Why PNC Financial Services Shares Are Falling Today
Portfolio Pulse from Lekha Gupta
PNC Financial Services Group Inc reported mixed Q3 FY23 earnings, with a revenue decline of 1% Q/Q to $5.23 billion, missing the consensus of $5.32 billion. Revenue declined 6% Y/Y due to lower noninterest and net interest income. The company reported a provision for credit losses of $129 million in the quarter. EPS of $3.60 came above the consensus of $3.10. PNC's board of directors declared a quarterly cash dividend per share of $1.55. PNC shares are down 1.90% at $119.01.
October 13, 2023 | 3:57 pm
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PNC Financial Services reported mixed Q3 FY23 earnings, with a revenue decline of 1% Q/Q, missing the consensus. The company's shares are down 1.90%.
PNC Financial Services reported lower than expected revenues for Q3 FY23, which has led to a decline in the company's share price. The company's net interest income also fell due to higher funding costs, which could negatively impact future earnings.
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