PNC Finl Servs Grの空売り状況は、投資家がPNC Finl Servs Grの株価下落に賭けている度合いを知ることができます。空売りデータは2週間ごとに更新されます。

PNC Finl Servs Gr (NYSE:PNC) 株価情報, 空売り情報

PNC Finl Servs Gr

PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking across the United States.

PNC Financial Services Gr

PNC Financial Services Group, Inc. (The) Common Stock

PNC Financial Services Group Inc

Galleon Gold Corp

PNC FINANCIAL SERVICES GROUP ORD

WIIM

ALLY

ARES

BANC

CADE

COLB

FITB

FULT

HBAN

NTRS

SCHW

TROW

ZION

Shares of banking and private equity stocks are trading higher after Donald Trump won the US presidential election.

PNC Finl Servs Gr's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) short percent of float has fallen 3.4% since its last report. The company recently reported that it has 5.61 million shares sold short, which is 1.42% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.46 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>PNC Finl Servs Gr Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730226624_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for PNC Finl Servs Gr has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing PNC Finl Servs Gr's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, PNC Finl Servs Gr's peer group average for short interest as a percentage of float is 1.08%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Peering Into PNC Finl Servs Gr's Recent Short Interest

In the current session, the stock is trading at $187.43, after a 0.87% increase. Over the past month, PNC Finl Servs Gr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) stock increased by 4.19%, and in the past year, by 63.74%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1730126728_0.png" alt="Past Year Chart" />

<h3>PNC Finl Servs Gr P/E Compared to Competitors</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Compared to the aggregate P/E ratio of 13.38 in the Banks industry, PNC Finl Servs Gr Inc. has a higher P/E ratio of 15.71. Shareholders might be inclined to think that PNC Finl Servs Gr Inc. might perform better than its industry group. It's also possible that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1730126729_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

