PNC Financial's (NYSE:PNC) EPS Lowered on Lower NIM Expectations

PNC Financial's (NYSE:PNC) latest quarterly results were underwhelming, and FBR Capital, citing lower NIM expectations, lowered their full year 2011 EPS estimate on the company.

FBR says, "...On the credit front, NCOs grew $177M as the company was proactive with moving problem commercial mortgages off the balance sheet. NPAs declined 6% after dropping 4% in 3Q10 and should continue to fall as PNC works through problem assets. We are adjusting our FY11 operating EPS estimates to $5.65 from $5.75 to take into account slightly lower NIM expectations and introducing our FY12 operating EPS estimate of $6.45. Our FY12E EPS is in line with our estimate for normalized earnings range of $5.67 to $6.93."

FBR Capital maintains an "Outperform/Top Pick" on PNC Financial (PNC), which was trading at $60.43, down $0.57, or 0.93 percent, as of 11:55 AM EST. FBR has a price target of $80 on PNC.