial education and provide accessible resources for building a solid foundation in personal finance, small business, and home-buying.

PNC Financial Services Group reported Q2 2024 net income of $1.5 billion, with a diluted EPS of $3.39, up from $3.10 in Q1 2024. Revenue grew by 5% QoQ to $5.4 billion, driven by a 12% rise in noninterest income and a 1% increase in net interest income (NII). The company generated positive operating leverage and increased its net interest margin (NIM) to 2.60%.

PNC saw a gain of $754 million from a Visa share exchange, although this was offset by significant items including a $497 million loss on securities sales and a $120 million PNC Foundation contribution. Noninterest expenses increased by 1% QoQ, totaling $3.4 billion.

The company maintained strong capital levels with a CET1 ratio of 10.2% and upheld its 2.5% Stress Capital Buffer. PNC also raised its quarterly common stock dividend by 5 cents to $1.60 per share.

The PNC Financial Services Group announced key dates for its 2025 quarterly earnings releases.

The first-quarter results will be released on April 15, 2025, at 10 a.m. ET, the second-quarter results on July 16, 2025, at 10 a.m. ET, the third-quarter results on October 15, 2025, at 11 a.m. ET, and the fourth-quarter results on January 16, 2026, at 9 a.m. ET.

Earnings releases, presentations, and webcast links will be available on the PNC investor events page. PNC is a major financial services institution offering retail and business banking, corporate banking, real estate finance, asset-based lending, wealth management, and asset management services.

For more information, visit www.pnc.com or contact media relations at media.relations@pnc.com and investor relations at investor.relations@pnc.com.

The PNC Financial Services Group announced a 3% increase in its quarterly cash dividend on common stock, raising it to $1.60 per share from $1.55. The dividend will be payable on August 5, 2024, to shareholders recorded by July 15, 2024.

Additionally, PNC declared quarterly dividends for several series of preferred stocks. Series B will pay 45 cents per share on September 10, 2024. Series R will pay $2,209.97 per share ($22.0997 per depositary share) on September 1, 2024. Series T will pay $850.00 per share ($8.50 per depositary share) on September 15, 2024. Series U will pay $1,500.00 per share ($15.00 per depositary share) on August 15, 2024. Series V will pay $1,550.00 per share ($15.50 per depositary share) on September 15, 2024, and Series W will pay $1,562.50 per share ($15.6250 per depositary share) on September 15, 2024.

The announcement underscores PNC's financial strength and the board's confidence in the company’s outlook.

On June 28, 2024, PNC Financial Services Group announced the results of its biennial stress test as per Dodd-Frank regulations. Conducted under the supervision of the Federal Reserve and OCC, the test assesses the bank's capital adequacy during severe economic conditions over a nine-quarter period from January 2024 to March 2026. PNC's regulatory capital ratios under these hypothetical adverse conditions were strong, with estimates for Common Equity Tier 1 at 9.1% and Tier 1 Risk-Based Capital at 10.6% by Q1 2026. Minimum ratios during the period were also robust, with Common Equity Tier 1 not dropping below 8% and Tier 1 Risk-Based Capital not below 9.4%. PNC CEO William S. Demchak affirmed the bank's financial resilience and ability to support its stakeholders.

The PNC Financial Services Group has announced its Stress Capital Buffer (SCB) and planned capital actions following the 2024 Federal Reserve's Comprehensive Capital Analysis and Review (CCAR). Despite a calculated SCB of 2.2%, PNC's effective SCB remains at 2.5%, consistent with current levels. PNC's Common Equity Tier 1 (CET1) ratio is 10.1%, significantly above the regulatory minimum of 7.0%. Under adverse conditions, projected CET1 ratios remain above 8.3%, well above the 4.5% regulatory minimum.

PNC plans to recommend a 3% increase in its quarterly cash dividend to $1.60 per share. Additionally, its board has authorized a share repurchase program for up to 100 million shares, with 44% still available for repurchase as of March 31, 2024. Share repurchase activities are expected to align with recent levels, subject to market and economic conditions.

PNC Financial Services Group released its 2023 Corporate Responsibility Report, highlighting extensive efforts to support various stakeholders. Significant accomplishments include deploying $56 billion out of an $88 billion Community Benefits Plan, positively impacting low- and moderate-income communities. PNC reduced overdraft fees by over 60%, saving customers $672 million, and mobilized $7 billion in client environmental financing. Additionally, PNC's mobile branches impacted nearly 9,000 individuals, and over 27,000 people benefited from financial education classes. The report also noted a reduction in energy use, carbon emissions, and water consumption, alongside achieving 48% of its renewable electricity target.