News

Intraday Update

Markets

P/E Ratio Insights for PNC Finl Servs Gr

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NU</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$13.00</td>
<td>$28.5K</td>
<td>37.4K</td>
<td>2.3K</td>
</tr>
<tr>
<td>RELY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$15.00</td>
<td>$73.5K</td>
<td>402</td>
<td>420</td>
</tr>
<tr>
<td>PNC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$182.50</td>
<td>$30.0K</td>
<td>378</td>
<td>300</td>
</tr>
<tr>
<td>PYPL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$80.00</td>
<td>$26.0K</td>
<td>6.1K</td>
<td>245</td>
</tr>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$5.00</td>
<td>$82.7K</td>
<td>886</td>
<td>220</td>
</tr>
<tr>
<td>MS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$102.00</td>
<td>$70.9K</td>
<td>219</td>
<td>209</td>
</tr>
<tr>
<td>UBS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$20.00</td>
<td>$229.5K</td>
<td>0</td>
<td>180</td>
</tr>
<tr>
<td>WFC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$60.00</td>
<td>$51.9K</td>
<td>17.1K</td>
<td>126</td>
</tr>
<tr>
<td>FUTU</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$75.00</td>
<td>$117.7K</td>
<td>471</td>
<td>100</td>
</tr>
<tr>
<td>BX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$155.00</td>
<td>$27.9K</td>
<td>3.5K</td>
<td>52</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding NU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), we observe a put option sweep with bearish sentiment. It expires in 21 day(s) on November 15, 2024. Parties traded 2027 contract(s) at a $13.00 strike. This particular put needed to be split into 33 different trades to become filled. The total cost received by the writing party (or parties) was $28.5K, with a price of $14.0 per contract. There were 37469 open contracts at this strike prior to today, and today 2329 contract(s) were bought and sold. 
• Regarding RELY (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RELY#NASDAQ">RELY</a>), we observe a put option sweep with bullish sentiment. It expires in 84 day(s) on January 17, 2025. Parties traded 420 contract(s) at a $15.00 strike. This particular put needed to be split into 28 different trades to become filled. The total cost received by the writing party (or parties) was $73.5K, with a price of $175.0 per contract. There were 402 open contracts at this strike prior to today, and today 420 contract(s) were bought and sold. 
• For PNC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), we notice a put option trade that happens to be bearish, expiring in 7 day(s) on November 1, 2024. This event was a transfer of 300 contract(s) at a $182.50 strike. The total cost received by the writing party (or parties) was $30.0K, with a price of $100.0 per contract. There were 378 open contracts at this strike prior to today, and today 300 contract(s) were bought and sold. 
• Regarding PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we observe a call option sweep with bearish sentiment. It expires in 21 day(s) on November 15, 2024. Parties traded 50 contract(s) at a $80.00 strike. This particular call needed to be split into 11 different trades to become filled. The total cost received by the writing party (or parties) was $26.0K, with a price of $520.0 per contract. There were 6173 open contracts at this strike prior to today, and today 245 contract(s) were bought and sold. 
• Regarding COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we observe a call option trade with bullish sentiment. It expires in 448 day(s) on January 16, 2026. Parties traded 4 contract(s) at a $5.00 strike. The total cost received by the writing party (or parties) was $82.7K, with a price of $20695.0 per contract. There were 886 open contracts at this strike prior to today, and today 220 contract(s) were bought and sold. 
• For MS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), we notice a call option sweep that happens to be bearish, expiring in 7 day(s) on November 1, 2024. This event was a transfer of 47 contract(s) at a $102.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $70.9K, with a price of $1510.0 per contract. There were 219 open contracts at this strike prior to today, and today 209 contract(s) were bought and sold. 
• Regarding UBS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), we observe a call option sweep with bullish sentiment. It expires in 203 day(s) on May 16, 2025. Parties traded 180 contract(s) at a $20.00 strike. This particular call needed to be split into 14 different trades to become filled. The total cost received by the writing party (or parties) was $229.5K, with a price of $1275.0 per contract. There were 0 open contracts at this strike prior to today, and today 180 contract(s) were bought and sold. 
• For WFC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), we notice a call option sweep that happens to be bullish, expiring in 21 day(s) on November 15, 2024. This event was a transfer of 100 contract(s) at a $60.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $51.9K, with a price of $514.0 per contract. There were 17107 open contracts at this strike prior to today, and today 126 contract(s) were bought and sold. 
• For FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we notice a call option sweep that happens to be bearish, expiring in 7 day(s) on November 1, 2024. This event was a transfer of 64 contract(s) at a $75.00 strike. This particular call needed to be split into 64 different trades to become filled. The total cost received by the writing party (or parties) was $117.7K, with a price of $1840.0 per contract. There were 471 open contracts at this strike prior to today, and today 100 contract(s) were bought and sold. 
• For BX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), we notice a call option sweep that happens to be bullish, expiring in 21 day(s) on November 15, 2024. This event was a transfer of 20 contract(s) at a $155.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $27.9K, with a price of $1372.0 per contract. There were 3531 open contracts at this strike prior to today, and today 52 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

COIN

FUTU

PYPL

RELY

10 Financials Stocks Whale Activity In Today's Session

In the current market session, PNC Finl Servs Gr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) stock price is at $188.60, after a 0.11% decrease. However, over the past month, the company's stock spiked by 1.20%, and in the past year, by 71.91%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1729261810_0.png" alt="Past Year Chart" />

<h3>Evaluating PNC Finl Servs Gr P/E in Comparison to Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of 13.44 in the Banks industry, PNC Finl Servs Gr Inc. has a higher P/E ratio of 15.96. Shareholders might be inclined to think that PNC Finl Servs Gr Inc. might perform better than its industry group. It's also possible that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1729261810_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Barclays analyst Jason Goldberg maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Overweight and raises the price target from $209 to $229.

Price Target

Analyst Ratings

Barclays Maintains Overweight on PNC Finl Servs Gr, Raises Price Target to $229

Wells Fargo analyst Whit Mayo maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Overweight and raises the price target from $204 to $215.

