PNC Financial Services Group Inc (NYSE:PNC) Wednesday reported strong results for the first quarter.
The company’s strong earnings growth in the quarter was driven both by the FirstBank acquisition and organic growth, according to RBC Capital Markets.
The PNC Financial Services Group Analyst: Analyst Gerard Cassidy maintained an Outperform rating and price target of $235.
The PNC Financial Services Group Thesis: The company reported earnings of $4.32 per share, topping consensus estimate of $4.15 per share, Cassidy said in the note.
Check out other analyst stock ratings.
PNC Financial Services’ earnings grew 23%, excluding $98 million of FirstBank integration costs, the analyst stated.
Revenue grew 13% year-on-year to $6.165 billion, driven by strong growth in NII (net interest income) and fee income, “reflecting both the contribution of FirstBank and strong organic commercial …