PNC Financial Services Group Inc PNC on Wednesday reported mixed first-quarter results.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

RBC Capital Markets On PNC Financial Services

Analyst Gerard Cassidy maintained an Outperform rating, while reducing the price target from $205 to $195.

PNC Financial Services reported its first-quarter earnings at $3.51 per share, beating consensus estimate of $3.39, Cassidy said in the note. The beat reflected "better-than expected net interest income, a lower-than-expected provision for credit losses and lower-than-expected expense," he added.

PNC Financial Services is focused on commercial banking, which is "supported by an attractive consumer deposit franchise," while its fee-based businesses, such as wealth management, mortgage and investment banking, "round out its product set," the analyst stated. The company has improved its organic growth with "accretive tangible book value (TBV) acquisitions," he further wrote.

The company bought back shares worth around $200 million during the quarter and its pace of share repurchases could accelerate through the year, Cassidy said.

Check out other analyst stock ratings.

Keefe, Bruyette & Woods On PNC Financial Services

Analyst David Konrad reiterated an Underperform rating, while cutting the price target from $195 to $185.

PNC Financial Services' better-than-expected net interest income was more than offset by lower core fee income due to capital markets, Konrad said. "Weaker capital markets revenues were driven primarily by disappointing foreign exchange revenues and softer client activity levels in the quarter," he added.

Expectations of capital markets improving in the second half of the year allowed management to maintain their full-year earnings guidance, the analyst stated. "Management continues to target $350M in cost reductions through its continuous improvement program in order to fund ongoing business and technology investments," he further wrote.

PNC Price Action: Shares of PNC Financial Services had declined by 0.43% to $153.13 at the time of publication on Wednesday.

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