PNC Financial Services Shares Down 8% Since Q4 EPS Miss Announcement
<p><a href='https://financialmodelingprep.com/financial-summary/PNC'>PNC Financial Services (NYSE:PNC)</a> shares fell more than 8% since the company’s reported Q4 results on Wednesday, with EPS of $3.49 coming in worse than the Street estimate of $3.95. Revenue was $5.76 billion, better than the Street estimate of $5.7 billion.</p>
<p>The analysts at Oppenheimer believe that the EPS shortfall was primarily due to cosmetic and one-time factors. On the cosmetic side, there were $184 million of net CECL reserve builds which penalized EPS by $0.37. The real impact was probably even more than there was a charge-off on a specifically reserved for loan and so the CECL build was probably higher. </p>
<p>On the “one-timish” side, the analysts mentioned that the core expenses were $176 million higher than modeled. Management didn't precisely specify but suggested a number of minor factors like writing of anything related to crypto and seasonally higher medical expenses.</p>

NYSE:PNC