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PNC Financial’s Q1 Profit Falls, but Revenue Rises; Results Beat View (PNC)

By Dividend.com,  April 18, 2012, 09:23:29 AM EDT

Regional banker PNC Financial Services ( PNC ) on Wednesday posted better-than-expected first quarter earnings results, despite lower profit amid one-time costs.

The Pittsburgh-based company reported first quarter net income of $766 million, or $1.44 per share, compared with $833 million, or $1.57 per share, in the year-ago period. The latest results included 23 cents per share in one-time items.

Revenue edge up 2.75% from last year to $3.73 billion.

On average, Wall Street analysts expected a smaller profit of $1.43 per share, on lower revenue of $3.59 billion.

CEO James Rohr commented, "Our success in growing revenue is a direct result of our success in growing customers and loans…We are confident that our strong capital levels and our ability to execute will lead to another good year in 2012."

PNC Financial shares were mostly flat in premarket trading Wednesday.

The Bottom Line
Shares of PNC Financial ( PNC ) have a 2.52% dividend yield, based on last night's closing stock price of $63.41. The stock has technical support in the $57-$60 price area. If the shares can firm up, we see overhead resistance around the $65-$70 price levels.

PNC Financial Services ( PNC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: PNC



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