Jim Cramer’s Game Plan: 12 Stocks in Focus This Week

9. The PNC Financial Services Group, Inc. (NYSE:PNC)

Number of Hedge Fund Holders: 51

As per Cramer, among the banks reporting on Thursday, The PNC Financial Services Group, Inc. (NYSE:PNC) is the best one to report.

“Thursday we have more of the same. This time, Bank of America, U.S. Bancorp, Morgan Stanley, and PNC Financial. I actually expect all these to be good too. But the best one, the most admirable [is] likely to be PNC. You know, PNC has become kind of a cult bank stock.”

PNC Financial (NYSE:PNC) is a diversified financial services company offering a wide range of products, including loans, credit cards, mortgages, insurance, and investment management. As of the third quarter of 2024, the company reported average total assets of $569.5 billion, reflecting an increase of $6.5 billion compared to the previous quarter and a rise of $14.6 billion compared to the same period in 2023.

This growth was mainly driven by a higher balance in Federal Reserve Bank accounts and an uptick in investment securities. The company expects that its average loans will remain relatively stable for the fourth quarter of 2024. Net interest income is expected to grow by about 1% compared to the third quarter.

However, PNC Financial (NYSE:PNC) forecasts its fee income (on a non-GAAP basis) to decrease by 5% to 7%. In contrast, the company expects an increase in other noninterest income, which could rise to between $150 million and $200 million compared to the prior quarter. Overall, total revenue is anticipated to remain stable during this period.