Home Equity Loans Pnc Bank – UKRAINE – 2021/03/17: PNC Financial Services Group, Inc. in this photo illustration. The logo of (PNC) … [+] a bank holding company appears on a smartphone screen. (Photo illustration by Pavlo Gonchar/Sopa Images/Getty Images via Lightrocket)
After a nearly 143% gain from last year’s March 23 low, at the current $196 per share price, we believe PNC Financial Services stock (NYSE: PNC ) is trading slightly above its short-term potential. PNC Financial, one of the largest diversified financial services institutions in the United States, saw its stock rally from $81 to $196 in March 2020 compared to the end of the S&P, which moved by 90% – with the stock leading the broader markets. Margin and trade 26% above its pre-Covid-19 peak. That said, the company reported a slight decline in revenue in the latest quarter on a year-over-year basis – the top line is up 1% yo-o-y to a consolidated figure of $16.8 billion for the last four quarters fell. However, PNC stock is up 71% over the past 12 months. Therefore, there is a mismatch between PNC’s stock growth and earnings. On the back of consistent earnings beats over the past three quarters and a generally positive outlook for financial stocks in FY2021 – PNC stock is up 31% YTD.
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Shares of PNC Financial surpassed levels before falling in February 2020 as the coronavirus outbreak became a pandemic. This seems to make it a bit more expensive, in fact the revenue is unlikely to increase significantly compared to last year.
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The company’s total revenue grew nearly 4% from $16.2 billion in 2018 to $16.9 billion in 2020, representing a 41% increase in net revenue numbers. The unusually high jump in net income numbers was due to an increase of $788 million to $4.55 billion from discontinued operations – as PNC divested its entire investment in BlackRock in the second quarter of 2020. Furthermore, the profitability figures were negatively affected. A significant build-up of provisions for loan losses due to the impact of the Covid-19 crisis – from $408 million to $3.2 billion.
Although PNC’s revenue and earnings increased in 2018-2020, its P/E multiple decreased. We believe the stock is trading slightly above its near-term potential and after the recent rally and potential weakness in the extension driven by the Covid outbreak, there is scope for downside. Our dashboard Buy or fear PNC Financial Services stock? Get the key figures behind our thinking.
PNC Financial’s P/E multiple has changed from less than 11x in 2018 to around 9x in 2020. While the company’s P/E is currently less than 12x, there is potential for some downside when comparing the current P/E. Levels seen in previous years – P/E multiple of around 11x at the end of 2018.
PNC Financial reported total revenue of $16.9 billion in 2020, which was slightly higher than the previous year’s figures. The company mainly has three business lines – retail banking, corporate and institutional banking, and wealth management, and derives approximately 60% of revenue from net interest income. NII decreased slightly in 2020 due to the low interest rate environment, partially offset by higher interest rate assets. Further, NII declined by 6% y-o-y in the first quarter of FY2021 and is likely to be impacted in the following quarters as well. This is because low interest rates are unlikely to see an immediate recovery to pre-Covid-19 levels. This will hamper PNC’s top line growth potential over the year. That said, non-interest income increased slightly in the first quarter and is expected to drive earnings for the company. Overall, PNC Financial’s revenue is unlikely to grow significantly in FY2021. A steady increase in PNC’s financial revenues in the following quarters will likely act as a reality check for investors, negatively impacting its stock price.
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The actual recovery and its timing will depend on the broader control of the spread of the coronavirus. Our dashboard Trends in US Covid-19 cases provides an overview of how the epidemic is spreading in the US and contrasts with trends in Israel. After the Fed stimulus – which put the floor on fear – the market was willing to look “past” the current weak period and take a longer-term view. As investors turn their attention to the results of 2021, valuations become important to see the value. However, market sentiment can be volatile, and evidence of an increase in new cases could spook investors once again.
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Bottom line: PNC is a good lender if you want to explore your options because it offers more types of loans than most companies.
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PNC displays personalized mortgage rates on its website when you enter your zip code and desired loan amount. It shows rates for various fixed-rate and adjustable-rate mortgage terms, as well as FHA and VA loan rates.
However, take these individual rates with a grain of salt. PNC won’t let you enter information like your credit score or down payment amount at this stage, which it will use to determine your rate after you apply for pre-approval.
PNC charges some lenders, but the exact fees vary depending on where you live and how much you borrow. Its origination fees typically range from $675 to $1,240 – although it does not charge origination fees on FHA, VA or USDA mortgages.
PNC has more types of home loans than Bank of America, so it would be the obvious choice if you need a USDA mortgage, construction loan or home equity loan.
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You may prefer Bank of America for down payment assistance. PNC has its $1,500 grant, but Bank of America has down payment and closing cost assistance that often results in even more money. Programs vary by state.
PNC and Fairway Independent Mortgage Corporation offer a variety of home loans. You go to PNC for a USDA mortgage, HELOC, home equity loan or construction loan. But Fairway has reverse mortgages and home improvement loans.
Fairway is a good option if you have a low credit score, or none at all. Like most lenders, PNC checks your credit score to decide if you will be approved for a loan. But Fairway lets you apply with optional credit data, like proof you pay bills on time.
PNC offers loans in all 50 US states and Washington, DC. You can get the following types of home loans through PNC:
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When you refinance, you can choose between an installment-and-term refinance or a cash-out refinance. You can streamline your FHA, VA or USDA loan refinancing.
Ask PNC about applying for a PNC Home Ownership Grant. You will receive $1,500 to use for purchasing expenses such as closing costs. PNC doesn’t provide much information online, but you can talk to an agent about grants.
To speak with customer support, call Monday through Thursday from 8:00 a.m. to 9:00 p.m. ET, or Friday from 8 a.m. to 5 p.m. IT. Or call on Saturdays from 9 am to 2 pm. IT.
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The Better Business Bureau rates PNC Bank an A+. A good BBB rating shows that a company responds effectively to customer complaints, has honest advertising practices and is transparent in how it handles business.
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