PNC Financial Services (PNC)
Market Price (10/2/2026): $220.75 | Market Cap: $89.0 BilSector: Financials | Industry: Diversified Banks
PNC Financial Services (PNC)
Market Price (10/2/2026): $220.75Market Cap: $89.0 BilSector: FinancialsIndustry: Diversified Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.8%, FCF Yield is 8.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 7.5 Bil, FCF LTM is 7.5 Bil Stock buyback supportStock Buyback 3Y Total is 5.0 Bil Low stock price volatilityVol 12M is 22% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 14% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 21% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Sustainable Finance. Themes include Digital Payments, Show more. | Weak multi-year price returns2Y Excs Rtn is -4.6% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Key risksPNC key risks include [1] margin impacts from interest rate shifts on its asset-sensitive balance sheet and [2] volatility in non-interest income stemming from its capital markets activities and potential trade policy effects. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.8%, FCF Yield is 8.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 7.5 Bil, FCF LTM is 7.5 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.0 Bil |
| Low stock price volatilityVol 12M is 22% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 14% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 21% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Sustainable Finance. Themes include Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.6% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Key risksPNC key risks include [1] margin impacts from interest rate shifts on its asset-sensitive balance sheet and [2] volatility in non-interest income stemming from its capital markets activities and potential trade policy effects. |
Qualitative Assessment
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Updated on 10/1/2026
PNC Financial Services (PNC) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Expected Decline in Fiscal Q3 2026 Fee Income.
On July 15, 2026, PNC Financial Services projected a company-specific decline in fee income for fiscal Q3 2026 (July 1 to September 30, 2026) by 5% to 5.5% compared to prior results. This forward-looking guidance presented a notable headwind for the company's profitability expectations.
2. Negative Analyst Sentiment and Price Target Adjustments.
During the specified period, several analysts revised their outlooks for PNC. Deutsche Bank downgraded the stock from a "buy" to a "hold" rating with a $265.00 price target on July 23, 2026. Truist Financial further lowered its price objective from $264.00 to $252.00 as of October 1, 2026. Additionally, Stephens trimmed its price target for PNC to $265 from $275 on September 22, 2026. These collective adjustments in analyst ratings and price targets signaled a more cautious sentiment, contributing to downward pressure on the stock.
Show more
PNC Financial Services (PNC) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Expected Decline in Fiscal Q3 2026 Fee Income.
On July 15, 2026, PNC Financial Services projected a company-specific decline in fee income for fiscal Q3 2026 (July 1 to September 30, 2026) by 5% to 5.5% compared to prior results. This forward-looking guidance presented a notable headwind for the company's profitability expectations.
2. Negative Analyst Sentiment and Price Target Adjustments.
During the specified period, several analysts revised their outlooks for PNC. Deutsche Bank downgraded the stock from a "buy" to a "hold" rating with a $265.00 price target on July 23, 2026. Truist Financial further lowered its price objective from $264.00 to $252.00 as of October 1, 2026. Additionally, Stephens trimmed its price target for PNC to $265 from $275 on September 22, 2026. These collective adjustments in analyst ratings and price targets signaled a more cautious sentiment, contributing to downward pressure on the stock.
Show more
Updated on 10/1/2026
PNC Financial Services (PNC) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Expected Decline in Fiscal Q3 2026 Fee Income.
On July 15, 2026, PNC Financial Services projected a company-specific decline in fee income for fiscal Q3 2026 (July 1 to September 30, 2026) by 5% to 5.5% compared to prior results. This forward-looking guidance presented a notable headwind for the company's profitability expectations.
2. Negative Analyst Sentiment and Price Target Adjustments.
During the specified period, several analysts revised their outlooks for PNC. Deutsche Bank downgraded the stock from a "buy" to a "hold" rating with a $265.00 price target on July 23, 2026. Truist Financial further lowered its price objective from $264.00 to $252.00 as of October 1, 2026. Additionally, Stephens trimmed its price target for PNC to $265 from $275 on September 22, 2026. These collective adjustments in analyst ratings and price targets signaled a more cautious sentiment, contributing to downward pressure on the stock.
3. Persistent Concerns Over Net Interest Income Growth and Net Interest Margin.
Analysts expressed ongoing wariness regarding PNC's "shaky fundamentals and structural headwinds," particularly citing its "underwhelming" annual net interest income growth of 9.4% over the last five years compared to other banking stocks. Furthermore, PNC's net interest margin of 2.8% was noted as indicative of "high servicing and capital costs," which continued to fuel investor caution about the company's long-term profitability.
4. Broader Macroeconomic Pressure from Rising Interest Rate Expectations.
A stronger-than-expected August jobs report contributed to higher Treasury yields and increased expectations for further interest rate hikes by the Federal Reserve. This macroeconomic development "pressured equities broadly", leading to a general negative sentiment in the market that affected the financial sector, including PNC.
Show less
PNC Financial Services (PNC) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Expected Decline in Fiscal Q3 2026 Fee Income.
