In a report released last January 18, market analysts at BMO Capital Markets have given PNC Financial Services (NYSE:PNC) a reaffirmed “market perform” score. The company has recently attained a $67 target rate on the stock, which is greater than its preceding target cost of $64.
PNC Financial Services (NYSE:PNC), a financial services corporation based in Pittsburgh, Pennsylvania, primarily takes part in retail banking, property management, commercial and institutional banking, and residential finance banking, amongst many others. It operates as a regional banking franchise in the District of Columbia and a number of states in the US, and offers products and services that concern specialized monetary businesses, corporations, and government units.
PNC’s Business Focus in 2013
PNC, which experienced an increase in revenue in the fourth quarter but a decline for its complete year in the course of credit and other charges, intends to maintain an incisive mind toward limiting expenditure in 2013. James Rohr, the company’s CEO, affirmed that the financial services corporation is still looking forward to the authorization from its supervisory body to put up the common stock surplus.
PNC provided an account of its fourth-quarter net revenue amounting to $664 million or $1.24 for each share, which marks a 47% increase from the previous year’s income of $451 million or 85 cents per share. The company’s profit slid 6% to $2.83 billion, or $5.30 for every share in 2012, which sees a drop from its $3 billion, or $5.64 per share’s worth of proceeds in 2011.
Rohr added that all in all, 2012 has been a good year for the company, citing that the bank has successfully achieved in creating a major thrust into South Eastern marketplaces with the $3.5 billion worth of purchases that the Royal Bank of Canada’s banking ventures in the United States has performed throughout the year.
Upon experiencing a depression in terms of its interest rates that consequently affected the company’s revenue margins, PNC seeks to continue lessening its expenses and providing its growing and new customers with first-rate financial services.
Other Slices of the Financial Pie
Comerica Incorporated (NYSE:CMA), a financial services company headquartered in Dallas, Texas, experienced a 33.33% increase in its quarter income upon delivering a profit of $128 million, or 68 cents for every share, significantly higher than the net profit of $96 million that the bank has attained in the previous year’s quarter. Market analysts at Jefferies Group recently advanced the shares of Comerica, and gave it a “hold” score and a cost target of $35.