Goldman Sachs Maintains Neutral on PNC Despite Strong Results, Cites Modest FY24 Outlook
Goldman Sachs Maintains Neutral on PNC Despite Strong Results, Cites Modest FY24 Outlook
The analyst says that the third quarter 2024 guidance for NII, fee income, and expenses also suggests a slightly lower pre-provision net revenue (PPNR) compared to consensus.Goldman Sachs analyst Richard Ramsden anticipates a neutral investor response to PNC Financial Services Group, Inc.'s (NYSE:PNC) stronger results and updated FY24 guidance.
高盛分析師Richard Ramsden預計，紐交所PNC金融服務集團公司的（NYSE：PNC）更強業績和FY24更新指引將帶來中立的投資者反應。
Today, the bank reported a revenue increase of 2% Y/Y to $5.411 billion, slightly missing the consensus of $5.412 billion, while adjusted EPS of $3.30 topped the consensus of $2.98.
今天，該銀行報告營收同比增長2％至$54.11億，略低於$54.12億的共識，而調整後的每股收益爲$3.30，高於$2.98的共識。
For FY24, PNC expects net interest income (NII) to decline 4%, revenue to be down 1%-2% (vs. consensus of roughly unchanged Y/Y), and average loan down less than 1% (vs. Street estimate of flat Y/Y).
對於FY24，PNC預計淨利息收入（NII）將下降4％，營收將下降1％-2％（與大致不變的年同比相比） ，平均貸款下降不到1％（與街頭預測的平坦年同比相比）。
The analyst says that the third quarter 2024 guidance for NII, fee income, and expenses also suggests a slightly lower pre-provision net revenue (PPNR) compared to consensus.
該分析師表示，第三季度2024的NII，手續費收入和費用指引也表明與共識相比稍低的前撥款淨收入（PPNR）。
Overall, the updated FY2024 guidance (at the midpoint) suggests a 2% lower PPNR than the Street, writes the analyst.
總體而言，更新後的FY2024指導（在中點）表明，街頭前推款淨收入（PPNR）比街頭低2％，該分析師寫道。
Given the revised rate expectations (potentially 2-3 rate cuts this year), the analyst anticipates management's comments on the assumptions driving the guidance, NII trajectory in H2 2024 and 2025, expense trends, potential for operating leverage, credit outlook, and the likelihood of ongoing reserve releases in the near term.
鑑於修訂後的利率預期（可能會有2-3次降息），該分析師預計管理層將對驅動指引的假設、H2 2024和2025年的NII軌跡、費用趨勢、潛在的運營槓桿、信用前景以及近期繼續進行減值準備的可能性發表評論。
In particular, the analyst anticipate investor inquiries regarding the trajectory towards losses in both consumer and corporate segments, and whether there has been any recent deterioration in credit trends.
特別是，該分析師預計投資者將就消費和企業業務領域的損失趨勢，以及最近信用趨勢是否出現任何惡化提出查詢。
Notably, net charge-offs (NCOs) for commercial real estate (CRE) rose to 1.28%, an increase of approximately 65 basis points Q/Q, prompting management to raise the office CRE reserve ratio from 9.7% to 10.3%.
值得注意的是，商業房地產（CRE）的淨覈銷率（NCO）上升到1.28％，環比增長約65個點子，促使管理層將辦公CRE儲備比率從9.7％提高至10.3％。
Ramsden rated PNC as Neutral with a price target of $165.
Ramsden將PNC評爲中立，目標股價爲165美元。
Investors can gain exposure to the stock via IShares U.S. Regional Banks ETF (NYSE:IAT) and Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).
投資者可以通過 iShares U.S. Regional Banks ETF（NYSE：IAT）和Invesco Exchange-Traded Fund Trust II Invesco S＆P Ultra Dividend Revenue ETF（NYSE：RDIV）獲得該股票的股份。
Price Action: PNC shares are up 4.66% at $176.89 at the last check Tuesday.
股價行情：週二最後一次檢查時，PNC股價上漲4.66％至176.89美元。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
免責聲明：本內容部分使用人工智能工具生成，並經Benzinga編輯審核發佈。
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照片通過Wikimedia Commons