Wells Fargo Maintains Overweight on PNC Finl Servs Gr, Raises Price Target to $215

Stephens &amp; Co. analyst Terry McEvoy maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Equal-Weight and raises the price target from $185 to $200.

Stephens & Co. Maintains Equal-Weight on PNC Finl Servs Gr, Raises Price Target to $200

Evercore ISI Group analyst John Pancari maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Outperform and raises the price target from $212 to $225.

Evercore ISI Group Maintains Outperform on PNC Finl Servs Gr, Raises Price Target to $225

Keefe, Bruyette &amp; Woods analyst David Konrad maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Underperform and raises the price target from $180 to $182.

Keefe, Bruyette & Woods Maintains Underperform on PNC Finl Servs Gr, Raises Price Target to $182

Morgan Stanley analyst Betsy Graseck maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Underweight and raises the price target from $177 to $180.

Morgan Stanley Maintains Underweight on PNC Finl Servs Gr, Raises Price Target to $180

PNC Financial Services shares are trading higher after the company reported better-than-expected Q3 financial results.

A wave of market-relevant news fueled an active trading session on Wall Street Tuesday, with large-cap indices falling due to sharp declines in tech and energy stocks, while small-caps outperformed, led by gains in regional banks.
At the forefront of the headlines is the massive plunge in ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares. The Dutch chipmaker&#8217;s stock nosedived over 16% after a technical error prematurely revealed its third-quarter earnings, originally scheduled for Wednesday, <a href="https://www.benzinga.com/markets/equities/24/10/41339229/asml-earnings-leak-sparks-broad-semiconductor-sell-off-sector-down-sharply-as-dutch-chipmaker-lo">on the company&#8217;s website. </a>
The report disclosed weaker-than-expected guidance for 2025, leading to the worst single-day drop in ASML stock since it went public in 2002.
ASML&#8217;s collapse sent shockwaves across the semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) falling more than 4%, marking its worst performance since early September. Key semiconductor players were hit hard, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down 5% and Arm Holdings PLC-ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbling 7%.
Another underperforming sector was energy. Oil prices plunged 5%, setting up their <a href="https://www.benzinga.com/markets/asia/24/10/41336413/oil-prices-take-largest-plunge-in-over-a-year-as-israel-vows-to-spare-iranian-facilities-energy-stoc">worst trading day in over a year. </a>
The sell-off followed a Monday&#8217;s report from The Washington Post, which revealed Israeli Prime Minister Benjamin Netanyahu assured the Biden administration Israel would refrain from targeting Iranian oil and nuclear facilities in any retaliatory military actions.
Meanwhile, the financial sector surged, extending its all-time highs as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) all posted <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41331839/financial-sector-hits-record-highs-as-goldman-sachs-bank-of-america-citi-beat-q3-ea">stronger-than-expected quarterly earnings.</a>
Gains also spread to more economically sensitive regional banks, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumping over 3%, lifting the broader Russell 2000 index by 1%.
In other markets, both the U.S. dollar and Treasury yields remained steady, as there were no major updates on interest-rate expectations. Gold edged up by 0.6%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its recent momentum, climbing 1.3% after a 5.1% surge on Monday.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg (1-day) %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,272.05</td>
<td>1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,942.79</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,842.20</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,221.22</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $581.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% down to $429.46.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.1% to $491.72.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1% to $222.52.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 2.3%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Airlines and cruise lines rallied in reaction to lower oil prices. American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) rose 2.2%, United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) gained 2.2%. Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) rallied 7.7% and 5.5%, respectively. </li>
<li>Charles Schwab rose 7.5% after reporting stronger-than-expected quarterly results. </li>
<li>Other stocks reacting to earnings were UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), down 7.4%; Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), up 1.8%; Bank of America Corp., up 1.9%; Goldman Sachs Group Inc., down 0.3%; Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), down 4%; PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), up 4%; State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), up 0.6% and Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>), up 13%</li>
<li>Companies slated to report earnings after the close include Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>), United Arlines Holdings Inc., Omnicon Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>) and J.B. Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41336897/3-reasons-why-a-bitcoin-all-time-high-before-the-election-is-back-in-play">3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play</a></li>
</ul>
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iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Chipmaker Stocks Sink On ASML Earnings Leak, Oil Eyes Worst 1-Day Drop This Year, Small Caps Rally: What's Driving Markets Tuesday?

