1 The US bank stock price has gained nearly 10% in the past month. 2 PNC reported its Q2 earnings on July 18 suggesting the revenue is missing expectations. The American bank holding company PNC Financial Services Group Inc (NYSE: PNC) released its financial earnings for the seco...
- 1 The US bank stock price has gained nearly 10% in the past month.
- 2 PNC reported its Q2 earnings on July 18 suggesting the revenue is missing expectations.
The American bank holding company PNC Financial Services Group Inc (NYSE: PNC) released its financial earnings for the second quarter. Though the revenue missed the target to achieve by a considerable margin, PNC stock price saw an up move. Since the earnings have been released, it rose up to 8%.
Although the earnings were subsequently low, they slightly beat expectations. The revenue was, however, remained an exception as it could not meet the estimated value.
PNC was expected to meet the revenue up to $5.4 Billion which it reported around $5.29 Billion, missing the estimate by around $141 Million. The earnings per share were at par the expectations despite missing the previous quarter’s level. The dividends also saw a rise of 5 cents. It paid off $1.55 per share in dividend.
Change in Prime Lending Rate at PNC
PNC Bank, N.A., has made an official announcement regarding its prime lending rate, which is set to experience an increase. As of July 27, 2023, the new rate will be 8.50%, marking the effective date of adjustment.
The bank operates as part of The PNC Financial Services Group, Inc. (NYSE: PNC), a prominent and extensive financial services organization in the United States. The business approach revolves around building robust connections with its customers and communities, emphasizing localized service delivery for both retail and business banking needs.
The institution offers a comprehensive array of lending products, catering to corporations and government entities with specialized services such as corporate banking, real estate finance, and asset-based lending. Additionally, PNC provides wealth management and asset management services.
PNC Stock Price Movement on TradingView
Currently, PNC stock is trading at $135.15 following the up trend in the weekly timeframe. The stock price struggled to keep up the pace since the start of the year. Until May, it saw a decline of up to 30%.
PNC stock price changed the course from $110 acting as a support for the price before moving in an uptrend. Since then, it has managed to accumulate 15% of its value. The price was trading below the EMAs but with the recovery, it climbed over the 50-day EMA and moved ahead to chase the 200-day EMA.
RSI is at 63 suggesting a bearish trend in PNC stock price. MACD also takes an upward curve indicating the optimistic move in the price.
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