Regional Bank Stocks: PNC Financial (PNC)
PNC Financial (PNC) is a super-regional bank, sporting a market capitalization of $43.64 billion. Happily, this leviathan of the regional bank stocks is doing some heavy lifting when it comes to financials. PNC stock is up 6% so far this year.
PNC’s latest quarterly results showed that profit surged 46% to beat Wall Street’s estimate by a whopping 20 cents per share. Cost cuts and improved credit quality helped drive the quarter, as did some decent growth in loans. Tepid loan growth has been weighing on regional banks and regional bank stocks for years, so it was especially good news that PNC didn’t fall short in new loans.
Additionally, PNC’s balance sheet continued to gain strength, which helps calm investors who were worried about another crisis in financials.