PNC Financial Services Surges Following Conference Presentation

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PNC Financial Services Surges Following Conference Presentation
Credit: © Reuters.

Shares of PNC Financial Services (NYSE: PNC ) climbed following presentations by its Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly.

Management discussed business performance, strategy and banking at the Barclays Global Financial Services Conference in New York City.

Demchak and Reilly said net interest income is expected to decline, but they also mentioned a structural program on expenses to be announced on earnings day.

“The big positive surprise was a teaser for a structural cost savings program, details of which PNC will discuss on the 3Q earnings call. This would go beyond PNC’s typical Continuous Improvement Plan (CIP) and be intended to drop to the bottom line,” said Piper Sandler analysts.

The Piper analysts viewed the guidance as positive overall and they think it will put upward pressure on EPS estimates.

Shares of PNC climbed by over 5.5% following the presentation.

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