# The PNC Financial Services Group, Inc. (PNC)

> Source: Nexqual · https://nexqual.com/PNC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The PNC Financial Services Group, Inc. (PNC), nexqual.com/PNC" · informational, not investment advice.

**Price:** USD 225.53 (+1.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 222.89 · day 221.56–225.65 · 52w 177.08–258.96 · market cap $90.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.0B, net income $7.67B (30.6% margin) (SEC filings).
- Valuation: P/E 11.7x (avg 11.9x at the last 3 fiscal year-ends).
- 5 of 80 tracked superinvestors hold PNC (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 1 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $12.2M; 6 not under a Rule 10b5-1 plan ($12.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.09 on a 1–5 scale) (23 analysts), mean target USD 263 (range 238–286).
- Total return with dividends: 1Y +28.0% vs S&P 500 +14.9%; 5Y +25.8% vs S&P 500 +80.3%.
- Next earnings: 2027-01-15, EPS estimate USD 5.04, revenue estimate $6.83B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.2B | $21.1B | $21.5B | $21.6B | $23.1B | $25.0B |
| Net income | $5.72B | $6.11B | $5.65B | $5.95B | $7.00B | $7.67B |
| EPS (diluted) | $12.70 | $13.85 | $12.79 | $13.74 | $16.59 | — |
| Net margin | 29.8% | 28.9% | 26.3% | 27.6% | 30.3% | 30.6% |
| Revenue growth | +13.7% | +9.9% | +1.8% | +0.3% | +7.2% | — |
| Cash + short-term investments | $82.3B | $34.4B | $50.7B | $46.3B | $39.7B | — |
| Total debt | — | $58.7B | $72.7B | $61.7B | $57.1B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.7x · P/S 3.6x · P/B 1.4x · Earnings yield 8.52% · Dividend yield (paid, TTM) 3.05% · Buyback yield (TTM) 2.40%
P/E at fiscal year-ends: Dec 2025 11.8x, Dec 2024 13.0x, Dec 2023 11.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold PNC (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 3.18% | $38.6M | Reduced -8.1% | Q3 2026 |
| Christopher Davis | Davis Advisors | 0.52% | $122M | Reduced -8.5% | Q2 2026 |
| Tweedy Browne |  | 0.25% | $3.3M | Added +40.4% | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $279K | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $3.4M | Reduced -0.3% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Juchno Stacy M. | Executive Vice President | 3,354 | $858K | 15.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-22 | Deborah Guild | Executive Vice President | 1,200 | $303K | 3.2% | No | Too little history (no open-market trades in 2024) |
| 2026-06-12 | Thomas Michael Duane | Executive Vice President | 1,500 | $357K | 22.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Overstrom Alexander E. C. | Executive Vice President | 1,500 | $342K | 7.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Novosel Stephanie | Executive Vice President | 1,800 | $412K | 29.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Feldstein Andrew T | Director | 45,000 | $9.9M | 35% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.09 on a 1–5 scale), 23 analysts; mean target USD 263 (low 238, high 286).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citigroup | Target lowered | Buy | $290 → $270 |
| 2026-10-19 | Evercore ISI Group | Target lowered | Outperform | $265 → $260 |
| 2026-10-19 | Truist Securities | Target lowered | Hold | $252 → $248 |
| 2026-10-16 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $260 → $250 |
| 2026-10-16 | Raymond James | Target lowered | Outperform | $275 → $255 |
| 2026-10-16 | Oppenheimer | Target raised | Outperform | $263 → $269 |
| 2026-10-16 | RBC Capital | Target lowered | Outperform | $273 → $250 |
| 2026-10-16 | TD Cowen | Target lowered | Hold | $245 → $240 |
| 2026-10-05 | UBS | Target lowered | Buy | $288 → $286 |
| 2026-10-05 | Goldman Sachs | Target lowered | Neutral | $281 → $250 |
| 2026-10-02 | JP Morgan | Target lowered | Overweight | $269.5 → $258 |
| 2026-10-01 | Evercore ISI Group | Target lowered | Outperform | $285 → $265 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.0% | +25.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.1% | +4.7% |
| Volatility (annualized) | 21.1% | 28.0% |
| Max drawdown | -17.2% (Feb 2026→Mar 2026) | -47.3% (Jan 2022→May 2023) |

