Categories Analysis, Earnings, Finance, IPO

PNC Financial fails to meet Street’s expectations in Q4

The PNC Financial Group (PNC) reported Q4 earnings and revenue that missed analysts’ predictions. The company reported earnings of $2.75 per share compared to $4.18 in the prior year. Revenue increased 2% to $4.34 billion. Analysts had expected PNC to earn $2.79 a share on revenue of $4.4 billion. PNC stock was trading in the negative territory during the premarket session.

PNC Financial Services Q4 2018 earnings

Net interest income grew 6% year-over-year and non-interest income decreased 3% in the recently ended quarter. Average loans and average deposits both increased 2% versus the year-ago quarter. As of Q4 end, provision for credit losses rose 18% compared to the end of the prior-year quarter.

On January 3, 2019, the PNC Board declared a quarterly cash dividend of 95 cents per share effective with the February 5, 2019 dividend payment date.

This quarter’s earnings season started with Citigroup (C) results on Monday, followed by JPMorgan (JPM) and Wells Fargo’s (WFC) results on Tuesday. Few more financial services companies are also reporting their earnings today including Bank of America (BAC), Goldman Sachs (GS), U.S. Bancorp (USB) and Bank of New York Mellon (BK).

The Pittsburgh-based banking firm’s stock had dropped 4% in the last three months and 21% in the one year. PNC’s shares closed Wednesday’s trading down 0.32% at $120.17.

PNC Financial sees a dip despite beating Q3 estimates

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top