PNC Financial Services Group reported first-quarter earnings well ahead of analysts’ expectations, sending shares in the regional bank—beaten down amid last month’s panic over lenders—shooting higher.
PNC stock jumped 5.44% after posting financial results.
PNC (ticker: PNC) reported earnings of $3.98 a share on revenue of $5.6 billion in the first three months of the year, well ahead of the earning per share of $3.66 eyeballed among analysts surveyed by FactSet. Revenue came in a hair shy of estimates—just $4 million short of what analysts had expected.
Shares in the “super regional” bank—which operates across 27 states and the District of Columbia—jumped 8% in U.S. premarket trading on Friday. The stock has still fallen more than 20% from the beginning of March, before the collapse of three U.S. banks sparked concerns over the health of the sector.
