PNC Looks to Put Wall Street Banks Back (NYSE: PNC)

NEW YORK - The average large bank has risen nearly 20% since December and the banks share prices have come to a halt after a disappointing result by Citigroup yesterday. This is despite the fact that few banks in the U.S. are like Citigroup which has a large core business outside the U.S. and has been infested with problems which forced the company to split the company into Citiholdings and Citigroup. Today, Wells Fargo and U.S. Bancorp two of the stronger banks reported profits which beat or met expectations.

PNC Financial is set to report tomorrow. The average analyst estimate is for $1.38 a share in profit. PNC Financial which is the quickly growing bank and is largely credited with doing it the right way during the recession. Unlike most of the other big Wall Street banks, PNC did not need TARP funds it took them to make the acquisition of NCC Corporation the then 6th largest bank in the U.S. PNC was named Bank of the Year in 2010 and its momentum appears to continue.

Wall Street banks appear to be having trouble gathering their footing of late and PNC will look to put a stepping stone in the right direction for banks.

To see the the full PNC report click here.