10-QPeriod: Q2 FY2023

PNC FINANCIAL SERVICES GROUP, INC. Quarterly Report for Q2 Ended Jun 30, 2023

Filed August 2, 2023For Securities:PNC

Summary

PNC Financial Services Group, Inc. (PNC) filed its second-quarter 2023 10-Q on August 2, 2023. The filing indicates no material changes to previously disclosed risk factors from its first quarter 2023 10-Q and 2022 10-K. Additionally, there were no unregistered sales of equity securities during the quarter. For investors, a key piece of information is the company's common stock repurchase activity. During the second quarter, PNC repurchased a total of 1,119 thousand shares at an average price of $124.18 per share, with 1,103 thousand shares being part of publicly announced programs. The company still has a significant portion of its share repurchase authorization remaining, with approximately 46% of the up to 100 million common shares authorized still available for repurchase as of June 30, 2023. PNC also noted an improvement in its Stress Capital Buffer (SCB) for the upcoming four-quarter period, moving to the regulatory minimum of 2.5%.

Financial Highlights

34 data points
Beta

Revenue

$5.29B

Net Income

$1.50B

28.3% Net Margin

EPS (Diluted)

$3.36

Total Assets

$558.21B

Cash & Equivalents

$44.45B

Free Cash Flow

$3.26B

Financial Statements
Beta
Revenue$5.29B
Operating Income$3.16B
Interest Expense$2.43B
Net Income$1.50B
EPS (Basic)$3.36
EPS (Diluted)$3.36
Shares Outstanding (Basic)401.00M
Shares Outstanding (Diluted)401.00M

Key Highlights

  • 1No material changes to previously disclosed risk factors were reported.
  • 2No unregistered sales of equity securities occurred in the second quarter.
  • 3PNC repurchased a total of 1,119 thousand shares of its common stock in Q2 2023.
  • 4The average price paid per share for these repurchases was $124.18.
  • 5A substantial portion (approximately 46%) of the authorized 100 million share repurchase program remains available.
  • 6PNC's Stress Capital Buffer (SCB) is expected to improve to the regulatory minimum of 2.5% starting October 1, 2023.

Frequently Asked Questions

PNC reported no material changes to its risk factors in this 10-Q filing, meaning the risks previously disclosed in its first quarter 2023 10-Q and 2022 10-K remain unchanged.

Yes, PNC repurchased a total of 1,119 thousand shares of its common stock during the second quarter of 2023. The average price paid was $124.18 per share. Most of these repurchases (1,103 thousand shares) were part of publicly announced programs.

As of June 30, 2023, approximately 46% of PNC's authorized share repurchase program of up to 100 million common shares remained available for future repurchases.

PNC's SCB is projected to improve to the regulatory minimum of 2.5% for the four-quarter period beginning October 1, 2023, following the results of the Federal Reserve's 2023 annual stress test. This represents an improvement from the current SCB of 2.9% through September 30, 2023.