Latest news with #PNC
Yahoo
5 hours ago
- Business
- Yahoo
Coinbase and PNC to work together as crypto reaches for Main Street
The largest US cryptocurrency exchange and a Pittsburgh regional lender announced a strategic partnership Tuesday that shows how upstart crypto and old-school banking are coming closer together. The new arrangement between Coinbase Global (COIN) and PNC Financial Services Group (PNC) will give retail and institutional customers of the seventh-largest US bank a way to buy, sell and hold cryptocurrencies through their PNC accounts. PNC will also begin providing Coinbase with select banking services, including settlement, as part of the agreement. 'Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,' PNC CEO William Demchak said in a statement. "This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platforms,' Demchak added. The two companies described the relationship as in its early stages and said they plan to launch PNC's first crypto offering in the coming months through the deployment of Coinbase's newer crypto-as-a-service (CaaS) infrastructure product. 'PNC is a market leader in delivering best-in-class products for their clients," Brett Tejpaul, Coinbase's head of institutional division, said in a statement. "We're thrilled to support their entry into the digital asset market." Such a partnership is an example of how the once segregated worlds of crypto and traditional banking have moved closer together this year as digital assets gain more favorable regulatory treatment from President Trump and lawmakers in Washington, D.C. While Biden-era regulators discouraged banks from moving toward crypto after a series of blowups in the world of digital assets in 2022, the Trump administration has pushed to lower barriers between the two industries. And the path toward clearer and more favorable rules for crypto in the US has in turn spurred investors to flock to digital assets. Crypto's total market capitalization is now nearing $4 trillion, up by $680 billion since the start of 2025, according to CoinMarketCap. Meanwhile, the price of bitcoin (BTC-USD), the largest cryptocurrency, notched fresh all-time highs above $122,000 earlier this month. Some crypto firms are seeking approvals for national trust bank charters as they push for more customers, spurring some pushback from bank lobbyists. The American Bankers Association and Independent Community Bankers of America have asked the Office of the Comptroller of the Currency (OCC) to delay consideration of these charters to be sure the crypto firms aren't planning to use them for other banking services outside the scope of what the charters allow. At the same time, big US banks are assessing their options for whether to buy, build, or partner with crypto firms to get a piece of the digital asset business. At least two big Wall Street institutions — Morgan Stanley (MS) and Charles Schwab (SCHW) — have already signaled plans to offer cryptocurrencies through their wealth management platforms in the coming months. JPMorgan Chase (JPM) is exploring letting customers lend against their crypto-related products as soon as this quarter, according to people familiar with the matter. The Financial Times reported Tuesday that the bank is also exploring extending such an offering to let clients lend directly against their crypto holdings next year. JPMorgan CEO Jamie Dimon, Citigroup (C) CEO Jane Fraser and Bank of America (BAC) CEO Brian Moynihan all said last week they are planning to get involved in dollar-pegged stablecoins as Congress passed the first-ever federal framework for those digital assets. Trump signed the legislation into law on Friday. Big banks have also convened to explore prospects for launching a collaborative stablecoin network similar to Zelle, and PNC's Demchak has been at the center of those collaborative discussions. 'Brilliantly boring' PNC's new partnership with Coinbase is another demonstration of how crypto is reaching for even wider adoption. The Pittsburgh-based bank has roots that trace back to the Civil War, and it prides itself on its conservative principles. A national ad campaign that rolled out last year positioned it as a 'boring' lender that helps customers and businesses build wealth without taking giant risks. 'Brilliantly Boring since 1865,' one slogan read. Emma Loftus, PNC's head of treasury management, said in an interview with Yahoo Finance that the partnership with Coinbase is "absolutely on brand for us." "It's not about a lot of trading and volatility," Loftus said. "It's all about how do we support our clients who actually want to be able to participate in these markets?" In retail and wealth customer accounts, PNC has seen funds flow into crypto-related activities offered by other providers, and there is real interest in being able to give customers a better connection and visualization of these activities through their PNC bank accounts, Loftus added. 'Now we are allowed to bank people in that business,' Demchak said when asked by an analyst in an earnings call last Wednesday about stablecoins, crypto, and the new legislation in Washington. 'Just given our raw capabilities, you would expect that we'll get some meaningful clients there. Secondly, we will enable our clients in the very near term to be able to use crypto,' Demchak added. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is david dot hollerith@ Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
5 hours ago
- Business
- CNBC
PNC announces strategic partnership with Coinbase
CNBC's Leslie Picker joins 'Squawk on the Street' with the latest news on PNC's partnership with Coinbase, how banking executives are thinking about stablecoin, and more.
Bloomberg
5 hours ago
- Business
- Bloomberg
PNC Teams Up With Coinbase to Give Banking Clients Crypto Access
PNC Financial Services Group Inc. formed a partnership with crypto exchange Coinbase Global Inc. to offer its banking customers access to digital-currency services. While still in its early stages, the tie-up will probably start by allowing wealth- and asset-management clients the ability to trade cryptocurrency using their PNC accounts, according to Emma Loftus, head of treasury management at the Pittsburgh-based bank.
