PNC Financial Services Group Inc

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  • uploads///manufacturing at a glance
    Macroeconomic Analysis

    PMI Index: Component Growth Impacts Banks

    A growing economy definitely benefits the banking sector. The impact will be positive for big banks and also for regional banks.

    By Rekha Khandelwal, CFA
  • Financials

    Must-know: Determining a bank’s value

    The first challenge is that banks are highly regulated and any change in regulations has a huge impact on the valuation of a bank—the second challenge is that it’s difficult to determine cash flow for a bank because both debt and reinvestment are difficult to calculate.

    By Saul Perez
  • uploads///Dec hike
    Company & Industry Overviews

    Why Are Market Participants Concerned about December 2015?

    The addition of “at its next meeting” in the FOMC’s October statement has led market participants to believe that a rate hike may be effected in its December meeting.

    By David Ashworth
  • uploads///BlackRock
    Fund Managers

    How Does BlackRock Make Money?

    BlackRock, an investment management giant, had $7.0 trillion in AUM (assets under management) at the end of the third quarter.

    By Rekha Khandelwal, CFA
  • uploads///Portfolio Composition of Some US Equity Mutual Funds
    Macroeconomic Analysis

    The Big Picture in US Equity Mutual Funds: November Rundown as of October

    Investors need to keep a close watch on signs that indicate a “liftoff” in December and should be ready to rebalance their equity mutual funds accordingly.

    By David Ashworth
  • Financials

    Must-know: Traditional banks face challenges

    When a borrower isn’t able to pay back the loan, the loan is considered a non-performing asset (or NPA)—since the money for lending came from a depositor, the bank needs a large enough pool of capital to withstand such a shock.

    By Saul Perez
  • uploads///the iron throne
    Company & Industry Overviews

    Which FAANG Stock Will Sit on the Iron Throne?

    With earnings around the corner, which FAANG stock will perform the best?

    By JP Gravitt
  • uploads///part  financials
    Financials

    Berkshire Hathaway’s Banking Holdings in Q1

    Among Berkshire Hathaway’s financial holdings, JPMorgan Chase was the worst performer, while Goldman Sachs was the top performer.

    By Mohit Oberoi, CFA
  • uploads///part  faang
    Consumer

    Did Buffett Miss the Bus on Apple?

    Berkshire Hathaway (BRK-B) is Apple’s second-largest shareholder.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Buffett’s Love for Banking Stocks Continued in Q4

    Berkshire Hathaway is the largest shareholder in Wells Fargo (WFC), Bank of America (BAC), U.S. Bancorp (USB), and American Express (AXP).

    By Mohit Oberoi, CFA
  • uploads///part  aaple
    Company & Industry Overviews

    Key Changes in Berkshire Hathaway’s Holdings in Q3

    Looking at Berkshire Hathaway’s third-quarter 13F, the company added more Apple shares and added a new position in JPMorgan Chase.

    By Mohit Oberoi, CFA
  • uploads///FCF
    Company & Industry Overviews

    TD Ameritrade Converted Scottrade Brokerage Accounts

    TD Ameritrade Holding (AMTD) announced on February 28, 2018, that it has converted the brokerage accounts of Scottrade.

    By Raymond Anderson
  • uploads///Analysts
    Company & Industry Overviews

    What Analysts Are Saying about TD Ameritrade

    TD Ameritrade Holding (AMTD) is tracked by 19 analysts in March 2018. Eight of them are suggesting a “hold” for the stock.

    By Raymond Anderson
  • uploads///Rel Val
    Company & Industry Overviews

    Analyzing TD Ameritrade’s Premium Valuations

    The PE ratio of TD Ameritrade Holding (AMTD) was 17.14x on an NTM (next-12-month) basis, which represents a premium valuation.

    By Raymond Anderson
  • uploads///analysts
    Earnings Report

    What Analysts Are Recommending for State Street Today

    Of the 20 analysts tracking State Street (STT) in January 2018, none has recommended a “strong sell” or a “sell.”

    By Raymond Anderson
  • uploads///Rel Val
    Earnings Report

    Can State Street Recover from Discounted Valuations?

    State Street’s (STT) PE (price-to-earnings) ratio stood at 14.6x on an NTM (next-12-month) basis, compared with the peer average of 17x.

    By Raymond Anderson
  • uploads///EV to rev
    Earnings Report

    Understanding State Street’s Balance Sheet

    State Street’s (STT) total assets stood at $238.4 billion at the end of 4Q17, compared with $242.6 billion in 4Q16.

    By Raymond Anderson
  • uploads///market cap
    Company & Industry Overviews

    Invesco’s Total Operating Revenues Rose Marginally

    Invesco (IVZ) generated total operating revenues of $3.7 billion in the first nine months of 2017.

    By Raymond Anderson
  • uploads///Non interest income
    Earnings Report

    PNC Financials’ Non-Interest Income Ratio Continues to Expand

    PNC Financial’s non-interest income for 2Q16 increased by 10% over the previous quarter, mainly due to higher fee income growth.

    By Robert Karr
  • uploads///Rates
    Company & Industry Overviews

    We Have Liftoff: Federal Reserve Hikes the Federal Funds Rate

    On December 16, 2015, the Federal Open Market Committee unanimously decided to hike the federal funds rate by 25 basis points to 0.25–0.50%.

    By David Ashworth
  • uploads///Chart
    Macroeconomic Analysis

    Rate Hike Expectations Propelled Financial Stocks Higher

    Many banks and financial service providers’ stocks rose on December 15. US investors picked the stocks with the expectation of the zero interest rate policy.

