PNC Financial Services Group Inc (PNC.N): 2Q26 Model Update - High Quality Play and Bar Feels Lower

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PNC Financial Services Group Inc (PNC.N): 2Q26 Model Update - High Quality Play and Bar Feels Lower

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29 Jun 2026 08:30:00 ET │ 16 pages

PNC Financial Services Group Inc (PNC.N)

2Q26 Model Update - High Quality Play and Bar Feels Lower

CITI'S TAKE

Buy PNC has been among one of the top performers in our coverage YTD (up

~17.4% vs BKX up ~11.1%) and mgmt provided a strong update at the most Price (26 Jun 26 16:00) US$244.99

recent industry conference with revenues tracking better than prior ~3.5% Target price US$280.00↑

q/q guidance, which points to upside on full-year. While our estimates are from US$255.00

largely in-line with cons in '26, we take a more conservative view on Expected share price return 14.3%

expenses which offsets much of our top-line upside. While PNC's NII/NIM Expected dividend yield 2.9%

story feels well understood by the market, we think focus will center

Expected total return 17.1% around loan growth as the hinging factor for further NII upside. We

Market Cap US$98,379M continue to view PNC as a high-quality play in the sector, and with

sentiment more bearish heading into the quarter (Fig 3), bar feels lower

and we expect a strong quarter on the back of ~3.5% q/q avg loan growth.

Raising PT to $280 on higher 18% normalized ROTCE. Benjamin GerlingerAC

+1-212-816-3538

Estimate Changes — Our 2026E EPS increases 15c to $18.40 (vs. FactSet benjamin.gerlinger@citi.com

consensus of $18.45), 2027E EPS increases 55c to $21.05 (vs. FactSet consensus of Mikhail Mrotchek

$21.07), and 2028E EPS increases $1.15 to $23.25 (see Figure 1 for more detail on

+1-212-816-2345estimate revisions). PNC reports 2Q26 earnings on July 15, 2026.

misha.mrotchek@citi.com

Kaili Wang, CFA

+1-716-730-7408

kaili.wang@citi.com

EPS (US$) Q1 Q2 Q3 Q4 FY FC Cons VA Cons