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WHY� PNC FINANCIAL STOCK DROPPED 10.9% THIS WEEK

By Dave Kovaleski – May 5, 2023 at 1:01PM


KEY POINTS

 * Bank stocks struggled this week, as there was another bank collapse.
 * The Federal Reserve raised interest rates for the 10th straight time.
 * Motley Fool Issues Rare “All In” Buy Alert


NYSE: PNC


PNC FINANCIAL SERVICES



Market Cap
$69B

Today's Change
Arrow-Thin-Down
(0.84%)� $1.45
Current� Price
$174.82
Price as of August 22, 2024, 1:24 p.m. ET


Banks had a volatile week, including PNC Financial.


WHAT HAPPENED

PNC Financial Services Group (PNC 0.84%) saw its stock price fall 10.9% this
week as of Friday at 10:35 a.m. ET, according to S&P Global Market Intelligence.
The stock was trading at about $116 per share as of Friday at 10:35 a.m. ET,
down about 26% year to date (YTD).

The markets were all down this week, as the S&P 500 was off 1.2%, the Dow Jones
Industrial Average fell 1.5%, and the Nasdaq Composite dropped 0.6% this week,
as of Friday at 10:35 a.m. ET.


SO WHAT

PNC Financial is the holding company for PNC Bank, the sixth-largest bank in the
country, with about $562 billion in assets. It is considered a super-regional
bank, with branches in 27 states, from California to Massachusetts.

There was no issue specific to PNC that caused its decline this week; rather, it
was factors within the larger banking industry that seemed to sour investor
sentiment on most banks.� 



The major catalyst was the failure of another bank, Memphis, Tennessee-based
First Republic. It was seized by federal regulators on Monday and immediately
sold off to JPMorgan Chase. First Horizon, with $212 billion in assets as of
Dec. 31, was the 14th largest bank in the country and the second-largest bank
failure in U.S. history, behind only Washington Mutual, which went under in
2008.� 



Then on Thursday, it was reported that Toronto-Dominion Bank� and First Horizon
called off their merger, citing regulatory uncertainty. But the recent turmoil
that regional banks are facing may have played a role, particularly from the
standpoint of the larger bank, TD Bank.� 

Also, this week, the Federal Reserve Board raised interest rates for the 10th
straight time in an ongoing effort to cool inflation. It was only hiked by 25
basis points, but the market fell on the news on fears of an economic slowdown
or recession.


NOW WHAT

Fed Chair Jerome Powell, mindful of the problems in the banking industry,
indicated a pause on rate hikes may be near. He also called the U.S. banking
system "sound and resilient," but acknowledged that "tighter credit conditions
for households and businesses are likely to weigh on economic activity, hiring,
and inflation."

A recession or economic slowdown is not great for banks. But PNC had a solid
first quarter and beat earnings estimates, with net income up 9% year over year.
It is one of the better large banks and looks like a solid long-term buy at its
current low valuation, particularly for its dividend. But given current
conditions and economic uncertainty, expect near-term volatility.



JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company.
Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool
has positions in and recommends JPMorgan Chase and PNC Financial Services. The
Motley Fool has a disclosure policy.




RELATED ARTICLES

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PNC Financial Services: A More Conservative Risk-Reward Play
Solid Performance and a Solid Dividend Have Braced PNC for a Recession
2 Best Stocks to Own for Passive Income in 2023
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