Have you been eager to see how The PNC Financial Services Group, Inc. (PNC - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Pennsylvania-based money center bank’s earnings release this morning:

An Earnings Beat

PNC Financial came out with earnings per share of $2.00, easily beating the Zacks Consensus Estimate of $1.84. Results were aided by increased net interest income and non-interest income, partially offset by higher expenses.

How Was the Estimate Revision Trend?

You should note that the earnings estimate for PNC Financial depicted bullish stance prior to the earnings release. The Zacks Consensus Estimate increased slightly to $1.84 over the last 7days.

Moreover, PNC Financial has a decent earnings surprise history. Before posting earnings beat in Q1, the company delivered positive surprises in three of the trailing four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 3.2% in the trailing four quarters.

PNC Financial Services Group, Inc. (The) Price and EPS Surprise

PNC Financial Services Group, Inc. (The) Price and EPS Surprise| PNC Financial Services Group, Inc. (The) Quote

Revenue Came In Higher Than Expected

PNC Financial posted revenues of $3.88 billion, increasing 6% year over year. The reported figure outpaced the Zacks Consensus Estimate of $3.77 billion.

Key Stats for Q1:

• Net Income:$1.07 billion, up 13.9% year over year.
   
• Expenses: $2.40 billion, up 5.3% from the prior year quarter.
   
• Loans - Commercial lending: $140.6 billion, up 4.1% year over year.

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for PNC Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today’s Zacks #1 Rank stocks here.)

How the Market Reacted So Far

Following the earnings release, PNC Financial shares were up more than 1% in the pre-trading session. This is in contrast with what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.