BUZZ-PNC Financial shares fall; interest income misses while rev, profit beat the Street

Reuters
10/15
BUZZ-PNC Financial shares fall; interest income misses while rev, profit beat the Street

** PNC Financial PNC.N shares down more than 5% on track for biggest one-day drop since April 13 and running counter to a broader sector rally on the day as quarterly Net Interest Income (NII) missed Wall Street expectations while EPS, rev beat expectations

** Also, TD Cowen analyst Steven Alexopoulous wrote that the co's Q4 outlook implies lower NII and higher expenses than Street expectations, which he says implies 25 lower EPS for FY 2025 than previously expected

** The regional financial services company reported adj EPS of $4.35 vs Street expectation for $4.05 rev of $5.92 bln vs cons view of $5.83 bln, as per LSEG

** However its net interest income of $3.648 bln was above the year-ago and sequential quarter but below expectations for $3.676 bln, according to LSEG

** PNC shares last traded at $182 vs median PT of $225, which is up from $219.50 a month ago, according to LSEG which shows 24 analyst ratings: 6 'strong buy,' 12 'buy,' 5 'hold' and 1 'sell' reccomendations

** YTD shares down 6.8% vs gain of 21.9% for S&P 500 bank index< .SPXBK>

(Reporting by Sinead Carew, Manya Saini)

((sinead.carew@thomsonreuters.com))

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