Why PNC Financial Has Been Pricing at a Premium
PNC Financial (PNC) successfully diversified its banking operations by extending offerings in asset management, consumer services, and investment banking.
In 1Q15, PNC Financial bought back 4.4 million common shares worth $0.4 billion. The purchase was part of its four-quarter repurchase program.
PNC Financial’s non-interest income declined by 10% compared to the previous quarter—mainly due to higher fourth quarter gains on asset dispositions.
PNC Financial engages in retail, corporate, and institutional banking. The diversified giant expanded its commercial lending in the first quarter by 2% to $129 billion.
PNC Financial Services Group (PNC) reported its first quarter earnings for financial year 2015. It just managed to beat analysts’ estimates.