On July 15, 2026, PNC Financial Services projected a company-specific decline in fee income for fiscal Q3 2026 (July 1 to September 30, 2026) by 5% to 5.5% compared to prior results. This forward-looking guidance presented a notable headwind for the company's profitability expectations.
2. Negative Analyst Sentiment and Price Target Adjustments.
During the specified period, several analysts revised their outlooks for PNC. Deutsche Bank downgraded the stock from a "buy" to a "hold" rating with a $265.00 price target on July 23, 2026. Truist Financial further lowered its price objective from $264.00 to $252.00 as of October 1, 2026. Additionally, Stephens trimmed its price target for PNC to $265 from $275 on September 22, 2026. These collective adjustments in analyst ratings and price targets signaled a more cautious sentiment, contributing to downward pressure on the stock.
3. Persistent Concerns Over Net Interest Income Growth and Net Interest Margin.
Analysts expressed ongoing wariness regarding PNC's "shaky fundamentals and structural headwinds," particularly citing its "underwhelming" annual net interest income growth of 9.4% over the last five years compared to other banking stocks. Furthermore, PNC's net interest margin of 2.8% was noted as indicative of "high servicing and capital costs," which continued to fuel investor caution about the company's long-term profitability.
4. Broader Macroeconomic Pressure from Rising Interest Rate Expectations.
A stronger-than-expected August jobs report contributed to higher Treasury yields and increased expectations for further interest rate hikes by the Federal Reserve. This macroeconomic development "pressured equities broadly", leading to a general negative sentiment in the market that affected the financial sector, including PNC.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -9.6% change in PNC stock from 6/30/2026 to 10/1/2026 was primarily driven by a -14.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.27 | 220.75 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,787 | 24,554 | 3.2% |
| Net Income Margin (%) | 30.3% | 31.1% | 2.4% |
| P/E Multiple | 13.7 | 11.7 | -14.9% |
| Shares Outstanding (Mil) | 405 | 403 | 0.5% |
| Cumulative Contribution | -9.6% |
Market Drivers
6/30/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| PNC | -9.6% | |
| Market (SPY) | 2.3% | 43.1% |
| Sector (XLF) | -0.3% | 72.1% |
Fundamental Drivers
The 7.8% change in PNC stock from 3/31/2026 to 10/1/2026 was primarily driven by a 6.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.87 | 220.75 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,077 | 24,554 | 6.4% |
| Net Income Margin (%) | 30.1% | 31.1% | 3.4% |
| P/E Multiple | 11.6 | 11.7 | 0.5% |
| Shares Outstanding (Mil) | 393 | 403 | -2.5% |
| Cumulative Contribution | 7.8% |
Market Drivers
3/31/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| PNC | 7.8% | |
| Market (SPY) | 17.8% | 23.8% |
| Sector (XLF) | 8.7% | 69.4% |
Fundamental Drivers
The 13.5% change in PNC stock from 9/30/2025 to 10/1/2026 was primarily driven by a 11.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 194.53 | 220.75 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,101 | 24,554 | 11.1% |
| Net Income Margin (%) | 28.1% | 31.1% | 10.6% |
| P/E Multiple | 12.4 | 11.7 | -6.2% |
| Shares Outstanding (Mil) | 397 | 403 | -1.5% |
| Cumulative Contribution | 13.5% |
Market Drivers
9/30/2025 to 10/1/2026| Return | Correlation | |
|---|---|---|
| PNC | 13.5% | |
| Market (SPY) | 15.6% | 35.0% |
| Sector (XLF) | 0.4% | 70.3% |
Fundamental Drivers
The 100.9% change in PNC stock from 9/30/2023 to 10/1/2026 was primarily driven by a 67.1% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.87 | 220.75 | 100.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,165 | 24,554 | 10.8% |
| Net Income Margin (%) | 28.5% | 31.1% | 9.1% |
| P/E Multiple | 7.0 | 11.7 | 67.1% |
| Shares Outstanding (Mil) | 401 | 403 | -0.5% |
| Cumulative Contribution | 100.9% |
Market Drivers
9/30/2023 to 10/1/2026| Return | Correlation | |
|---|---|---|
| PNC | 100.9% | |
| Market (SPY) | 84.9% | 54.1% |
| Sector (XLF) | 68.2% | 77.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PNC Return | 38% | -19% | 3% | 29% | 12% | 9% | 83% |
| Peers Return | 38% | -18% | 11% | 33% | 27% | 0% | 111% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| PNC Win Rate | 67% | 42% | 58% | 50% | 58% | 44% | |
| Peers Win Rate | 67% | 42% | 50% | 63% | 63% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PNC Max Drawdown | -11% | -34% | -32% | -12% | -26% | -17% | |
| Peers Max Drawdown | -14% | -38% | -32% | -14% | -26% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JPM, BAC, WFC, USB, TFC. See PNC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)
How Low Can It Go
| Event | PNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.9% | -18.8% |
| % Gain to Breakeven | 29.7% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.8% | -9.5% |
| % Gain to Breakeven | 20.1% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.5% | 7.1% |
| Time to Breakeven | 230 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.2% | -24.5% |
| % Gain to Breakeven | 39.2% | 32.4% |
| Time to Breakeven | 708 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.4% | -33.7% |
| % Gain to Breakeven | 90.2% | 50.9% |
| Time to Breakeven | 283 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.9% | -19.2% |
| % Gain to Breakeven | 24.9% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
PNC Financial Services's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.7% gain to breakeven.
