PNC Just Raised Its 2026 Outlook — And The Growth Story May Be Just Getting Started

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PNC Financial Services Group, Inc.

PNC

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PNC Financial Services Group Inc (NYSE:PNC) Wednesday reported strong results for the first quarter.

The company's strong earnings growth in the quarter was driven both by the FirstBank acquisition and organic growth, according to RBC Capital Markets.

The PNC Financial Services Group Analyst: Analyst Gerard Cassidy maintained an Outperform rating and price target of $235.

The PNC Financial Services Group Thesis: The company reported earnings of $4.32 per share, topping consensus estimate of $4.15 per share, Cassidy said in the note.

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PNC Financial Services' earnings grew 23%, excluding $98 million of FirstBank integration costs, the analyst stated.

Revenue grew 13% year-on-year to $6.165 billion, driven by strong growth in NII (net interest income) and fee income, "reflecting both the contribution of FirstBank and strong organic commercial loan growth across the legacy franchise," he added.

The analyst mentioned the other highlights of the results as:

  • NII growth of 14% year-on-year and 6.2% sequentially, aided by the full-quarter benefit of FirstBank deposits and loans.
  • Net interest margin expanded 11 basis points sequentially to 2.95%
  • Period-end loans grew 13% year-on-year and 8.6% sequentially to $360.9 billion

For the second quarter, management guided to sequential growth in average loans of 2%-3%, in net interest income of around 3%, and in total revenue of around 3.5%, Cassidy said.

PNC Financial Services raised its 2026 guidance for average loans growth to 11%, from 8% previously and for net interest income to around 14.5%, from 14% previously, while keeping total revenue growth unchanged at around 11%, he added.

"NII guidance of $16.1 billion and NIM guidance of approximately 3.00% exiting 2026 make PNC one of the most compelling NII growth stories in its peer group, in our view," the analyst wrote.

PNC Price Action: PNC Financial Services shares were down 0.11% at $221.82 at the time of publication on Thursday, according to Benzinga Pro data.

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