PNC Financial Services Group Inc Posts Record High Net Income; Beats Estimates (PNC)

PNC Financial Services Group Inc Posts Record High Net Income; Beats Estimates (PNC)


PNC Financial (PNC) announced its fourth quarter and full year 2013 earnings today before the opening bell, posting slightly higher revenue for the quarter and record net income for the year.

PNC Earnings in Brief

  • PNC’s fourth quarter earnings were nearly flat from last year, coming in at $4.073 billion compared to $4.069 billion.
  • The company reported net income of $1.06 billion, up significantly from last year’s Q4 figure of $719 million.
  • PNC’s EPS for the quarter came in at $1.85 per diluted share, which was up from last year’s Q4 EPS of $1.24.
  • PNC easily beat analysts’ estimates of $1.65 EPS on revenues of $3.84 billion.
  • For the full year, PNC reported net income of $4.2 billion, or $7.39 per share.

CEO Commentary

William S. Demchak, PNC’s president and CEO, had the following comments: “PNC reported record net income for 2013. These results validate the strategy that we’ve been executing. As the new year begins, PNC has a strong balance sheet along with a clear set of strategic priorities that position us to continue to deliver for all of our constituencies even as the economic and regulatory climates continue to evolve.”

No Dividend Change

PNC Financial did not mention any changes to its dividend in its quarterly earnings report. This was expected, as for the past number of years, PNC has announced a raise to its dividend in April for the May payout. Investors should expect a similar move this coming April.

Stock Performance

PNC stock was up $2.75, or 3.53%, in pre-market trading. So far this year, PNC stock is up 2.92%.

The Bottom Line

Shares of PNC Financial (PNC) have a yield of 2.23% based on Wednesday’s closing price of $78.84 and the company’s annualized payout of $1.76.

PNC Financial (PNC) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.