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Stock Analyst Update

PNC, Huntington Release Messy Earnings

Fourth-quarter results were cluttered by acquisitions and divestitures.

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Pittsburgh-based PNC Bank (PNC) and Huntington (HBAN) of Columbus, Ohio, both issued noisy fourth-quarter earnings reports Thursday that were riddled with one-time gains and charges.

PNC met analysts' fourth-quarter earnings estimates, reporting operating net income of $1.01 per share for the period. The company, which is attempting to transform itself into a diversified financial-services company, showed sizable gains from businesses such as mutual-fund processing due to PNC's acquisition of First Data Investor Services Group during the quarter. Other unusual items included a gain from the IPO of BlackRock (BLK), PNC's mutual-fund company, which went public during the fourth quarter.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.