Commercial Loan Growth, Expanding Net Interest Margins Highlight Good 1Q Results for PNC
No-moat-rated PNC Financial Services' first-quarter results were largely in line with our expectations and do not alter our long-term thesis on the firm. We are raising our fair value estimate to $108 per share from $105, largely as a result of the time value of money.PNC's results were good, as expenses were down slightly for the quarter, helping the efficiency ratio stay within the 62%-63% range it has been in for the past four quarters. Higher interest rates caused floating-rate loans to rep...
PNC Financial Services Group is a bank holding company. The company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing its products and services nationally. The company's segments are: Retail Banking, which provides deposit, lending, brokerage, insurance services, investment management and cash management products and services; Corporate and Institutional Banking, which provides lending, treasury management, and capital markets-related products and services; Asset Management Group, which provides personal wealth management; and BlackRock, which provides a range of investment and technology services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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