Analyst Consensus ?
ConsensusHold46 ratings
Bullish2350.0%
Neutral2247.8%
Bearish12.2%
The PNC Financial Services Group, Inc. · PNC · FY2026 Q2 · Calendar Q3 2026
PNC Beats on EPS and Revenue as Fee Income Climbs and FirstBank Integration Holds
PNC delivered a second consecutive strong quarter, with adjusted EPS of $4.85 (up 25% YoY) beating the $4.46 consensus by 8.7% and revenue of $6.88B exceeding the $6.51B estimate by 5.5%. The quarter was highlighted by a 10% YoY increase in fee income driven by record M&A advisory revenue, 4% YoY loan portfolio expansion led by commercial and industrial lending, and the successful integration of FirstBank without disruption to core operations. Management raised the dividend 18% to $2.00 per share and continued share repurchases at a $1.3B annual pace. A one-time $448M pre-tax gain from monetizing half of PNC's Visa Class B2 shares further strengthened the capital position, with CET1 at 9.9%. Guidance was maintained, with NIM expected to exceed 3% by year-end and ROTCE targeted at 18% for FY26. The market reaction was modestly positive on the report day (abnormal move +0.50%) but the…
Reported Before market openNYSEFinancial Services
$100.39B market cap
100quality score
Company context
Snapshot as of publicationPNC Financial Services Group, Inc. stands as a diversified financial institution operating across the United States. Founded in 1852 and headquartered in Pittsburgh, Pennsylvania, the company maintains an extensive physical footprint, boasting 2,591 branches and 9,502 ATMs. Its Retail Banking division delivers a full spectrum of financial solutions to individual consumers and small businesses. This includes a variety of deposit accounts such as checking, savings, money market, and certificates of deposit. Lending products span residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education financing, and personal and small business loans and credit lines. Additionally, the segment provides brokerage, insurance, investment, and cash management services, all accessible via its branch network, ATMs, call centers, and digital banking channels. The Corporate & Institutional Banking segment caters to the needs of mid-sized and large corporations, government entities, and not-for-profit organizations.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.85
Consensus $4
EPS surprise
+8.7%
Reported versus consensus
Reported revenue
$6.88B
Consensus $6.51B
Revenue surprise
+5.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$251.6Current
$162Low
$236.54Average
$305High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Jul 20, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 16, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 16, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 16, 2026 |
| UBS | Buy | Buy | Maintain | Jul 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Apr 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 16, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 20, 2026 |
| Keefe, Bruyette& Woods | Market Perform | Market Perform | Maintain | Dec 17, 2025 |
| Piper Sandler | Overweight | Neutral | Upgrade | Oct 9, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Sep 19, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 3, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 2, 2025 |
| HSBC | Buy | Hold | Upgrade | Mar 31, 2025 |
| Compass Point | Neutral | Neutral | Maintain | Dec 10, 2024 |
| Jefferies | Hold | Hold | Maintain | Jul 3, 2024 |
| Odeon Capital | Buy | Hold | Upgrade | Dec 14, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jul 19, 2023 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 6, 2023 |
| Nomura | Buy | Neutral | Upgrade | Apr 16, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jan 10, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Nov 27, 2018 |
| BMO Capital | Market Perform | Outperform | Downgrade | Nov 19, 2018 |
| Bernstein | Outperform | Market Perform | Upgrade | Oct 15, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Nov 29, 2016 |
| CLSA | Underperform | Underperform | Maintain | Sep 23, 2016 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Mar 14, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Oct 27, 2014 |
| Rafferty Capital | Hold | Buy | Downgrade | Apr 17, 2014 |
| Rafferty | Hold | Buy | Downgrade | Apr 17, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Jan 16, 2014 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Dec 16, 2013 |
