5 Key Earnings Reports from The Financial Sector

4. The PNC Financial Services Group, Inc. (NYSE:PNC)

Number of Hedge Fund Holders: 41

Shares of The PNC Financial Services Group, Inc. (NYSE:PNC) fell more than two percent on Tuesday, January 18, 2022, even though the bank holding company beat profit and sales expectations for the fourth quarter.

The PNC Financial Services Group, Inc. (NYSE:PNC) reported adjusted earnings of $3.68 per share, up from $3.27 per share in the same period last year. Revenue came in at $5.127 billion, compared to $4.208 billion in the year-ago quarter. The results surpassed analysts’ average estimate of $3.22 per share for earnings and $5.14 billion for revenue.

In addition, The PNC Financial Services Group, Inc. (NYSE:PNC) reported a net interest income of $2.86 billion for the quarter versus $2.42 billion for the same period last year. Moreover, the noninterest income also increased to $2.27 billion, compared to $1.78 billion for the comparable period of 2020.

Discussing the results, CEO of The PNC Financial Services Group, Inc. (NYSE:PNC), Bill Demchak, said:

“2021 was a pivotal year for PNC. We delivered solid financial results, closed and converted BBVA USA in less than a year, launched our overdraft solution Low Cash ModeSM and announced an $88 billion plan to expand economic opportunities for minorities and low- and moderate-income individuals and communities.”