pnc financial services group (PNC) Key Developments
The Pnc Financial Services Group, Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Impairment Charges for the Quarter; Provides Earnings Guidance for the Second Quarter of 2015 and Tax Rate Guidance for the Year 2015
Apr 15 15
The PNC Financial Services Group, Inc. reported consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $3,731 million compared to $3,777 million a year ago. Income before income taxes and noncontrolling interests were of $1,328 million compared to $1,419 million a year ago. Net income attributable to diluted common shares was of $926 million or $1.75 per diluted share compared to $983 million or $1.82 per diluted share a year ago. Return on average common shareholders equity was 9.32% compared to 10.36% a year ago. Return on average assets was 1.17% compared to 1.35% a year ago. Book value per common share was $78.99 compared to $73.73 a year ago. Effective tax rate was 24.4%, up from the 22.1% rate in the fourth quarter, reflecting the tax favorability of Foundation contribution. Core NII decreased by $27 million in the quarter. Total net interest income decreased by $25 million.
For the quarter, net charge-offs was $103 million declined by $15 million or 13% linked quarter, and virtually all of that was consumer loans.
The company continues to expect 2015 effective tax rate to be approximately 25%.
Looking ahead to the second quarter, and when compared to the first quarter reported results, the company expects net interest income to remain stable; fee income to be up in the low single digits, reflecting continued focus on strategic priorities. For full year 2015, the company continues to expect purchase accounting accretion to be down approximately $225 million when compared to 2014.
Citi, PNC To Reportedly Acquire Commercial Lending Business From GE
Apr 12 15
Citigroup Inc. (NYSE:C) and The PNC Financial Services Group, Inc. (NYSE:PNC) may acquire commercial-lending and leasing business from General Electric Company (NYSE:GE) if GE fails to find a buyer.
PNC Financial Services Group, Inc. Declares Quarterly Cash Dividend on the Common Stock, Payable on May 5, 2015; Declares Dividend on Preferred Stocks
Apr 2 15
The board of directors of The PNC Financial Services Group, Inc. declared a quarterly cash dividend on the common stock of 51 cents per share, an increase of 3 cents per share, or 6%, from the first quarter dividend of 48 cents per share. The dividend is payable on May 5, 2015 to shareholders of record at the close of business April 15, 2015.
The board also declared a cash dividend on the following series of preferred stocks: Series B: a quarterly dividend of 45 cents per share will be payable on June 10, 2015 to shareholders of record at the close of business May 22, 2015. Series P: a quarterly dividend of $1,531.25 per share ($0.3828125 per each depositary share, 4,000 of which represent one share of Series P preferred stock) will be payable on May 1, 2015 to shareholders of record at the close of business April 15, 2015. Series Q: a quarterly dividend of $1,343.75 per share ($0.3359375 per each depositary share, 4,000 of which represent one share of Series Q preferred stock) will be payable on June 1, 2015 to shareholders of record at the close of business May 15, 2015. Series R: a semi-annual dividend of $2,425.00 per share ($24.25 per each depositary share, 100 of which represent one share of Series R preferred stock) will be payable on June 1, 2015 to shareholders of record at the close of business May 15, 2015.
The PNC Financial Services Group, Inc. Recommends Quarterly Cash Dividend for the Second Quarter of 2015
Mar 11 15
The PNC Financial Services Group, Inc. announced that the Board of Governors of the Federal Reserve System accepted its capital plan and did not object to its proposed capital actions. The capital plan included a recommendation to increase the quarterly cash dividend on common stock by 3 cents per share, or 6%, to 51 cents per share, in the second quarter of 2015. The company board of directors is expected to consider this recommendation at its next scheduled meeting on April 2, 2015.
PNC Mulls Acquisitions
Mar 10 15
The PNC Financial Services Group, Inc. (NYSE:PNC) is seeking acquisitions. Orlando Esposito, Executive Vice President and Head of Asset Management Group at PNC, said, "That's where we might consider potential acquisitions. Were we to find that we have a client and we actually are not possessing the solution that our client would want, that's probably the space. So it will be more on the institutional side if it's anywhere."