PNC Financial Services Group Stock Price, News & Analysis

PNC Bank is expanding its PartnerUp initiative, which aids high school graduates in securing debt-free, entry-level careers in high-demand sectors, to Cleveland and Birmingham, Alabama. Initially launched in Pittsburgh, PartnerUp has successfully partnered with 30 schools and 16 employers since 2018, assisting over 6,000 students. Additionally, PNC has introduced an education benefit for its 62,000 employees, providing access to tuition-covered professional certificates and degrees, aimed at enhancing career mobility.

Harris Williams advised FreshEdge, a Rotunda Capital Partners portfolio company, on its sale to Wind Point Partners. FreshEdge, a leader in fresh food distribution, has expanded since its formation in 2019 through various acquisitions. Tim Alexander from Harris Williams noted the firm’s strong partnership with FreshEdge, indicating continued M&A activity in the fresh food sector. FreshEdge operates with over 830 trucks across 25 facilities and boasts nearly 500 years of combined experience in food distribution.

Harris Williams is advising Denali Ingredients on its sale to Orkla Food Ingredients (OFI). Denali, a provider of specialty ingredients for the ice cream industry, is well-placed to continue growth, benefiting from strong demand in this sector. OFI, a key player in bakery and ice cream ingredients in Europe, aims to enhance its product offerings through this acquisition. The transaction reflects increasing interest from European firms in U.S. food businesses, with Denali's innovation and customer partnerships being pivotal. Harris Williams' expertise has been critical throughout this process.

On October 3, 2022, The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend of $1.50 per share on its common stock, payable on November 5, 2022, to shareholders of record by October 17, 2022. Additionally, PNC announced dividends for several series of preferred stocks, including Series B at 45 cents, Series O at $1,650.96, Series R at $2,425.00, Series S at $2,500.00, and Series T at $850.00 per share, with various payment dates in late 2022. PNC also announced the redemption of $1.5 billion of Depositary Shares of its Series P Preferred Stock, effective November 1, 2022.

PNC Financial Services Group announced the redemption of all $1.5 billion of its Depositary Shares, representing interests in the Series P Preferred Stock, on November 1, 2022. Each share will be redeemed at $25.00, plus $0.43763 in declared and unpaid dividends. The total outstanding of 60,000,000 Depositary Shares will be redeemed in accordance with DTC procedures. This move is part of PNC's strategy to manage its capital efficiently.

PNC Bank has announced a strategic partnership with Blend to enhance its online mortgage application process. This collaboration aims to simplify the experience for customers by allowing them to digitally apply for mortgages and import essential information directly. Customers can track their application status and collaborate with loan officers in real-time through a single portal. PNC's partnership with Blend is designed to meet the increasing demand for digital-first banking services, improving the overall efficiency and experience in mortgage handling.

Harris Williams, a global investment bank, is advising Inspirage on its upcoming sale to Accenture (NYSE: ACN). Inspirage specializes in Oracle Cloud supply chain transformation and consulting services. The deal aims to enhance supply chain capabilities amid growing market demand for efficient, technology-driven solutions. Inspirage's strong Oracle relationship positions it well in addressing critical supply chain challenges for product-based companies. This transaction illustrates the increasing interest from strategic buyers seeking to leverage technological advancements in supply chain management.

PNC Financial Services Group has achieved the MLT Black Equity at Work Certification, marking it as the first financial services institution to receive this recognition. This certification underscores PNC's commitment to diversity and inclusion within the workplace. It highlights the company's progress across its five key pillars: Representation, Compensation, Workplace Culture, Business Practices, and Contributions. PNC's Chief Diversity Officer emphasizes the company's ongoing dedication to equity and improving its practices, with a comprehensive approach in place to achieve meaningful outcomes over the next few years.

On September 26, 2022, PNC announced its acquisition of Linga, a cloud-based point of sale and payments solutions firm. This deal aims to enhance PNC's digital offerings for the hospitality sector, integrating Linga's restaurant operating system (Linga rOS®) into PNC's services. Emma Loftus, PNC's EVP, highlighted the acquisition's importance in expanding the bank's corporate payments capabilities. Linga, founded in 2004 and serving clients in 48 countries, will retain its leadership and continue operations in Florida and Canada.