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Asset Allocation
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| Event | PNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.9% | -18.8% |
| % Gain to Breakeven | 29.7% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.5% | 7.1% |
| Time to Breakeven | 230 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.2% | -24.5% |
| % Gain to Breakeven | 39.2% | 32.4% |
| Time to Breakeven | 708 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.4% | -33.7% |
| % Gain to Breakeven | 90.2% | 50.9% |
| Time to Breakeven | 283 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.1% | -17.9% |
| % Gain to Breakeven | 31.7% | 21.8% |
| Time to Breakeven | 121 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.6% | -53.4% |
| % Gain to Breakeven | 240.5% | 114.4% |
| Time to Breakeven | 396 days | 1085 days |
In The Past
PNC Financial Services's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About PNC Financial Services (PNC)
PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States, serving a wide array of customers. Its Retail Banking segment caters to consumers and small businesses, offering a full suite of traditional banking products. This includes checking, savings, and money market accounts, certificates of deposit, and various lending options such as residential mortgages, home equity loans, auto loans, education loans, personal and small business loans, and credit cards. These services are delivered through an extensive network of branches, ATMs, and digital banking channels, complemented by brokerage, insurance, and investment and cash management services.
Beyond its retail operations, PNC provides comprehensive financial solutions to corporate and institutional clients, delivering secured and unsecured loans, letters of credit, and equipment leases. It also offers advanced cash and investment management services, international payments, and specialized financial market services including foreign exchange, derivatives, securities underwriting, and advisory services for mergers, acquisitions, and equity capital markets. Furthermore, PNC's Asset Management Group focuses on wealth management for affluent individuals and families, providing investment and retirement planning, customized investment management, private banking, and trust management. This segment also extends its expertise to institutions through services like outsourced chief investment officer, custody, and fiduciary retirement advisory.
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A diversified financial services company, like a JPMorgan Chase or Bank of America, serving individual consumers, businesses, and institutional clients across the U.S.
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- Deposit Accounts: Offering checking, savings, money market accounts, and certificates of deposit for consumers and businesses.
- Consumer & Small Business Lending: Providing residential mortgages, home equity loans, auto loans, education loans, personal and small business loans, and credit cards.
- Corporate Lending: Extending secured and unsecured loans, letters of credit, and equipment leases to corporate and institutional clients.
- Treasury Management Services: Delivering cash and investment management, receivables and disbursement management, funds transfer, and international payment services.
- Capital Markets Advisory: Services including foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, and mergers and acquisitions advisory.
- Investment & Retirement Planning: Offering customized investment management, wealth planning, and retirement advisory services for individuals and institutions.
- Trust & Fiduciary Services: Providing trust management and administration, estate planning, and fiduciary retirement advisory services.
- Private Banking: Delivering credit and cash management solutions, along with private banking services for affluent clients.
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The PNC Financial Services Group, Inc. (PNC) serves a diverse customer base, with a significant focus on individuals and small businesses through its extensive retail network.
PNC's major customer categories include:
- Consumers/Individuals: These customers utilize a wide range of services including checking, savings, and money market accounts; certificates of deposits; residential mortgages, home equity loans and lines of credit, auto loans, education loans, personal loans, and credit cards. They access these services through branches, ATMs, call centers, and online/mobile banking channels.
- Small Businesses: PNC provides small business loans, cash management services, and other financial products tailored to the needs of small enterprise customers, often through the same retail channels as individual consumers.
- High-Net-Worth Individuals and Families: Through its Asset Management Group, PNC offers specialized services such as investment and retirement planning, customized investment management, private banking, trust management and administration, and multi-generational family planning products (estate, financial, tax planning, fiduciary services).
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William S. Demchak, Chairman, President and Chief Executive Officer
William S. Demchak joined PNC in 2002 as chief financial officer. He was elected president in April 2012, chief executive officer in April 2013, and chairman in April 2014. Before joining PNC, Demchak served as the global head of Structured Finance and Credit Portfolio for JPMorgan Chase, where he held key leadership roles prior to its merger with Chase Manhattan Corporation in 2000. He is recognized as one of the earliest adopters of credit default swaps. Under his leadership, PNC has focused on strategic acquisitions and innovation in digital banking.
