Shares of bank holding company PNC Financial (NYSE:PNC) are ticking higher today after PNC Bank, a subsidiary of PNC Financial, announced major expansion plans. This includes an investment of nearly $1 billion to open over 100 new branches and renovate over 1,200 existing locations through 2028.
The company plans to open new locations in key markets, such as Austin, Dallas, Houston, and Miami. The move is also aimed at enhancing the convenience and footprint of its coast-to-coast network. Additionally, the major branch renovations are expected to improve transaction and interaction experiences for the bank’s customers.
Alex Overstrom, the Head of PNC Retail Banking, commented, “Today’s announcement further underscores our commitment to continuously invest in our branch network to effectively meet the needs of our customers in an evolving financial landscape.”
Currently, PNC’s physical presence includes nearly 2,300 brick-and-mortar locations and over 60,000 PNC-owned and partner ATMs.
Is PNC a Good Stock to Buy?
Last month, PNC reported an EPS of $3.16 on revenue of $5.36 billion for the fourth quarter. This was a 7% year-over-year decline in the company’s top line. Overall, the Street has a Moderate Buy consensus rating on PNC Financial, and the average PNC price target of $164.39 points to a 12.5% potential upside in the stock. That’s on top of a nearly 18% jump in the company’s share price over the past six months.
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