PNC Sees Q4 Adj. Fee Income Down 5%-7% Vs Q3

PNC Financial Services Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) shares are trading higher after it reported<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41326623/pnc-reports-third-quarter-2024-net-income-of-1-5-billion-3-49-diluted-eps" rel="noreferrer noopener"> third-quarter&nbsp;results</a>.
Revenue rose 4%&nbsp;Y/Y to $5.432 billion, beating the consensus of&nbsp;$5.389 billion. Revenue growth Y/Y led by higher&nbsp;noninterest income.
Net interest income remained flat Y/Y at&nbsp;$3.41 billion, with a net interest margin of 2.64%.
Noninterest income grew&nbsp;11%&nbsp;Y/Y to&nbsp;$2.02 billion, led by higher fee income (+13% Y/Y) thanks to strong capital markets and advisory revenue.
Average loans and average deposits both remained stable Y/Y in the&nbsp;third quarter. EPS of&nbsp;$3.49&nbsp;topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$3.32</a>.
The company reported a provision for credit losses of&nbsp;$243 million&nbsp;in the quarter (vs.&nbsp;$129 million&nbsp;a year ago). CET1 capital ratio stood at&nbsp;10.3%&nbsp;vs. 9.8%&nbsp;in the prior year quarter.&nbsp;
Dividend: On October 3, 2024, PNC&#8217;s board of directors declared a quarterly cash dividend on common stock of&nbsp;$1.60, payable on November 5, 2024, to shareholders of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41168021/pnc-declares-dividend-of-1-60-on-common-stock" rel="noreferrer noopener">record as of October 16, 2024</a>.
PNC returned&nbsp;$0.8 billion&nbsp;of capital to shareholders, comprising share repurchases over&nbsp;$0.1&nbsp;billion&nbsp;in the quarter.
The company expects the share repurchase activity for the fourth quarter of 2024 is expected to match recent quarterly averages.
Bill Demchak, Chairman and CEO, said, &#8220;Our results for the third quarter demonstrate PNC&#8217;s continued strong momentum across the franchise. NII and NIM both increased, fee revenue grew substantially and expenses remained well controlled, resulting in positive operating leverage.&#8221;
&#8220;Importantly, we increased TBV, grew customers and continued to strengthen our capital levels. We remain well positioned to capitalize on opportunities and achieve record NII in 2025.&#8221;
<a target="_blank" href="https://d1io3yog0oux5.cloudfront.net/_c053e26bac1e3ba8730bf90f9a1b5811/pnc/db/2250/21523/presentation/3Q24+Earnings+Slides_Final.pdf" rel="noreferrer noopener">Guidance</a>: For the&nbsp;fourth quarter, the bank expects average loans and total revenue to be stable and net interest income to be&nbsp;up&nbsp;1% sequentially.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Regional Banks ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>) and&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P Ultra Dividend Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>).
Price Action: PNC shares are up 0.78% at $190.00 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41324660/jim-cramer-says-earnings-season-will-fuel-markets-record-run-but-warns-of-this-horr" target="_blank" rel="noreferrer noopener">Jim Cramer Says Earnings Season Will Fuel Market&#8217;s Record Run, But Warns Of This &#8216;Horrendous&#8217; Headwind That Could Apply Brakes To Rally</a></li>
</ul>

Earnings

Dividends

Buybacks

iShares Dow Jones US Regional Banks Index Fund

RDIV

PNC Financial Surges Past Q3 Expectations With Revenue Boost And Strong Fee Growth