Globe and Mail
5 days ago
- Business
- Globe and Mail
PNC Financial Services Reports Strong Q2 2025 Earnings
PNC Financial Services ( (PNC)) has released its Q2 earnings. Here is a breakdown of the information PNC Financial Services presented to its investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. PNC Financial Services Group, Inc., a leading diversified financial services institution in the United States, offers a wide range of retail and business banking services, including corporate banking, real estate finance, and wealth management. In its second quarter of 2025 earnings report, PNC Financial Services announced a net income of $1.6 billion, with a diluted earnings per share (EPS) of $3.85. The company reported strong loan growth, a 4% increase in revenue, and stable credit quality, alongside a 10-cent increase in its quarterly common stock dividend to $1.70 per share. Key financial metrics for the quarter included a 2% increase in net interest income to $3.6 billion, driven by loan growth and asset repricing, and a 3% rise in fee income. PNC's efficiency ratio improved to 60%, and the tangible book value per share increased by 4% to $103.96. The company maintained a strong capital position with a CET1 capital ratio of 10.5% and returned $1 billion to shareholders through dividends and share repurchases. PNC's balance sheet reflected a 2% growth in average loans, primarily due to a 4% increase in commercial and industrial loans, while average deposits grew by $2.3 billion. The company's credit quality remained stable, with a decrease in net loan charge-offs and nonperforming loans. The allowance for credit losses was slightly increased to $5.3 billion. Looking ahead, PNC's management remains optimistic about its growth strategy, emphasizing customer acquisition and deepening existing relationships. The company expects continued loan and revenue growth, supported by a strong franchise and controlled expenses, despite an uncertain macroeconomic environment.
Yahoo
5 days ago
- Business
- Yahoo
PNC & AIR are 2 Top Stocks to Watch After Earnings
In a busy week that includes much-anticipated quarterly reports, a pair of standouts among the finance and aerospace sectors shouldn't be overlooked. Sporting a Zacks Rank #2 (Buy), these two top-rated stocks are benefiting from strong business industries and are worthy of investors' consideration after exceeding their quarterly expectations on Wednesday and posting sound growth on their top and bottom lines. PNC's Q2 Results Lead Regional Banks Showcasing steady expansion in terms of loan growth and net interest income, PNC PNC continued to excel as a premier regional bank that sets itself apart through its investment solutions. Because of such, PNC belongs to the Zacks Financial-Investment Bank Industry, which is currently in the top 15% of over 240 Zacks industries. With its performance among the top tier of regional banks, PNC showed positive operating leverage (revenue outpacing expense growth) while accelerating customer acquisition and expansion in high-growth markets. Furthermore, PNC illustrated a strong capital position with a CET1 ratio of 10.5%, a key financial metric that measures a bank's core equity capital relative to its total risk-weighted assets and must be at least 8% for commercial banking institutions. PNC's Q2 sales were up 5% year over year to $5.68 billion, edging estimates of $5.61 billion. Even better, PNC's earnings spiked 16% to $3.85 per share compared to Q2 EPS of $3.30 a year ago. This surpassed the Zacks EPS Consensus of $3.56 by 8% with PNC now exceeding earnings expectations for 10 consecutive quarters. Image Source: Zacks Investment Research Additionally, PNC stock stands out after officially announcing it will be increasing its quarterly dividend by 10 cents to $1.70 per share, with an annual yield currently at a generous 3.51% and well above its industry average of 1.92%. Image Source: Zacks Investment Research AAR Sets the Tone for Aerospace-Defense Expectations Pivoting to the aerospace standout, this sector has been on fire this year in correlation with increased global defense spending, and AAR Corp's AIR results for its fiscal fourth quarter helped justify investors' enthusiasm. At the moment, AAR Corp's Zacks Aerospace-Defense Equipment Industry is in the top 30% of all Zacks industries. As a brief overview, AAR Corp is headquartered in Illinois and was incorporated in 1951, providing various products and services to the aviation and defense industries worldwide. Notably, AAR Corp's principal customers include The Boeing Company BA and Airbus Group EADSY. AAR Corp's Q4 sales were up 15% to $754.5 million and impressively topped estimates of $691.02 million by 9%. Taking advantage of increased demand, AAR Corp's Q4 earnings soared 32% to $1.16 per share from EPS of $0.88 in the comeparative quarter. More impressive, AAR Corp comfortably surpassed its Q4 earnings expectations of $1.00 per share and has now reached or exceeded the Zacks EPS Consensus for a remarkable 30 consecutive quarters, dating back to March of 2018. Image Source: Zacks Investment Research As one of the market's top performers this year, AAR Corp's stock is up +40% in 2025 and is sitting on gains of more than +100% in the last three years, with the company's quarterly earnings consistency also illustrated by the green arrows in the Price, Consensus, and EPS Surprise chart below. Image Source: Zacks Investment Research Conclusion & Final Thoughts Following their strong quarterly results, what further makes PNC and AAR Corp's stock stand out is their attractive valuations, with both checking a 'B' Zacks Style Scores grade for Value. Trading at very reasonable forward earnings multiples of less than 17X, respectively, PNC and AAR Corp's stock also trade well under the optimum level of less than 2X forward sales. Keeping this in mind, investors certainly shouldn't overlook their impressive reports, making now a good time to buy these top-rated stocks. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The PNC Financial Services Group, Inc (PNC) : Free Stock Analysis Report AAR Corp. (AIR) : Free Stock Analysis Report The Boeing Company (BA) : Free Stock Analysis Report Airbus Group (EADSY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
