NYSEARCA:DFNL - NYSE Arca - US23908L1089 - ETF - Currency: USD
PNC Financial Services reported Q4 revenue of $5.57 billion, beating consensus of $5.50 billion. Net interest income and noninterest income led to 4% revenue growth. EPS of $3.77 topped consensus of $3.33. PNC also declared a quarterly dividend of $1.60. Q1 guidance includes decrease in average loans and lower total revenue.
30-year fixed mortgage rate drops to lowest point in 2 years as anticipation of Fed rate decrease grows - refinance applications up 24%.
Big banks are expected to have strong returns in 2020. Exchange-traded funds allow investors to play them, as well as bet on financials more broadly.
Reuters reports that dealmakers expect cross-border mergers and acquisitions to pick up next year in light of diminishing geopolitical risk.Total M&A this year was ~$3.9T, the fourth highest on re