Wall Street mood has become circumspect as traders gear up to receive a slew of earnings reports this week <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">amid the market&#8217;s record run.</a> The Nasdaq Composite has been a laggard among the major averages and it remains to be seen if the early sentiment reverses and tech stocks could finish the session with a flourish. 
A spate of earnings due ahead of the market may set the tone for the day&#8217;s trading. Traders may also focus on any potential preannouncements, the results of a regional manufacturing survey and a couple of speeches by Federal Reserve officials. Energy stocks could lose their verve amid the sharp retreat in energy prices amid waning demand and supply concerns. Bond yields continue to hold firm. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.05%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.06%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.07%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.06% to $583.99 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved down 0.15% to $496.77, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Optimism concerning tech earnings season abounded on Wall Street on Monday as the S&amp;P 500 and Nasdaq Composite Indices opened solidly higher and moved roughly sideways before closing higher. The 30-stock Dow opened lower as Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) served as a drag, but the blue-chip average recouped its losses and moved higher in late-morning trading and stayed in the green for the remainder of the session.
As a result, the Dow and S&amp;P 500 set fresh closing and intraday highs, with the former topping 43,000 for the first time ever. The Nasdaq Composite is just under seven points from its all-time high of 18,509.34.
All but one of the S&amp;P 500 sector indices closed higher for the day, with energy stocks notching a marginal loss. IT and utility stocks were the biggest gainers of the session, led by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). The artificial intelligence stalwart ended the session at a record high.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td> Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.87%</td>
<td>18,502.69</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.77%</td>
<td>5,859.85</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.47%</td>
<td>43,065.22</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.64%</td>
<td>2,248.64</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Cyclical stocks are poised for relative outperformance, thanks to the recent data that reinforces the resilience of the economy, according to Morgan Stanley analysts. But positioning in cyclicals remains light, said the firm&#8217;s Chief U.S. Equity Strategist Mike Wilson. 
&#8220;This creates opportunity in a sector that we upgraded to overweight last week given rebounding capital markets activity, a better loan growth environment in 2025, an acceleration in buybacks post Basel Endgame re-proposal, and attractive relative valuation,&#8221; he said.
The focus now shifts to the general election, Wilson said. The three high-level dynamics which are still important, according to the strategist, are:
<ul>
<li> business cycle remains more important than the election outcome.</li>
<li>on average, volatility picks up in September of election years and stays elevated through October before decelerating in November.</li>
<li>history is supportive of a quality bias in election years.</li>
</ul>
WisdomTree Senior Economist and Wharton Professor Emeritus Jeremy Siegel also expressed a preference for quality names. &#8220;Looking ahead, I see opportunity if the current resilience continues,&#8221; the economist said.
&#8220;Stocks are not cheap by historical standards, but with the fear gauge elevated and investors still largely hedging their bets, we could see a sharp move higher if sentiment turns more positive,&#8221; he added.
Siegel said quality remains the key for investors. Small caps are catching up a bit but the fundamentals of large-cap tech companies continue to drive performance, he said. &#8220;With inflation moderating and the Fed's easing cycle beginning, sectors like financials and industrials could benefit from a more favorable economic backdrop,&#8221; he added.
Early reports from banks have been solid and could set the tone for broader market gains, the economist said.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data
<ul>
<li>The New York Federal Reserve is scheduled to release the results of its regional manufacturing survey at 8:30 a.m. EDT. Economists, on average, expect the index to decline sharply from 11.5 in September to 3 in October.</li>
<li>San Francisco Fed President Mary Daly will speak at 11:30 a.m. EDT.</li>
<li>The Treasury will auction three- and six-month bills at 11:30 a.m. EDT.</li>
<li>Fed Governor Adriana Kugler is scheduled to make a public appearance at 1 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) climbed nearly 10% <a href="https://www.benzinga.com/premarket">in premarket trading </a>after the company announced up to $750 million in proposed direct funding under the CHIPS and Science Act and an additional $$750 million of new financing from a consortium led by Apollo Global. </li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) climbed over 10% as the stock reacted to Republican presidential nominee Donald Trump&#8217;s improving fortunes. </li>
<li>Chipmakers Nvidia, Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and AI server maker Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) were all trading lower, following their recent gains.</li>
<li>Energy stocks tumbled in reaction to the 4%+ pullback in oil prices.</li>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) and Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting their quarterly results ahead of the market opens.</a></li>
<li>Those reporting after the close include J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) and United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil plunged over 4.50% in the early New York session after reports said Israel won&#8217;t launch an attack on Iran&#8217;s crude oil infrastructure, and gold futures were modestly higher. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) firmed up over the past 24 hours and traded above the $65.5K level. The benchmark 10-year old Treasury note yield weakened slightly to 4.065%.
In Asia, Hong Kong and Chinese markets retreated sharply as a string of recent weak data weighed down on sentiment, even as traders looked ahead to further stimulatory measures from the government and the central bank. Most other major markets advanced, taking cues from the positive performance of Wall Street stocks overnight.
European stocks traded mostly lower in early hours amid falling oil prices. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41324660/jim-cramer-says-earnings-season-will-fuel-markets-record-run-but-warns-of-this-horr">Jim Cramer Says Earnings Season Will Fuel Market&#8217;s Record Run, But Warns Of This &#8216;Horrendous&#8217; Headwind That Could Apply Brakes To Rally</a></li>
</ul>
Photo via Shutterstock