Robert Q. Reilly, Executive Vice President and Chief Financial Officer
Robert Q. Reilly joined PNC in 1987 and was appointed chief financial officer in 2013. Throughout his tenure, he has held numerous management positions across Asset Management, Investment Banking, and Commercial Banking, including serving as head of Asset Management and executive vice president for PNC's corporate banking activities. Reilly also serves on the board of directors for the RAF Private Equity Group and PNC Bank Community Partners.
Mark Wiedman, President
Mark Wiedman joined PNC as president in April 2025. In this role, he oversees the company's business lines, bringing over 21 years of experience from BlackRock.
Richard K. Bynum, Chief Corporate Responsibility Officer
Richard K. Bynum began his career at PNC in 2005 through its Executive Leadership Program. He has held various leadership roles, including regional president of PNC in Greater Washington, head of the Business Banking division, and retail market executive. Prior to PNC, Bynum served for 12 years as a senior leader for the American Red Cross, where his responsibilities included managing disaster response and emergency communications.
Vicki C. Henn, Executive Vice President and Chief Human Resources Officer
Vicki C. Henn joined PNC in 1993 through the Chemical Bank, New Jersey acquisition. She has held several leadership positions within human resources, such as deputy director of human resources for the Regional Community Bank and eastern division HR manager. Henn also served as managing director, Community Development Banking, and was previously an assistant HR manager for Macy's Northeast before joining PNC.
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The PNC Financial Services Group, Inc. (PNC) faces several key risks inherent in the diversified financial services industry. These risks can significantly impact its operations, profitability, and growth.
- Economic and Market Volatility: PNC is highly susceptible to broader economic conditions and fluctuations in financial markets. As an asset-sensitive bank, sudden changes in interest rates can directly impact its Net Interest Margin (NIM), affecting profitability. Economic downturns or recessions can lead to increased credit losses across its diverse loan portfolios (residential mortgages, home equity, auto, education, personal, small business, and commercial loans) and reduce overall loan demand. Additionally, sustained inflationary pressures and geopolitical tensions contribute to financial market volatility, further impacting the company's operations and financial performance.
- Regulatory and Compliance Risks: Operating in a highly regulated environment, PNC is exposed to significant risks from evolving governmental regulations, oversight, and compliance requirements. Changes in regulatory policies, capital and liquidity standards, or consumer protection laws can substantially affect its business operations, growth strategies, and profitability. The costs associated with compliance can also be substantial.
- Intense Competition and Technological Disruption: The financial services industry is highly competitive, with both established institutions and new entrants, including FinTech companies, vying for market share. This competition can put pressure on pricing for loans and services, and on fee-based income, which is a significant component of PNC's revenue. Furthermore, rapid advancements in financial technology necessitate continuous investment in digital capabilities to maintain a competitive edge and meet evolving customer expectations. Closely related is the ever-present and increasing threat of cybersecurity breaches, which could lead to financial losses, reputational damage, and loss of customer trust if not managed effectively.
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- Digital-only Banks and Neobanks: These companies operate primarily through mobile apps and online platforms, offering checking, savings, and payment services with often lower fees and more user-friendly digital experiences. They directly challenge PNC's Retail Banking segment by attracting tech-savvy customers and those seeking alternatives to traditional branch-based banking.
- Online Lenders: Specialized platforms provide streamlined, technology-driven processes for mortgages, auto loans, personal loans, and small business loans. Companies like Rocket Mortgage or SoFi compete directly with PNC's lending products by offering faster approvals, competitive rates, and a fully digital customer journey.
- Robo-advisors and Digital Wealth Management Platforms: These services offer automated, algorithm-driven investment management at lower costs than traditional human advisors. They directly compete with PNC's Asset Management Group for clients seeking accessible, efficient, and cost-effective investment solutions.
- Embedded Finance and Big Tech Entrants: Non-financial companies (e.g., Apple, Google, Amazon, Shopify) are increasingly integrating financial services directly into their ecosystems, offering credit cards, payment solutions, and even lending products. These platforms leverage vast customer bases and data, potentially disintermediating traditional banks like PNC in core payment, credit, and lending services.
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The addressable markets for PNC Financial Services' main products and services in the U.S. are sized as follows:
Retail Banking Segment (U.S.)
- The overall U.S. retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.22%.
- The total single-family mortgage origination volume in the U.S. is expected to reach USD 2.0 trillion in 2025 and increase to USD 2.2 trillion in 2026.
- The U.S. credit card market size was valued at USD 190 billion in 2024 and is projected to grow to USD 388.4 billion by 2032, exhibiting a CAGR of 9.5%.
- The U.S. small business loan market was valued at USD 245.39 billion in 2023 and is projected to reach USD 349.64 billion by 2033, with a CAGR of 3.4%.
Corporate & Institutional Banking Segment (U.S.)
- The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, with a CAGR of 4.56%.
Asset Management Group Segment (U.S.)
- The United States Asset Management market was valued at USD 52.08 trillion in 2024 and is expected to reach USD 134.67 trillion by 2030, at a CAGR of 17.22%. Other estimates indicate the U.S. Assets Under Management market is approximately USD 140 trillion.
