Bank Name Reports Earnings Win, Revenue Miss

The 60-day moving average has been guiding PNC lower since February

Deputy Editor

Jul 15, 2022 at 11:04 AM

One of the latest bank names to report earnings this week is PNC Financial Services Inc (NYSE:PNC). The company posted better-than-expected second-quarter earnings of $3.39 per share, but its revenue of $5.12 billion came in below estimates. PNC was last seen up 0.8% to trade at $152.13, but earlier the security fell to a new 17-month low of $146.43.

Shares have today breached support at the $150 level. Longer term, the 60-day moving average has been guiding PNC lower since February, and the equity is still down 24.2% year-to-date.

Analysts have yet to chime in after the results, but already lean bearish towards PNC Financial Services stock. Of the 14 analysts in coverage, 10 carry a lukewarm "hold" or worse rating.

Meanwhile, options volume is running at five times the intraday average today. So far, 3,231 calls and 2,736 puts have already crossed the tape. The August 160 call is the most popular, but positions are currently being opened at the July 140 put, which will expire after today's close.

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