Summary
PNC Financial Services Group, Inc. (PNC) filed its 10-Q for the period ending September 29, 2021. The report indicates no material changes to the previously disclosed risk factors from the 2020 10-K. Additionally, there were no unregistered sales of equity securities during the third quarter of 2021. The company did, however, re-engage in share repurchases following the reinstatement of its programs. In the third quarter of 2021, PNC returned approximately $0.4 billion to shareholders through the repurchase of 2.1 million shares of common stock at an average price of $190.49 per share. These repurchases were conducted under a program authorized in April 2019 and were resumed after a temporary suspension related to the Federal Reserve's efforts to support the U.S. economy during the pandemic.
Financial Highlights
33 data points| Revenue | $5.20B |
| Operating Income | $4.38B |
| Interest Expense | $119.00M |
| Net Income | $1.49B |
| EPS (Basic) | $3.31 |
| EPS (Diluted) | $3.30 |
| Shares Outstanding (Basic) | 426.00M |
| Shares Outstanding (Diluted) | 426.00M |
Key Highlights
- 1No material changes to previously disclosed risk factors.
- 2No unregistered sales of equity securities in Q3 2021.
- 3Resumed share repurchase program in Q3 2021.
- 4Returned $0.4 billion to shareholders via share repurchases in Q3 2021.
- 5Repurchased 2.1 million shares of common stock in Q3 2021.
- 6Average price paid per share for repurchases was $190.49.
- 7Share repurchase program has a remaining authorization for a significant number of shares.