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PNC Financial Services (PNC) anticipates several key drivers to fuel its revenue growth over the next 2-3 years:
- Strategic Acquisitions and Geographic Expansion: PNC expects significant revenue contributions from its recent acquisition of FirstBank, which closed in January 2026. This acquisition is projected to accelerate earnings growth and expand PNC's market share, particularly in the Southwestern United States, including Texas and Colorado. Additionally, the company plans organic expansion through new branch openings, focusing on increasing market density in existing growth markets like Nashville, with plans to open 300 new branches over five years.
- Robust Loan Growth: The company forecasts strong average loan growth, with expectations of an approximately 8% increase for the full year 2026. This growth is anticipated across various segments, including commercial and industrial loans, as well as residential mortgages.
- Expansion of Noninterest Income: PNC is focused on increasing its noninterest income, with a projected growth of 6% for 2026. This will be driven by higher capital markets and advisory fees, card and cash management revenue, and asset management and brokerage income. Investments in payments infrastructure and corporate cash management platforms are expected to deepen client relationships and enhance recurring fee income streams.
- Net Interest Income (NII) Expansion: PNC anticipates a substantial rise in net interest income, with an expected increase of approximately 14% in 2026. This growth is attributed to factors such as loan growth, lower funding costs, and the continued repricing of fixed-rate assets. The company also projects its net interest margin to exceed 3% in the latter half of 2026, with potential to reach 3.15% longer term.
- Investments in Technology and Digital Transformation: PNC is making significant investments in technology initiatives, including payments capabilities and consumer rewards platforms, and enhancing its digital banking services. These strategic investments aim to improve customer experience, increase operational efficiencies, and support customer acquisition and relationship deepening, thereby contributing to overall revenue growth.
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Share Repurchases
- PNC's annual share buybacks totaled approximately $1.338 billion in 2025, $687 million in 2024, and $651 million in 2023.
- In the first quarter of 2026, share repurchase activity is expected to be between $600 million and $700 million.
- As of December 31, 2025, approximately 35% of the 100 million common shares authorized under a previously approved repurchase program remained available.
Share Issuance
- No specific dollar amount of common share issuances was identified within the last 3-5 years. However, in January 2026, PNC issued a newly created series of preferred stock (Series X) in connection with the FirstBank acquisition.
Outbound Investments
- PNC completed the acquisition of FirstBank Holding Company for $4.1 billion on January 5, 2026. This transaction included approximately 13.9 million shares of PNC common stock and $1.2 billion in cash, and expands PNC's presence in Colorado and Arizona.
- In October 2023, PNC acquired a $16.6 billion portfolio of capital commitments facilities from Signature Bridge Bank, which included $9 billion in funded loans primarily for private equity investors.
- PNC acquired Aqueduct Capital Group in May 2025 for an undisclosed sum to enhance its fund placement capabilities within Harris Williams, its investment banking arm.
Capital Expenditures
- PNC Financial planned to spend $425 million in 2024 on its ongoing improvement plan, with a primary focus on business and technology investments.
- In the fourth quarter of 2024, noninterest expense included $97 million in asset impairments, mainly related to technology investments.
Peer Outperformance in Diversified Banks
PNC has trailed 67% of its 6 Diversified Banks peers over 5Y. Among the peers that beat it are C and WFC. Diversified Banks ranks 9th of 16 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Diversified Banks constituents that PNC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
