Here's Why The PNC Financial Services Group, Inc (PNC) Fell More Than Broader Market
The PNC Financial Services Group, Inc (PNC) closed the most recent trading day at $154.85, moving -0.5% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.28%. Elsewhere, the Dow saw a downswing of 0.06%, while the tech-heavy Nasdaq depreciated by 0.56%.
Shares of the company witnessed a gain of 16.18% over the previous month, beating the performance of the Finance sector with its gain of 8.34% and the S&P 500's gain of 5.24%.
Investors will be eagerly watching for the performance of The PNC Financial Services Group, Inc in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 16, 2024. On that day, The PNC Financial Services Group, Inc is projected to report earnings of $2.83 per share, which would represent a year-over-year decline of 18.91%. Simultaneously, our latest consensus estimate expects the revenue to be $5.27 billion, showing an 8.54% drop compared to the year-ago quarter.
PNC's full-year Zacks Consensus Estimates are calling for earnings of $13.74 per share and revenue of $21.43 billion. These results would represent year-over-year changes of -1.58% and +1.45%, respectively.
It is also important to note the recent changes to analyst estimates for The PNC Financial Services Group, Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 0.86% fall in the Zacks Consensus EPS estimate. The PNC Financial Services Group, Inc presently features a Zacks Rank of #3 (Hold).
With respect to valuation, The PNC Financial Services Group, Inc is currently being traded at a Forward P/E ratio of 11.32. This represents a premium compared to its industry's average Forward P/E of 10.18.
Meanwhile, PNC's PEG ratio is currently 1.4. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Banks - Major Regional industry had an average PEG ratio of 1.56.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 90, which puts it in the top 36% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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The PNC Financial Services Group, Inc (PNC) : Free Stock Analysis Report