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Movers

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WOLF

Wall Street On Edge As Nasdaq Nears Record High, Oil Prices Plummet: Strategist Says There's Opportunity If Resilience Continues

PNC Q3 Net Interest Income $3.41B, Provision For Credit Losses $243M

PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) reported quarterly earnings of $3.49 per share which beat the analyst consensus estimate of $3.32 by 5.12 percent. The company reported quarterly sales of $5.432 billion which beat the analyst consensus estimate of $5.389 billion by 0.80 percent. This is a 3.80 percent increase over sales of $5.233 billion the same period last year.

Earnings Beats

Macro Notification

General

PNC Finl Servs Gr Q3 2024 GAAP EPS $3.49 Beats $3.32 Estimate, Sales $5.432B Beat $5.389B Estimate

The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">S&amp;P 500 and the Dow Jones Industrial Average are perched at record highs</a>, while the Nasdaq Composite is on the cusp of joining its major counterparts in record territory. Unfazed by the stretched valuations, CNBC Mad Money host Jim Cramer on Monday raised the specter of further upside. 
Earnings Boost: The market isn&#8217;t overbought and therefore there is room to run, Cramer said in a post. The stock picker apparently sees earnings as one of the biggest catalysts that can propel stocks higher.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Earnings tomorrow and the market isn&#39;t overbought so there is room to run but the pesky bonds are back open tomorrow and they have been horrendous
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1845938169478361260?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
 The earnings flow resumes after a pause on Monday owing to the Columbus Day holiday. 
See Also: <a href="https://www.benzinga.com/money/best-small-cap-stocks">Best Small Cap Stocks</a>
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) kickstarted the big bank earnings on Friday with a splash. The shares ended the session up over 4% after the third-quarter results came in ahead of expectations. JPMorgan&#8217;s peer Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) also reported encouraging earnings.
More earnings will follow on Tuesday and notable among those reporting are:
<ul>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</li>
<li>Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>)</li>
<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
<li>Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)</li>
<li>PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</li>
<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>)</li>
<li>UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)</li>
<li>Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>)</li>
<li>J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>)</li>
<li>United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>)</li>
</ul>
Data compiled by FactSet shows cumulative earnings of S&amp;P 500 companies rising by 4.1% in the third quarter. Although a slowdown from the 11.2% growth in the second quarter, the profit growth streak will likely extend to five quarters.
Downside Risk: Cramer termed the bond market performance &#8220;horrendous,&#8221; potentially upsetting the equity market&#8217;s rhythm. &#8220;But the pesky bonds are back open tomorrow and they have been horrendous,&#8221; he said.
The bond market was closed on Monday and will reopen on Tuesday.
Bond yields have begun to tick higher, especially after the September non-farm payrolls report surprised to the upside. The upward move solidified after the consumer price inflation for September came in more than expected. 
The 10-year bond yield dipped under 3.6% in mid-September but has rallied above 4% since then, as investors unwind some of their aggressive rate-cut bets.
In an interview with CNBC, Fund Strat Head of Research Tom Lee said the unseasonable market trend showed macro data has become less important. A lot of cash that has remained on the sidelines is flowing back to the market, he said, adding that the economy has remained resilient as opposed to expectations for a recession.
When asked about the days when the market came back up from steep losses in the futures market and finished solidly higher, the strategist said skeptical investors, wary of a potential recession that never materialized, have remained under-invested in stocks. <a href="https://www.benzinga.com/24/10/41300013/jp-morgan-and-wells-fargo-report-better-than-expected-q3-results-that-reflect-resilient-u-s-consumer">Earnings have also been resilient, </a>he added.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, rose 0.82% to $584.32 on Monday, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data, </a>marking a record closing high. 
Image via Flickr

