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Summary
- In March, PNC Financial outperformed its peers in the iShares Regional Banks ETF, demonstrating the market’s confidence in its leadership prowess.
- Even though the bank remains resilient, a potentially worse economic downturn or a further spread of the banking crisis could still affect its stability.
- Its AFS and HTM securities incurred unrealized losses exceeding $9B. Moreover, it held uninsured deposits representing a sizeable 46% of its total deposits, raising concerns about its recent deposits outflow.
- Can PNC outshine its competitors during the crisis and emerge stronger, cementing its market leadership? It’s crucial to assess whether PNC has what it takes to weather the storm and come out on top.
- With an NTM adjusted P/E of 8.3x, it seems the market has already factored in a significant decline in future earnings.
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The PNC Financial Services Group, Inc. (NYSE:PNC) is the leading constituent in the iShares U.S. Regional Banks ETF (IAT), accounting for 13.8% of its total exposure as of March 22.
The banking crisis has significantly affected PNC and its peer group in the IAT as market operators prepare for more pain.
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