67%
of 6 industry peers · 14.9% return
3Y
33%
of 6 industry peers · 105.5% return
5Y
33%
of 6 industry peers · 33.7% return
Diversified Banks peers with revenue growth within 4pp of PNC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PNC | PNC Financial Services | 3.8% | 11.7x | 14.9% | 105.5% | 33.7% | — |
| C | Citigroup | 6.5% | 12.1x | 31.4% | 243.7% | 111.6% | +78pp |
| WFC | Wells Fargo | 2.4% | 10.8x | 1.4% | 117.9% | 92.8% | +59pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Diversified Banks is PNC's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 5 | 26.6% | 69.2% | 134.7% | SPNT 161% · RNR 140% · RGA 135% |
| Investment Banking & Brokerage | 13 | -3.5% | 98.2% | 105.0% | IBKR 446% · SNEX 235% · GS 166% |
| Life & Health Insurance | 12 | 15.5% | 55.9% | 97.6% | JXN 531% · UNM 296% · FG 192% |
| Property & Casualty Insurance | 25 | -0.4% | 66.9% | 76.1% | TRV 161% · ACGL 160% · UFCS 160% |
| Multi-Sector Holdings | 3 | 0.5% | 43.8% | 70.0% | BRK-B 82% · VOYA 70% · JEF 46% |
| Asset Management & Custody Banks | 24 | 10.2% | 59.5% | 67.2% | WT 347% · VCTR 273% · AAMI 264% |
| Multi-line Insurance | 8 | 4.0% | 63.4% | 54.9% | GNW 140% · L 93% · AIZ 82% |
| Commercial & Residential Mortgage Finance | 3 | -0.9% | 33.7% | 43.7% | ACT 154% · ESNT 44% · WD -65% |
| Diversified Banks ← | 7 | 9.3% | 116.2% | 41.0% | JPM 126% · C 112% · WFC 93% |
| Regional Banks | 89 | 16.4% | 79.9% | 39.4% | FBP 135% · OFG 126% · NIC 125% |
| Consumer Finance | 14 | 2.7% | 111.7% | 35.5% | ENVA 378% · EZPW 297% · FCFS 151% |
| Financial Exchanges & Data | 13 | -2.0% | 44.0% | 30.3% | VIRT 168% · CBOE 140% · CME 66% |
| Insurance Brokers | 8 | -25.3% | -10.5% | 19.6% | AJG 60% · ERIE 33% · WTW 29% |
| Specialized Finance | 3 | 6.8% | 38.3% | -12.0% | EFC 18% · CACC -12% · HASI -17% |
| Mortgage REITs | 9 | -18.7% | 4.0% | -14.1% | RITM 33% · AGNC 13% · NLY 10% |
| Transaction & Payment Processing Services | 17 | -3.5% | -9.0% | -45.4% | V 62% · MA 57% · CPAY 46% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 69.03 |
| Mkt Cap | 167.2 |
| Rev LTM | 58,190 |
| Op Inc LTM | - |
| FCF LTM | 10,006 |
| FCF 3Y Avg | 8,506 |
| CFO LTM | 10,006 |
| CFO 3Y Avg | 8,506 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 29.1% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 29.1% |
| FCF/Rev 3Y Avg | 29.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail Banking | 14,863 | 14,547 | 12,939 | 10,507 | 9,002 |
| Corporate & Institutional Banking | 11,228 | 10,229 | 9,269 | 8,800 | 8,309 |
| Asset Management Group | 1,710 | 1,562 | 1,419 | 1,544 | 1,463 |
| Revenues from other activities | 269 | 437 | |||
| Total | 27,801 | 26,338 | 23,627 | 21,120 | 19,211 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Corporate & Institutional Banking | 3,046 | 3,177 | 3,408 | 3,702 | 2,890 |
| Retail Banking | 1,427 | 1,146 | 865 | 1,134 | 46 |
| BlackRock | 717 | 703 | 621 | 512 | 98 |
| Non-Strategic Assets Portfolio | 476 | 581 | 600 | 375 | |
| Asset Management Group | 306 | ||||
| Residential Mortgage Banking | 41 | 56 | 234 | -450 | 146 |
| Revenues from other activities | -506 | -336 | -416 | -894 | 18 |
| Asset Management | 287 | 256 | 271 | 224 | |
| Distressed Assets Portfolio | 647 | ||||
| Total | 5,507 | 5,614 | 5,568 | 4,650 | 4,069 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate & Institutional Banking | 5,446 | 4,729 | 4,049 | 3,887 | 4,324 |
| Retail Banking | 5,045 | 5,063 | 3,779 | 2,029 | 1,648 |
| Asset Management Group | 472 | 376 | 234 | 330 | 406 |
| Revenues from other activities | -704 | ||||
| Total | 10,963 | 10,168 | 8,062 | 6,246 | 5,674 |
| $ Mil | 2023 | 2021 | 2005 | 2004 |
|---|---|---|---|---|
| Corporate & Institutional Banking | 233,337 | 188,470 | ||
| Revenues from other activities | 194,707 | 216,688 | 32,473 | 27,381 |
| Retail Banking | 114,914 | 106,331 | ||
| Asset Management Group | 15,812 | 11,677 | ||
| BlackRock | 1,848 | 1,145 | ||
| PFPC | 2,128 | 2,054 | ||
| Regonial Community Banking | 27,862 | 21,741 | ||