    By Renee Blakely
  • uploads///US Investment Grade Bond Fund Flows
    Fund Managers

    Investment-Grade Bond Funds Witnessed Inflows for the Third Week

    The flows into investment-grade bond funds were positive for the week ending October 28. This was the third consecutive week of inflows.

    By Lynn Noah
  • uploads///Total IG Bond Issuance for WE October
    Fund Managers

    Microsoft Led the High-Grade Bond Issuance Last Week

    US corporates were the biggest issuers of high-grade bonds in the week ending October 30. They accounted for 67.1%, or $25.7 billion, of all the issues.

    By Lynn Noah
  • uploads///US Investment Grade Bond Market Issuance
    Macroeconomic Analysis

    Why Did Investment-Grade Corporate Bonds’ Issuance Rise?

    There were investment-grade corporate bonds worth $38.2 billion issued in the primary market in the week ending October 30—the highest since September 18.

    By Lynn Noah
  • uploads///Regulations
    Macroeconomic Analysis

    Assessing Market Regulations: Headed for a Liquidity Crunch?

    Some market participants point out that regulations give cause for worry about bond market liquidity because they hinder banks’ market-making capabilities.

    By David Ashworth
  • uploads///Sep dot plot
    Macroeconomic Analysis

    The US Monetary Policy: Fischer and Brainard Speak Out

    With regard to US monetary policy, there’s been a lot of emphasis on the timing of the first increase in the federal funds rate. The path of the funds rate is more important than the first increase.

    By David Ashworth
  • uploads///P
    Macroeconomic Analysis

    Analyzing Commercial and Industrial Loan Growth

    After peaking in 1Q15, commercial and industrial growth slowed down in April and May. The growth was 10.4% in April and 9.5% in May 2015.

    By Rebecca Keats
  • uploads///EOP core loans loan and deposit growth
    Company & Industry Overviews

    J.P. Morgan Leads in Loan and Deposit Growth

    J.P. Morgan is the leader in generating market revenue and investment banking fees. It generated more in the last five years than all its competitors.

    By Rekha Khandelwal, CFA
  • uploads///Valuation
    Earnings Report

    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.

    By Robert Karr
  • uploads///SunTrusts deposit growth
    Company & Industry Overviews

    SunTrust Bank’s Deposit Growth Lower than Industry Average

    STI’s deposit growth is clearly lagging behind the industry average. Other banks are experiencing strong growth in this area.

    By Rekha Khandelwal, CFA
  • uploads///BBTs expanding geographic footprint
    Company & Industry Overviews

    BB&T to Expand Its Footprint in Ohio and the Mid-Atlantic Region

    BB&T’s Susquehanna acquisition will significantly expand BB&T’s Mid-Atlantic footprint. The deal is valued at ~$2.5 billion. It will close in the second half of 2015.

    By Rekha Khandelwal, CFA
  • uploads/// Performance in
    Company & Industry Overviews

    Valuation of PNC Bank is close to historical mean

    PNC stock was trading at a PBV ratio of 0.75 in November 2012. Since then, the stock has seen a smart move up and trades at a PBV multiple of ~1.08.

    By Saul Perez
  • uploads/// Strengths Weaknesses
    Company & Industry Overviews

    PNC Bank’s financial strengths outweigh its weaknesses

    PNC Bank has done a good job at reducing its non-interest expenses, but the bank’s efficiency ratio still remains above 60%.

    By Saul Perez
  • uploads/// Auto Finance
    Company & Industry Overviews

    Why the auto finance market share needs to be protected

    Auto finance is a business where Capital One (COF) grew rapidly. The bank entered the market in 1997. Since then, it has been able to build a sizeable market share.

    By Saul Perez
  • uploads/// Share of businesses
    Company & Industry Overviews

    Analyzing Capital One’s business segments

    Capital One (COF) can be understood best by breaking it into different business segments—Credit Card, Consumer Banking, and Commercial Banking.

    By Saul Perez
  • uploads/// Subsidiaries
    Company & Industry Overviews

    What are Capital One’s three main subsidiaries?

    Capital One is organized into subsidiaries. Capital One’s principal subsidiary is a limited purpose credit card bank. It’s chartered in Virginia.

    By Saul Perez
  • uploads/// History
    Company & Industry Overviews

    Capital One’s history: From credit cards to a diversified bank

    Capital One’s history is shorter than other banks. In 1994, Signet Financial Corp. spun off its credit card business into a separate subsidiary—Capital One.

    By Saul Perez
  • uploads/// Non Interest Expenses
    Company & Industry Overviews

    Non-interest expense management can improve at PNC Bank

    PNC’s net interest expenses stood at ~$9.5 billion at the end of 2014, $193 million lower than 2013 after curtailing salary and miscellaneous expenses.

    By Saul Perez
  • uploads/// Type of Loans
    Company & Industry Overviews

    PNC Bank loan book carries some risks

    PNC Bank’s loan book is skewed toward a few types of loans: commercial and industrial loans and 1–4 Family First Liens, about 44.5% of its total loans.

    By Saul Perez
  • uploads///A Geographical
    Company & Industry Overviews

    Does PNC Bank remain a strong long-term play?

    With a strong presence in the East, South, and Midwest, PNC Bank offers community banking, wholesale banking, corporate banking, and asset management.

    By Saul Perez
  • Financials

    Why qualitative analysis should matter to Wells Fargo investors

    Before investing, it’s important to analyze a bank qualitatively, as well as quantitatively. Qualitative analysis is more likely to determine how well a bank will perform over the long-term.

    By Saul Perez
  • Financials

    Overview: The way traditional banks make money

    Generally, the interest charged from those who took the loans is higher than the interest paid to depositors—the difference in the interest earned and interest paid is the interest income that is essentially the money made by the bank from its core operations.

    By Saul Perez
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