## Peers (Banks - Regional)
USB (U.S. Bancorp) USD 60.02 +1.64% · LYG (Lloyds Banking Group Plc) USD 5.38 -2.00% · IBN (ICICI Bank Limited) USD 29.94 +1.35% · ITUB (Itau Unibanco Banco Holding SA) USD 9.49 -2.16% · NU (Nu Holdings Ltd.) USD 14.73 -2.13% · NWG (NatWest Group plc) USD 16.99 -2.30%

## More
Full page: https://nexqual.com/PNC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PNC's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Visa (V) | "In addition, we provide card transaction processing services to some merchant customers under agreements we have with payment networks such as Visa and Mastercard." |
| Customer | Mastercard (MA) | "In addition, we provide card transaction processing services to some merchant customers under agreements we have with payment networks such as Visa and Mastercard." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retail Banking | $4.52B | 65.7% | +19.1% |
| Corporate Institutional Banking | $921.0M | 13.4% | +33.3% |
| Retail Banking1 | $692.0M | 10.1% | +8.3% |
| Asset Management Group | $268.0M | 3.9% | +11.2% |
| Total revenue | $6.88B | 100% | — |
The lines above cover 93.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Capital Markets Related | $424.0M | 6.2% | +96.3% |
| Cash & Cash Management Fees | $323.0M | 4.7% | +5.9% |
| Asset Management Fees | $268.0M | 3.9% | +11.2% |
| Debit Card Fees | $200.0M | 2.9% | +9.9% |
| Lending & Deposit Services | $197.0M | 2.9% | +7.1% |
| Interchange Fees | $196.0M | 2.9% | +10.7% |
| Deposit Account Fees | $180.0M | 2.6% | +9.1% |
| Brokerage Fees | $172.0M | 2.5% | +14.7% |
| Asset Management Fees & Brokerage Fees | $172.0M | 2.5% | +14.7% |
| Credit Card Reward Costs | $141.0M | 2.1% | +11.0% |
| Net Credit Card Fees | $55.0M | 0.8% | +10.0% |
| Merchant Fees | $37.0M | 0.5% | -11.9% |
| Product & Service Other | $28.0M | 0.4% | +55.6% |
| Commercial & Residential Mortgage Banking Fees | $26.0M | 0.4% | -3.7% |
| Cash & Cash Management Fees Other | $19.0M | 0.3% | -5.0% |
| Lending & Deposit Services Other | $17.0M | 0.2% | -10.5% |
| Treasury Management Fees | $12.0M | 0.2% | +9.1% |
| Total revenue | $6.88B | 100% | — |
The lines above cover 35.9% of total revenue.

## Company outlook (8-K filed 2026-10-15)

- "We are well positioned, and remain confident in our long-term outlook." - more - PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 As Adjusted – Page 2 Integration Costs and Significant Items In the third quarter of 2026, PNC incurred integration costs related to the FirstBank acquisition of $36 million."
- "Share repurchase activity in the fourth quarter of 2026 is expected to approximate third quarter of 2026 share repurchase levels."
- "These statements are based on our views that: – PNC's baseline forecast remains for continued expansion in 2026 into 2027."
- "We expect real GDP growth above 2% in 2026, with continued modest job gains and the unemployment rate holding roughly steady."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $5.04 | $5.09 | -1.0% | $6.83B | 17 |
| Next quarter (ends 2027-03-31) | $5.03 | $5.04 | -0.2% | $6.78B | 13 |
| Current fiscal year (ends 2026-12-31) | $18.96 | $18.87 | +0.4% | $26.37B | 20 |
| Next fiscal year (ends 2027-12-31) | $21.38 | $21.50 | -0.6% | $27.81B | 21 |