Lower Effective Tax Rate Helps Improve Returns in Start to 2018 for PNC
No-moat PNC Financial Services reported solid first-quarter results, with an expanding net interest margin, controlled expenses, and a decreasing share count, all of which helped earnings per share improve from $1.96 in the first quarter of 2017 to $2.43 in the current quarter. While this quarter’s results were not buoyed by the one-time gains due to the new U.S. tax law, which we saw last quarter, earnings were boosted by what should be a new, lower effective tax rate. This quarter’s rate was 1...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.
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