| Wholesale Banking | 25,907 | 22,073 | ||
| PNC Advisors | 2,755 | |||
| Total | 558,770 | 523,166 | 90,218 | 77,149 |
Price Behavior
Price Behavior
| Market Price | $220.75 | |
| Market Cap ($ Bil) | 89.0 | |
| First Trading Date | 09/07/1988 | |
| Distance from 52W High | -14.1% | |
| 50 Days | 200 Days | |
| DMA Price | $242.62 | $225.89 |
| DMA Trend | up | down |
| Distance from DMA | -9.0% | -2.3% |
| 3M | 1YR | |
| Volatility | 17.8% | 22.0% |
| Downside Capture | 130.48 | 58.32 |
| Upside Capture | 50.88 | 64.77 |
| Correlation (SPY) | 45.2% | 35.1% |
PNC Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.94 | 0.76 | 0.72 | 0.39 | 0.59 | 0.87 |
| Up Beta | -1.50 | 0.55 | 0.40 | 0.27 | 0.55 | 0.85 |
| Down Beta | 0.37 | 1.09 | 0.84 | 0.01 | 0.59 | 0.93 |
| Up Capture | 90% | 36% | 53% | 47% | 53% | 70% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 20 | 34 | 71 | 133 | 400 |
| Down Capture | 204% | 159% | 118% | 58% | 67% | 93% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 22 | 30 | 55 | 118 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PNC | |
|---|---|---|---|---|
| PNC | 13.5% | 22.0% | 0.49 | - |
| Sector ETF (XLF) | 0.5% | 14.8% | -0.19 | 70.3% |
| Equity (SPY) | 15.7% | 13.0% | 0.85 | 35.0% |
| Gold (GLD) | 7.7% | 29.6% | 0.25 | 7.3% |
| Commodities (DBC) | 43.7% | 20.8% | 1.64 | -17.1% |
| Real Estate (VNQ) | 1.2% | 13.6% | -0.16 | 40.0% |
| Bitcoin (BTCUSD) | -27.0% | 44.5% | -0.58 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PNC | |
|---|---|---|---|---|
| PNC | 6.5% | 26.9% | 0.23 | - |
| Sector ETF (XLF) | 8.8% | 18.3% | 0.35 | 80.2% |
| Equity (SPY) | 13.0% | 17.2% | 0.57 | 59.8% |
| Gold (GLD) | 18.6% | 18.9% | 0.80 | 1.1% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 9.3% |
| Real Estate (VNQ) | 0.4% | 18.9% | -0.08 | 55.2% |
| Bitcoin (BTCUSD) | 13.2% | 52.3% | 0.43 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PNC | |
|---|---|---|---|---|
| PNC | 12.9% | 29.6% | 0.46 | - |
| Sector ETF (XLF) | 12.7% | 22.1% | 0.52 | 87.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 66.9% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | -4.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 21.2% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 57.6% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/15/2026 | 0.9% | 0.2% | 2.2% |
| 4/15/2026 | 0.4% | 3.1% | -5.1% |
| 1/16/2026 | 3.8% | 2.8% | 8.4% |
| 11/7/2025 | 0.5% | -0.1% | 12.4% |
| 7/16/2025 | 0.9% | 2.4% | 0.7% |
| 4/15/2025 | 0.0% | 0.5% | 15.7% |
| 1/16/2025 | -1.9% | -1.4% | -3.3% |
| 11/8/2024 | 2.8% | 1.8% | 0.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 1.3% | 3.1% | 6.3% |
| Median Negative | -2.2% | -2.1% | -3.0% |
| Max Positive | 4.7% | 7.1% | 15.7% |
| Max Negative | -6.0% | -8.1% | -11.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/15/2026 | 0.9% | 0.2% | 2.2% |
| 4/15/2026 | 0.4% | 3.1% | -5.1% |
| 1/16/2026 | 3.8% | 2.8% | 8.4% |
| 11/7/2025 | 0.5% | -0.1% | 12.4% |
| 7/16/2025 | 0.9% | 2.4% | 0.7% |
| 4/15/2025 | 0.0% | 0.5% | 15.7% |
| 1/16/2025 | -1.9% | -1.4% | -3.3% |
| 11/8/2024 | 2.8% | 1.8% | 0.2% |
| 7/16/2024 | 4.7% | 4.8% | -0.5% |
| 4/16/2024 | -2.0% | 4.3% | 6.6% |
| 1/16/2024 | 0.1% | 0.3% | -2.5% |
| 10/13/2023 | -2.6% | -3.4% | 0.6% |
| 7/18/2023 | 2.5% | 6.6% | -2.8% |
| 4/14/2023 | 0.4% | 4.7% | -7.0% |
| 1/18/2023 | -6.0% | -2.1% | -1.1% |
| 11/3/2022 | 2.1% | 6.9% | -0.1% |
| 7/15/2022 | 1.6% | 7.1% | 15.7% |
| 4/14/2022 | -1.9% | -0.5% | -11.8% |
| 1/18/2022 | -2.4% | -8.1% | -6.8% |
| 10/15/2021 | -1.7% | 5.1% | 0.5% |
| 7/14/2021 | -0.5% | -3.4% | 3.1% |
| 4/16/2021 | 2.3% | -0.5% | 14.1% |
| 1/15/2021 | -3.5% | -4.9% | 6.0% |
| 10/14/2020 | -2.4% | 0.7% | 12.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 1.3% | 3.1% | 6.3% |
| Median Negative | -2.2% | -2.1% | -3.0% |
| Max Positive | 4.7% | 7.1% | 15.7% |
| Max Negative | -6.0% | -8.1% | -11.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 7/16/2026Latest: Q2 2026 Earnings Reported 7/15/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Share Repurchases | Reported | 600.00 Mil | -7.7% | Lowered | Guidance: 650.00 Mil for Q2 2026 | |||