| SunTrust Robinson Humphrey | Neutral | Buy | Downgrade | Feb 6, 2013 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Oct 17, 2012 |
| Stifel | Hold | Buy | Downgrade | Oct 17, 2012 |
| ISI Group | Hold | Buy | Downgrade | Oct 16, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 19, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $251.6. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $265 | $252.51 | +5.3% | Jul 23, 2026 |
| Argus Research | Analyst unavailable | $280 | $254.57 | +11.3% | Jul 16, 2026 |
| Oppenheimer | Analyst unavailable | $281 | $253.41 | +11.7% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $273 | $254.15 | +8.5% | Jul 16, 2026 |
| Stephens | Analyst unavailable | $275 | $254.15 | +9.3% | Jul 16, 2026 |
| Robert W. Baird | Analyst unavailable | $280 | $254.15 | +11.3% | Jul 16, 2026 |
| Barclays | Jason Goldberg | $284 | $254.15 | +12.9% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $285 | $254.15 | +13.3% | Jul 16, 2026 |
| Goldman Sachs | Richard Ramsden | $280 | $254.15 | +11.3% | Jul 15, 2026 |
| Jefferies | David Chiaverini | $305 | $254.15 | +21.2% | Jul 15, 2026 |
| UBS | Analyst unavailable | $288 | $255.06 | +14.5% | Jul 7, 2026 |
| Evercore ISI | John Pancari | $280 | $251.69 | +11.3% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $270 | $249.49 | +7.3% | Jul 6, 2026 |
| Oppenheimer | Analyst unavailable | $271 | $246.13 | +7.7% | Jun 30, 2026 |
| Morgan Stanley | Manan Gosalia | $278 | $246.06 | +10.5% | Jun 29, 2026 |
| Truist Financial | Analyst unavailable | $257 | $243.7 | +2.1% | Jun 26, 2026 |
| Truist Financial | Analyst unavailable | $245 | $222.71 | -2.6% | Apr 16, 2026 |
| Oppenheimer | Analyst unavailable | $268 | $222.96 | +6.5% | Apr 16, 2026 |
| Morgan Stanley | Manan Gosalia | $267 | $223.17 | +6.1% | Apr 16, 2026 |
| Barclays | Analyst unavailable | $277 | $222.06 | +10.1% | Apr 16, 2026 |
| Truist Financial | John McDonald | $234 | $205.46 | -7.0% | Mar 26, 2026 |
| UBS | Analyst unavailable | $263 | $238.86 | +4.5% | Feb 4, 2026 |
| Oppenheimer | Analyst unavailable | $284 | $221.38 | +12.9% | Jan 20, 2026 |
| Evercore ISI | Analyst unavailable | $260 | $221.38 | +3.3% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $221 | $221.09 | -12.2% | Jan 20, 2026 |
| Truist Financial | John McDonald | $240 | $223.18 | -4.6% | Jan 20, 2026 |
| RBC Capital | Analyst unavailable | $235 | $223.18 | -6.6% | Jan 20, 2026 |
| HSBC | Saul Martinez | $206 | $215.99 | -18.1% | Jan 7, 2026 |
| Evercore ISI | John Pancari | $247 | $216.97 | -1.8% | Jan 6, 2026 |
| Barclays | Jason Goldberg | $271 | $211.46 | +7.7% | Jan 5, 2026 |
| Morgan Stanley | Betsy Graseck | $211 | $209.86 | -16.1% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $229 | $212.66 | -9.0% | Dec 18, 2025 |
| Piper Sandler | Analyst unavailable | $220 | $190.16 | -12.6% | Oct 9, 2025 |
| UBS | Analyst unavailable | $229 | $194.43 | -9.0% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $230 | $201.85 | -8.6% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $206 | $203.32 | -18.1% | Sep 29, 2025 |
| Truist Financial | John McDonald | $210 | $205.1 | -16.5% | Sep 24, 2025 |
| Raymond James | Analyst unavailable | $225 | $206.27 | -10.6% | Sep 19, 2025 |
| Piper Sandler | Analyst unavailable | $211 | $201.89 | -16.1% | Sep 10, 2025 |
| Truist Financial | John McDonald | $201 | $203.77 | -20.1% | Sep 8, 2025 |
| Oppenheimer | Analyst unavailable | $238 | $192.55 | -5.4% | Jul 30, 2025 |
| Goldman Sachs | Richard Ramsden | $190 | $189.93 | -24.5% | Oct 16, 2024 |
| Wells Fargo | Mike Mayo | $215 | $192.34 | -14.5% | Oct 16, 2024 |
| Barclays | Jason Goldberg | $229 | $192.34 | -9.0% | Oct 16, 2024 |
| Evercore ISI | John Pancari | $225 | $192.34 | -10.6% | Oct 15, 2024 |
| Stephens | Terry McEvoy | $200 | $192.34 | -20.5% | Oct 15, 2024 |
| Goldman Sachs | Richard Ramsden | $180 | $178.78 | -28.5% | Sep 10, 2024 |
| Piper Sandler | Scott Siefers | $178 | $184.29 | -29.3% | Sep 3, 2024 |
| Bank of America Securities | Ebrahim Poonawala | $200 | $172.17 | -20.5% | Aug 15, 2024 |
| Goldman Sachs | Richard Ramsden | $182 | $179.71 | -27.7% | Jul 17, 2024 |
| UBS | Erika Najarian | $179 | $156.51 | -28.9% | Jul 8, 2024 |
| Wells Fargo | Mike Mayo | $194 | $150.25 | -22.9% | Jun 12, 2024 |
| Piper Sandler | Scott Siefers | $158 | $153.1 | -37.2% | May 24, 2024 |
| Jefferies | Ken Usdin | $162 | $146.67 | -35.6% | Apr 17, 2024 |
| Evercore ISI | John Pancari | $175 | $146.54 | -30.4% | Apr 17, 2024 |
| Jefferies | Ken Usdin | $171 | $157.37 | -32.0% | Apr 8, 2024 |
