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Stock Market & Financial Investment News

News Breaks
January 9, 2013
07:38 EDTPNCPNC Financial sees Q4 EPS exceeding First Call mean estimate of $1.57
The PNC Financial Services Group took the following actions in Q4 associated with its residential mortgage banking activities along with other items. The net impact of these actions will reduce PNCís Q4 net income by approximately 47c per diluted common share. PNC recorded $91M of expenses related to residential mortgage foreclosure activities, which includes a charge of approximately $70M resulting from an agreement to amend the consent orders entered into in April 2011. PNC recorded a pretax provision of $254M for residential mortgage repurchase obligations related to expected elevated levels of repurchase demands primarily as a result of further changes in behavior and demand patterns of government-sponsored enterprises, FHLMC and FNMA, for loans sold into agency securitizations, including the years 2004 and 2005. PNC recorded a noncash, nontax-deductible goodwill impairment charge of $45M in Q4 related to its Residential Mortgage Banking segment, which had no goodwill remaining at December 31. PNC recorded a pretax gain of $130M on the sale of a portion of its investment in Visa, or 4 million Visa Class B common shares. PNC recorded $35M of pretax integration costs and $70M of pretax noncash charges for the remarketing and redemption of high cost hybrid capital securities. Excluding the net impact of these actions, PNC currently expects its Q4 EPS will exceed the current First Call mean estimate of $1.57.
News For PNC From The Last 14 Days
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April 16, 2014
07:46 EDTPNCPNC Financial sees Q2 loan loss provision $100M-$150M
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06:36 EDTPNCPNC Financial reports Q1 EPS $1.82, consensus $1.66
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April 15, 2014
15:19 EDTPNCNotable companies reporting before tomorrow's open
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