PNC Financial Services: CEO, mgmt meetings: On the rise

研报英文原文证据摘录

PNC Financial Services: CEO, mgmt meetings: On the rise

Global Research

25 June 2026ab

PNC Financial Services Equities

United StatesCEO, mgmt meetings: On the rise

Banks, Ex-S&L

12-month rating Buy

Reiterate Buy: Maybe we were thinking about this all wrong...

There's a concept in tennis of taking the ball "on the rise': that is, addressing the ball on 12m price target US$263.00

your side of the court after it bounces but before it reaches the apex of the bounce,

often resulting in a more aggressive shot. This is what was rattling in our minds after

Price (24 Jun 2026) US$239.92

hosting a half day of meetings at PNC headquarters, including CEO Bill Demchak,

President Mark Wiedman, CFO Rob Reilly and senior executives across the company's RIC: PNC.N BBG: PNC US

major business lines. PNC is often thought of as "best in class" among regional banks,

Trading data and key metrics

so our expectations were high coming in. Two critical things to note: 1) it's been awhile

52-wk range US$242.48-178.37

since we've been this impressed after meeting a management team (last time we can

recall being this positive after seeing management is after meeting with MS in June Market cap. US$93.6b

2025), and 2) perhaps we've been thinking about valuation all wrong: PNC is an Shares o/s 390m (COM)

emerging national bank at a (cheaper) regional bank multiple. And, if the company can Free float 100%

hit ~20% ROTCE, note that GSIBs trade at 2.7x TBV for consensus '27E ROTCE of 18%, Avg. daily volume ('000) 656

and at 13.6x '27E consensus… which makes PNC's 2.0x TBV valuation and 11.2x P/E Avg. daily value (m) US$145.6

look quaint by comparison. We see the potential for both EPS upgrades and Common s/h equity (12/26E) US$59.2b

multiple expansion, and solid sponsorship from the long only community.