| HSBC | Saul Martinez | $155 | $159.97 | -38.4% | Mar 28, 2024 |
| UBS | Analyst unavailable | $176 | $164.3 | -30.0% | Jan 10, 2023 |
| Deutsche Bank | Analyst unavailable | $190 | $159.37 | -24.5% | Jan 6, 2023 |
| Barclays | Analyst unavailable | $218 | $160.42 | -13.4% | Jan 3, 2023 |
| Morgan Stanley | Analyst unavailable | $178 | $149.14 | -29.3% | Dec 19, 2022 |
| Morgan Stanley | Analyst unavailable | $177 | $148.81 | -29.7% | Dec 16, 2022 |
| Morgan Stanley | Analyst unavailable | $176 | $150.66 | -30.0% | Dec 6, 2022 |
| Deutsche Bank | Analyst unavailable | $200 | $166.64 | -20.5% | Sep 12, 2022 |
| Credit Suisse | Analyst unavailable | $170 | $156.46 | -32.4% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $222 | $153.42 | -11.8% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $153.42 | -28.5% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $168 | $158.38 | -33.2% | Jul 12, 2022 |
| Wells Fargo | Analyst unavailable | $202 | $157.77 | -19.7% | Jul 1, 2022 |
| Wolfe Research | Analyst unavailable | $177 | $167.63 | -29.7% | May 26, 2022 |
| Raymond James | Michael Rose | $210 | $178.05 | -16.5% | Apr 20, 2022 |
| Argus Research | Stephen Biggar | $220 | $175.75 | -12.6% | Apr 18, 2022 |
| Argus Research | Stephen Biggar | $245 | $200.96 | -2.6% | Jan 22, 2022 |
| Evercore ISI | John Pancari | $235 | $208.52 | -6.6% | Jan 19, 2022 |
| UBS | Erika Najarian | $245 | $208.52 | -2.6% | Jan 19, 2022 |
| Barclays | Jason Goldberg | $250 | $207.07 | -0.6% | Jan 3, 2022 |
| Citigroup | Keith Horowitz | $220 | $200.68 | -12.6% | Dec 16, 2021 |
| Wells Fargo | Mike Mayo | $240 | $215.36 | -4.6% | Oct 25, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $215 | $198.03 | -14.5% | Oct 15, 2021 |
| KBW | David Konrad | $193 | $184.53 | -23.3% | Jul 6, 2021 |
| Compass Point | Dave Rochester | $190 | $190.37 | -24.5% | May 18, 2021 |
| Stephens | Terry McEvoy | $195 | $174.48 | -22.5% | Apr 19, 2021 |
Track every rating change on PNC the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+0.9%
Event window
SPY move
+0.4%
Same window
Abnormal move
+0.5%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
-1.0%
Up to 20 sessions
PNCSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Adjusted EPS rose 25% YoY to $4.85, beating the $4.46 estimate by 8.7%. Revenue of $6.88B surpassed the $6.51B consensus by 5.5%. Fee income increased 10% YoY with record M&A advisory fees. The loan portfolio grew 4% YoY, driven by commercial and industrial lending. PNC monetized half of its Visa Class B2 shares for a $448M pre-tax gain. The dividend was raised 18% to $2.00 per share and share repurchases continued at $1.3B annually. FirstBank integration was completed successfully without slowing core business execution. CET1 ratio stood at 9.9% per Fed stress test results.
Guidance delta
Management maintained prior guidance. Full-year 2026 targets include revenue growth of approximately 11%, loan growth of approximately 11%, NIM exceeding 3% in the second half, and 18% ROTCE. The $350M cost-reduction program announced in Q1 remains on track. No material changes to the outlook were indicated.
Key takeaways
- Adjusted EPS of $4.85 beat estimates by 8.7%, with revenue of $6.88B exceeding consensus by 5.5%.
- Fee income rose 10% YoY, led by record M&A advisory fees and capital markets activity.
- Loan portfolio grew 4% YoY on commercial and industrial demand, with utilization rates improving.
- PNC realized a $448M pre-tax gain from selling half of its Visa Class B2 shares, bolstering capital.
- The dividend was increased 18% to $2.00 per share, with $1.3B in annual share repurchases ongoing.
- FirstBank integration was completed without disrupting core operations, adding $15B in loans and $22B in deposits.
Management priorities
- Open additional branches in high-growth regions and continue retail deposit growth initiatives.
- Roll out the new mobile banking platform across the customer base.
- Maintain share repurchases at $1.3B annually and grow the dividend by 18%.
- Achieve NIM above 3% by year-end and 18% ROTCE for FY26.
- Execute the $350M cost-reduction program to fund technology investments.
- Continue expanding fee-based businesses, particularly capital markets advisory and asset management.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-07-15T16:04:24.337183+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T02:32:54.933103+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T02:32:54.930389+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.