Summary
PNC Financial Services Group, Inc. (PNC) filed its second quarter 2018 10-Q report on August 1, 2018, covering the period ending June 29, 2018. This report indicates no material changes to the company's previously disclosed risk factors from its 2017 10-K filing. Investors should note the company's active stock repurchase program during the quarter. PNC repurchased approximately 5.7 million shares of its common stock during the second quarter of 2018 at an average price of $145.20 per share, totaling $0.8 billion. These repurchases were conducted under publicly announced programs and also included shares for employee benefit plans. The company continues to have a substantial authorization remaining under its stock repurchase programs, suggesting a commitment to returning capital to shareholders.
Financial Highlights
30 data points| Revenue | $4.32B |
| Interest Expense | $669.00M |
| Net Income | $1.36B |
| EPS (Basic) | $2.74 |
| EPS (Diluted) | $2.72 |
| Shares Outstanding (Basic) | 469.00M |
| Shares Outstanding (Diluted) | 472.00M |
Key Highlights
- 1No material changes in risk factors compared to the 2017 10-K.
- 2PNC repurchased 5.7 million shares of common stock in Q2 2018.
- 3The average price paid for repurchased shares was $145.20.
- 4Total expenditure on share repurchases in Q2 2018 was $0.8 billion.
- 5Repurchases were conducted through publicly announced programs and for employee benefit plans.
- 6Significant remaining authorization for future share repurchases exists.
- 7The company's capital planning processes, including CCAR, influence repurchase decisions.