PNC Financial Services Group (PNC) is well-positioned to weather potential economic headwinds, according to RBC Capital Markets, which reviewed the company's Q1 results in a Tuesday note.
The company reported Q1 earnings per share of $3.51, surpassing RBC's estimate of $3.40 and the consensus of $3.39. RBC highlighted stronger-than-expected net interest income, lower noninterest expenses, and a reduced provision for credit losses, partially offset by weaker noninterest income.
Additionally, PNC returned $800 million to shareholders in Q1, including $600 million in common dividends and $200 million in share repurchases. The brokerage expects the pace of share buybacks to accelerate throughout the year.
RBC maintained its EPS estimates of $15.70 for 2025 and $17.85 for 2026, citing the Q1 performance and stable full-year guidance.
The firm lowered its price target on PNC to $195 from $205 due to broader market conditions, while reiterating an outperform rating.
Price: 153.27, Change: -0.52, Percent Change: -0.34
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