Analyst Color

Bonds

Media

Jim Cramer Says Earnings Season Will Fuel Market's Record Run, But Warns Of This 'Horrendous' Headwind That Could Apply Brakes To Rally

Fifth Third Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fitb#NASDAQ">FITB</a>) is scheduled to report third-quarter 2024 results on Oct. 18 before the opening bell. Quarterly revenues are expected to have registered growth in the to-be-reported quarter, while earnings are likely to have declined on a year-over-year basis.
In the last reported quarter, the bank&#39;s earnings surpassed the Zacks Consensus Estimate. Results benefited from a fall in expenses and provisions for credit losses, along with strong capital ratios. However, a decline in net interest income (NII), and lower loan and deposit balances were major headwinds.
This Cincinnati, OH-based lender has an impressive earnings surprise history. Its earnings beat estimates in the trailing four quarters, the surprise being 7.91%, on average.
<h3>Fifth Third Bancorp Price and EPS Surprise</h3>
<div class="chart_embed"><img alt="Fifth Third Bancorp Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/64/1728910402.png" style="height:266px; width:546px" title="" /></div>
<div class="chart_embed">Fifth Third Bancorp price-eps-surprise | Fifth Third Bancorp Quote</div>
<div class="chart_embed">Here are some factors that are expected to have impacted FITB&#39;s quarterly performance.</div>
Loans &amp; NII: On Sept. 18, the Federal Reserve cut interest rates by 50 basis points to 4.75-5% for the first time since March 2020. While the rate cut is not expected to significantly affect FITB&#39;s NII in the quarter under review, greater clarity on the Fed&#39;s rate cut path, along with a stabilizing macroeconomic environment, is likely to have aided the lending outlook.&nbsp;
Per the Fed&#39;s latest data, lending activities continued at a decent pace in the third quarter. This is expected to have supported the company&#39;s average interest-earning assets in the third quarter of 2024.
The Zacks Consensus Estimate for average interest-earning assets of $195 billion for the quarter indicates marginal growth from the prior quarter&#39;s actual. Our estimate suggests the metric to be $194.21 billion.
FITB expects third-quarter total average loans and leases to be unchanged from the second quarter&#39;s reported figure of $117.3 billion. We estimate the metric to be $117.1 billion, hinting at a marginal rise from the prior quarter&#39;s reported figure.
The company expects adjusted NII to rise 2% from the $1.39 billion reported in the second quarter of 2024. The consensus mark for NII of $1.42 billion indicates a 2.7% sequential rise. Our estimate is pegged at $1.44 billion.
Non-Interest Revenues: The stabilizing deposit balance is likely to have supported FITB&#39;s service charges on deposits. The consensus estimate for the metric of $156.4 million suggests a marginal sequential increase. Our estimate is pegged at $149.6 million.
Global mergers and acquisitions (M&amp;As) showed signs of improvement in the third quarter of 2024 after subdued performances in 2023 and 2022. Both deal value and volume were decent in the quarter, driven by a solid financial performance, higher chances of a soft landing of the U.S. economy, buoyant markets and interest rate cuts.&nbsp;
With increased M&amp;A volumes, advisory revenues are expected to have improved, positively impacting commercial banking revenues.
The Zacks Consensus Estimate for commercial banking revenues is pegged at $156.1 million, indicating an 8.4% sequential increase. We project the metric to be $149.9 million.
As the central bank lowered the rates, mortgage rates started to come down. The rates declined to 6.2% by the end of the third quarter.&nbsp;
