PNC Financial Services Group Stock Price, News & Analysis

Harris Williams has advised Ethos Capital on its acquisition of Newforma, a firm providing project information management software for the construction sector. This strategic transaction aims to unify project data and enhance collaboration among stakeholders in an industry experiencing significant technological investment. Newforma’s software, used by over 122,000 users in 1,200 firms, streamlines communication and reduces administrative workload. Ethos focuses on middle-market investments in North America and Europe, seeking to boost operational efficiency and growth.

The PNC Financial Services Group, Inc. (NYSE: PNC) announced a quarterly cash dividend of $1.50 per share on common stock, payable on May 5, 2023, to shareholders of record by April 18, 2023.

Additionally, preferred stock dividends were declared: Series B at 45 cents, Series O at $2,099.30, Series R at $2,425.00, Series S at $2,500.00, Series T at $850.00, Series U at $1,500.00, Series V at $1,550.00, and Series W at $2,222.22, with varying payment dates from May to June 2023. The company also announced changes to the reference rate for floating-rate dividends following the cessation of U.S. Dollar LIBOR.

PNC's Corporate Responsibility Group emphasizes data's role in enhancing corporate accountability and transparency. Under Johnathan Kearney's leadership, the group aims to optimize community commitments, particularly following PNC's acquisition of BBVA (USA) and the launch of an ambitious $88 billion Community Benefits Plan. This plan, targeting low- to moderate-income individuals and communities, focuses on meaningful financing initiatives. Kearney underscores the importance of data integrity and stewardship to ensure impactful measurements, while fostering a culture of accountability within the organization.

Harris Williams advised Western Smokehouse Partners on its sale to AUA Private Equity Partners. Western Smokehouse Partners, a leader in premium meat snacks, focuses on crafted products and has expanded its capabilities significantly. The sale is expected to enhance its growth trajectory under AUA’s operational insights. Monogram Capital Partners, the previous owner, highlighted the strategic guidance provided by Harris Williams. Established in 2014, Monogram manages approximately $750 million in equity capital, focusing on consumer brands. AUA Private Equity specializes in strategic investments in the consumer sector, typically investing $20 million to $75 million.

Jahmir Hamilton, a 19-year-old student at North Carolina Central University, won first place at the PNC North Carolina HBCU Initiative Pitch Competition on February 3, 2023, receiving a $2,500 prize for his business pitch for IX Studio, which focuses on safe immersive gaming. Hamilton aims to create engaging games while ensuring online safety for children. The competition, part of a broader initiative that includes a commitment of over $2 million from the PNC Foundation, seeks to foster entrepreneurship among students at five North Carolina HBCUs. Hamilton plans to reinvest the prize into his games, aiming to develop at least two more by his graduation in 2025.

PNC Bank and Chip Ganassi Racing (CGR) have launched the Women In Motorsports Powered by PNC Bank initiative, aimed at promoting gender equality and economic inclusion for women in the workforce. The campaign features a video series highlighting female leaders in motorsports and a dedicated internship program for female students during the 2022 NTT INDYCAR SERIES season. The initiative underscores PNC's commitment to closing the economic gender gap, supported by various programs fostering women's leadership within the company. This collaboration between PNC and CGR enhances their ongoing partnership and commitment to community engagement.

PNC Financial Services Group has been named The Official Women's Business Champion for Angel City Football Club, a majority women-owned team in the National Women's Soccer League. This partnership aligns with PNC's commitment to closing the economic gender gap, particularly through its Project 257 initiative aimed at accelerating women's financial equality. The club, founded by notable figures including Natalie Portman, not only emphasizes community impact but also allocates 10% of its sponsorship dollars towards promoting equity. PNC's engagements, including financial education workshops and the Player 22 Future Program, reinforce its dedication to supporting women's empowerment and financial success in sports.