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PNC Financial Services: Facing the Heat

I thought about the ETFC comparison some more and realized that I had oversimplifed. Evaluated as a bank ETFC looks terrible, but they have the brokerage business as well. It's two companies in one, and the brokerage is almost as good as the bank side is bad.
May 18 09:04 am |Rating: 0 0 |Link to Comment |View article
PNC Financial Services: Facing the Heat

I was browsing their balance sheets and noticed a high amount of intangible assets ($9.55B) relative to total asset value ($14.5B). I can only guess that intagible assets are not very useful as collateral. Either way the -intangible leverage is about 23:1.

With NPL's at 0.77%, up moderately from 0.64 in 2007Q4, and an EPS of $1.09 I don't see a problem here. Frankly they would would like a long play to me if the share price wasn't so high.

What scared me more that that was doing the same comparison for ETFC. If you back out intangibles their leverage is about 154:1.

I bring this up because BSC and TMA were leveraged around 33:1 irrelevent of intangibles when the proverbial shit hit the fan.
May 17 15:04 pm |Rating: 0 0 |Link to Comment |View article

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PNC Financial Services: Facing the Heat

PNC Financial Services: Facing the Heat

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