| 2026 Real GDP Growth | Reported | 2.1% | ||||||
| 2026 CPI Inflation | Reported | 0.03 | ||||||
| 2026 Federal Funds Rate | Reported | 0.04 | 0.04 | 0.04 | ||||
Prior: Q1 2026 Earnings Reported 4/15/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Share Repurchases | Reported | 600.00 Mil | 650.00 Mil | 700.00 Mil | 0 | Same New | Guidance: 650.00 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 1/16/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Share Repurchases | Reported | 600.00 Mil | 650.00 Mil | 700.00 Mil | ||||
| 2026 Real GDP Growth | Reported | 2.0% | 0 | Affirmed | Guidance: 2.0% for 2026 | |||
| 2026 Federal Funds Rate | Reported | 0.03 | 0.03 | 0.03 | ||||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2030 New Branch Builds | Reported | 300 | ||||||
| 2030 Long-term deposit opportunity | Reported | 20.00 Bil | ||||||
| 2030 Card Platform Penetration | Reported | 0.5 | ||||||
| 2025 Real GDP Growth | Reported | 2.0% | 0.5% | Raised | Guidance: 1.5% for 2025 | |||
| 2026 Real GDP Growth | Reported | 2.0% | 0.5% | Raised | Guidance: 1.5% for 2026 | |||
| Q1 2026 Federal Funds Rate | Reported | 0.03 | 0.03 | 0.04 | ||||
Insider Activity
Updated 8/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Juchno, Stacy M | Executive Vice President | Direct | Sell | 8142026 | 255.84 | 3,354 | 858,076 | 4,809,730 | Form |
| 2 | Deborah, Guild | Executive Vice President | Direct | Sell | 7242026 | 252.19 | 1,200 | 302,634 | 9,211,927 | Form |
| 3 | Thomas, Michael Duane | Executive Vice President | Direct | Sell | 6162026 | 238.14 | 1,500 | 357,205 | 1,204,734 | Form |
| 4 | Overstrom, Alexander E C | Executive Vice President | Direct | Sell | 6102026 | 227.97 | 1,500 | 341,956 | 4,472,791 | Form |
| 5 | Novosel, Stephanie | Executive Vice President | Direct | Sell | 6082026 | 228.73 | 1,800 | 411,714 | 710,664 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Juchno, Stacy M | Executive Vice President | Direct | Sell | 8142026 | 255.84 | 3,354 | 858,076 | 4,809,730 | Form |
| 2 | Deborah, Guild | Executive Vice President | Direct | Sell | 7242026 | 252.19 | 1,200 | 302,634 | 9,211,927 | Form |
| 3 | Thomas, Michael Duane | Executive Vice President | Direct | Sell | 6162026 | 238.14 | 1,500 | 357,205 | 1,204,734 | Form |
| 4 | Overstrom, Alexander E C | Executive Vice President | Direct | Sell | 6102026 | 227.97 | 1,500 | 341,956 | 4,472,791 | Form |
| 5 | Novosel, Stephanie | Executive Vice President | Direct | Sell | 6082026 | 228.73 | 1,800 | 411,714 | 710,664 | Form |
| 6 | Feldstein, Andrew T | Revocable Trust | Sell | 5282026 | 220.57 | 23,000 | 5,073,023 | 5,326,453 | Form | |
| 7 | Feldstein, Andrew T | Spouse's Revocable Trust | Sell | 5282026 | 220.57 | 18,000 | 3,970,192 | 10,721,723 | Form | |
| 8 | Feldstein, Andrew T | Spouse's Trust | Sell | 5282026 | 220.57 | 4,000 | 882,265 | 2,370,866 | Form | |
| 9 | Medler, Linda R | Direct | Buy | 3112026 | 200.38 | 20 | 4,008 | 4,008 | Form | |
| 10 | Demchak, William S | CEO | Direct | Sell | 2242026 | 230.88 | 50,000 | 11,544,000 | 127,970,781 | Form |
| 11 | Overstrom, Alexander E C | Executive Vice President | Direct | Sell | 2182026 | 233.91 | 2,500 | 584,775 | 4,940,179 | Form |
| 12 | Cestello, Louis Robert | Executive Vice President | Direct | Sell | 2182026 | 234.01 | 4,279 | 1,001,329 | 4,415,067 | Form |
| 13 | Bynum, Richard Kevin | Executive Vice President | Direct | Sell | 2182026 | 230.98 | 7,407 | 1,710,847 | 448,557 | Form |
| 14 | Thomas, Michael Duane | Executive Vice President | Direct | Sell | 11062025 | 183.57 | 1,000 | 183,573 | 1,065,091 | Form |
| 15 | Deborah, Guild | Executive Vice President | Direct | Sell | 10282025 | 186.97 | 1,080 | 201,928 | 5,110,825 | Form |
| 16 | Overstrom, Alexander E C | Executive Vice President | Direct | Sell | 9122025 | 203.33 | 1,000 | 203,330 | 3,382,395 | Form |
| 17 | Medler, Linda R | Direct | Sell | 8292025 | 205.55 | 71 | Form |
Investor Activity (13F)
Updated Oct 2, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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| Global Finance Magazine |
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