Summary
PNC Financial Services Group, Inc. (PNC) filed its quarterly report on November 4, 2019, for the period ending September 29, 2019. The filing indicates no material changes to the company's risk factors as previously disclosed in its 2018 Form 10-K, suggesting a stable risk environment from the previous fiscal year. The report also details significant share repurchase activity during the third quarter of 2019.
Financial Highlights
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Financial Statements
Beta
| Revenue | $4.49B |
| Interest Expense | $999.00M |
| Net Income | $1.39B |
| EPS (Basic) | $2.95 |
| EPS (Diluted) | $2.94 |
| Shares Outstanding (Basic) | 444.00M |
| Shares Outstanding (Diluted) | 445.00M |
Key Highlights
- 1PNC repurchased approximately 7.5 million shares of its common stock during the third quarter of 2019, with an average price of $134.09 per share, totaling $1.0 billion in repurchases.
- 2These repurchases were part of a larger share repurchase program authorized by the Board of Directors, with 92,542 shares remaining under the program as of September 30, 2019.
- 3The company initiated a new stock repurchase program effective July 1, 2019, replacing a previous authorization, allowing for the repurchase of up to 100 million shares.
- 4Share repurchases are subject to various factors including market conditions, regulatory capital considerations, and the results of supervisory capital adequacy assessments.
- 5The filing incorporates by reference legal proceedings information from Note 12 of the Consolidated Financial Statements, indicating that any ongoing legal matters are not being presented as new or materially changed within this 10-Q.
- 6There are no new material changes to the risk factors previously disclosed in the company's 2018 Form 10-K.