PNC Financial Services Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component PNC Financial Services (NYSE:PNC) will unveil its latest earnings on Wednesday, October 19, 2011. PNC Financial Services Group offers corporate and institutional banking, retail banking, asset management, residential mortgage banking, and global investment services.

PNC Financial Services Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of $1.49 per share, a decline of 4.5% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from $1.45. Between one and three months ago, the average estimate moved up. It has been unchanged at $1.49 during the last month. For the year, analysts are projecting net income of $6.16 per share, a rise of 1.5% from last year.

Past Earnings Performance: The company has beaten estimates the last four quarters and is coming off a quarter where it topped forecasts by 20 cents, reporting profit of $1.67 per share against a mean estimate of net income of $1.47 per share.

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Wall St. Revenue Expectations: On average, analysts predict $3.57 billion in revenue this quarter, a decline of 0.8% from the year ago quarter. Analysts are forecasting total revenue of $14.36 billion for the year, a decline of 5.4% from last year’s revenue of $15.18 billion.

Analyst Ratings: Analysts are bullish on this stock with 21 analysts rating it as a buy, none rating it as a sell and three rating it as a hold.

A Look Back: In the second quarter, profit rose 12.2% to $911 million ($1.67 a share) from $812 million ($1.47 a share) the year earlier, exceeding analyst expectations. Revenue fell 9.1% to $4.04 billion from $4.44 billion.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 7.6% in the first quarter from the year earlier, dropped 12.2% in fourth quarter of the last fiscal year from the year-ago quarter and 14.2% in the third quarter of the last fiscal year.

The company has now been profitable for the last eight quarters, and for the last four, profit has risen year over year by an average of 24.5%. The quarter with the biggest boost was the third quarter of the last fiscal year, which saw a 90.2% surge.

Competitors to Watch: Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), JPMorgan Chase & Co. (NYSE:JPM), KeyCorp (NYSE:KEY), Citigroup Inc. (NYSE:C), Regions Financial Corp. (NYSE:RF), BB&T Corporation (NYSE:BBT) and First Horizon National Corp. (NYSE:FHN).

Stock Price Performance: During August 17, 2011 to October 13, 2011, the stock price had risen $3.97 (8.4%) from $47.31 to $51.28. The stock price saw one of its best stretches over the last year between November 30, 2010 and December 9, 2010 when shares rose for eight-straight days, rising 14.3% (+$7.62) over that span. It saw one of its worst periods between July 7, 2011 and July 20, 2011 when shares fell for 10-straight days, falling 7.7% (-$4.63) over that span. Shares are down $8.64 (-14.4%) year to date.

(Source: Xignite Financials)

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