Though mortgage origination volume remained subdued in the third quarter, refinancing activities witnessed a significant surge, supported by lower mortgage rates. This is likely to have supported FITB&#39;s mortgage banking income. The Zacks Consensus Estimate for the metric is pegged at $55 million, suggesting an increase of 10% from the prior quarter&#39;s reported figure. We estimate the metric to be $56.2 million.
Wealth and asset management revenues are likely to have gained from higher equity market performance in the quarter. The Zacks Consensus Estimate for wealth and asset management revenues is pegged at $159.7 million, increasing marginally from the prior quarter&#39;s actual. Our estimate is pinned at $152.1 million.
The Zacks Consensus Estimate for card and processing revenues is pegged at $108.9. million, indicating a marginal rise from the prior quarter&#39;s reported figure. Our estimate is pinned at $104.3 million.
Management expects non-interest income to rise 3-4% in the quarter to be reported, whereas it reported $717 million in the second quarter. The Zacks Consensus Estimate for non-interest income is pegged at $735.3 million, which indicates a 5.8% rise from the prior quarter. Our model estimates the metric to be $711 million.
Expenses: The company&#39;s expense base is anticipated to have escalated due to investments aimed at operational efficiencies in technology and marketing, higher compensation and benefits expenses, and initiatives such as branch digitization and marketing expenses.&nbsp;
On a sequential basis, management expects adjusted non-interest expenses to rise 1% from the $1.2 billion reported in the second quarter. We estimate total expenses to rise 6.5% on a sequential basis to $1.3 billion.&nbsp;&nbsp;
<h2>What the Zacks Model Reveals for FITB</h2>
According to our quantitative model, the chances of Fifth Third beating the Zacks Consensus Estimate this time are low. This is because it does not have the right combination of two key ingredients, a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold).
Earnings ESP: The Earnings ESP for Fifth Third is -0.24%.
Zacks Rank: The company currently carries a Zacks Rank of 3.
The Zacks Consensus Estimate for FITB&#39;s third-quarter earnings of 82 cents per share has been unchanged in the past seven days. The figure indicates a fall of 10.9% from the year-ago reported number.
The consensus estimate for revenues is pegged at $2.6 billion, suggesting a rise of 0.09% from the year-ago reported figure. Management expects total revenues to increase 2-3% in the third quarter from $2.2 billion in second-quarter 2024.
<h2>Stocks That Warrant a Look</h2>
Here are some bank stocks that you may want to consider, as our model shows that these have the right combination of elements to post earnings beat this time around.
PNC Financial&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnc#NYSE">PNC</a>) Earnings ESP is +0.89% and it carries a Zacks Rank #3 at present. The company is slated to report third-quarter 2024 results on Oct. 15.
PNC&#39;s quarterly earnings estimates have revised upward by 1.5% to $3.29 per share over the past month.
First Horizon Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fhn#NYSE">FHN</a>) has an Earnings ESP of +3.18% and a Zacks Rank #3 at present. The company is scheduled to release its third-quarter 2024 earnings on Oct. 16. &nbsp;
FHN&#39;s quarterly earnings estimates have been unchanged at 38 cents over the past month.
<a href="https://www.zacks.com/stock/news/2350048/high-expenses-to-hurt-fifth-third-s-q3-earnings-fee-income-to-ail?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2350048">To read this article on Zacks.com click here.</a>

Financing

Management

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Fintech

Contracts

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Offerings

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