BUZZ-PNC Financial shares fall; interest income misses while rev, profit beat the Street
PNC Financial shares fell over 5%, marking the largest drop since April 13, despite beating EPS and revenue expectations. The company's quarterly Net Interest Income (NII) of $3.648 billion missed Wall Street's forecast of $3.676 billion. Analyst Steven Alexopoulous predicts lower NII and higher expenses for Q4, leading to a projected 25% decrease in EPS for FY 2025. PNC shares last traded at $182, below the median price target of $225, with a year-to-date decline of 6.8% compared to a 21.9% gain for the S&P 500 bank index.
PNC Financial (PNC.N) shares down more than 5% on track for biggest one-day drop since April 13 and running counter to a broader sector rally on the day as quarterly Net Interest Income (NII) missed Wall Street expectations while EPS, rev beat expectations
Also, TD Cowen analyst Steven Alexopoulous wrote that the co’s Q4 outlook implies lower NII and higher expenses than Street expectations, which he says implies 25 lower EPS for FY 2025 than previously expected The regional financial services company reported adj EPS of $4.35 vs Street expectation for $4.05 rev of $5.92 bln vs cons view of $5.83 bln, as per LSEG
However its net interest income of $3.648 bln was above the year-ago and sequential quarter but below expectations for $3.676 bln, according to LSEG
PNC shares last traded at $182 vs median PT of $225, which is up from $219.50 a month ago, according to LSEG which shows 24 analyst ratings: 6 ‘strong buy,’ 12 ‘buy,’ 5 ‘hold’ and 1 ‘sell’ reccomendations
YTD shares down 6.8% vs gain of 21.9% for S&P 500 bank index< .SPXBK>
