PNC Financial Is A Great Bank With A Good Valuation In A So-So Market

This has been a pretty mediocre year so far for banks, as the sector has continued to modestly trail the S&P 500 on growing concerns that the rate cycle has largely played out and there aren’t many particularly compelling drivers left. For its part, PNC Financial (PNC) has been a middling performer so far in 2018, underperforming JPMorgan (JPM) and Bank of America (NYSE:BAC), while outperforming Wells Fargo (WFC).

I don’t really see anything in PNC’s second-quarter results that is going to change many minds. The valuation is still attractive, but not so much so that it demands action, and the company’s efforts to grow loans and drive attractive operating leverage are working, but not really that much moreso than expected.

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PNC Financial Is A Great Bank With A Good Valuation In A So-So Market