PNC Financial Services Group Stock Price, News & Analysis

Harris Williams has announced it is advising Voff Premium Pet Food on its upcoming sale to Axcel. Voff, a leading player in the European premium natural pet food market, operates nine brands across eight units and generates approximately 1 billion SEK in revenue. The transaction aims to bolster Voff's growth in the lucrative pet food segment. Harris Williams' expertise in the pet sector was highlighted as instrumental in the deal's execution. Systematic Growth, Voff's parent company, expressed satisfaction with the advisory services provided throughout the negotiation process.

Harris Williams has advised Prima Solutions on the sale of its flagship reinsurance technology solution, Prima XL, to Duck Creek Technologies (NASDAQ: DCT). This acquisition strengthens Duck Creek’s position in the property and casualty insurance market, offering significant cross-selling opportunities. Additionally, Duck Creek will continue to provide Prima Compliance, a compliance solution for Solvency II. Prima XL is designed for comprehensive data management in reinsurance, while Prima Compliance ensures adherence to European regulations, solidifying Duck Creek's commitment to innovation in the insurance sector.

The PNC Financial Services Group, Inc. declared a quarterly cash dividend of $1.50 per share on its common stock, payable on August 5, 2022, to shareholders of record by July 13, 2022. Additionally, dividends for preferred stocks were announced, including 45 cents for Series B, $1,268.58 for Series O, $1,368.12 for Series P, $850.00 for Series T, and $1,816.67 for Series U. Payment dates span from August 1 to September 15, 2022.

Luna Innovations Incorporated has secured a new $35 million debt facility from PNC Bank. This facility comprises a $20 million term loan and a $15 million revolving credit line. Both loans carry an interest rate of SOFR plus 10 basis points, with a margin based on the net leverage ratio. CEO Scott Graeff expressed satisfaction with the renewed partnership with PNC, highlighting that this funding will provide flexibility for future growth.

The PNC Financial Services Group announced its results from the Federal Reserve's 2022 Comprehensive Capital Analysis and Review, revealing a Stress Capital Buffer (SCB) of 2.9% for the period beginning October 1, 2022. PNC's Common Equity Tier 1 (CET1) ratio notably exceeds the regulatory minimum, indicating strong capital levels. The board also authorized the repurchase of up to 100 million shares, with 64% remaining available as of March 31, 2022. Additionally, PNC increased its quarterly dividend from $1.25 to $1.50 per share, a 20% rise effective May 5, 2022.

Harris Williams announces Keensight Capital's investment in Lisam Systems, a leader in environmental, health, and safety (EH&S) software solutions. Lisam serves over 2,000 clients globally across sectors like chemicals and specialty gases. The partnership aims to drive Lisam's growth strategies. Keensight, recognized as a top European growth buyout firm, focuses on long-term investments in profitable companies with revenues between €10 million and €400 million. Harris Williams emphasizes their expertise in the EH&S software sector, enhancing Lisam's innovative offerings.

The PNC Financial Services Group, Inc. (NYSE: PNC) announced the results of its biennial company-run stress test on June 23, 2022. This test, adhering to Federal Reserve and OCC regulations, aims to evaluate if PNC has sufficient capital to withstand severe economic downturns over a projected period. The results indicate strong capital ratios, with an ending Common Equity Tier 1 ratio of 9.1% and a minimum of 8.7%. PNC's robust balance sheet positions it well to support its stakeholders during economic challenges, although these results are based on hypothetical scenarios and not forecasts.

Harris Williams has successfully advised Technical Safety Services (TSS) on its sale to Levine Leichtman Capital Partners (LLCP). TSS offers testing, inspection, certification, and calibration services to the life sciences sector. The transaction highlights TSS's strong position in regulatory-driven services, attracting high investor interest. TSS is poised for growth with its new partnership and is recognized as a leader in the industry. The sale marks another success for Harris Williams, demonstrating their effective cross-industry collaboration.

Harris Williams has advised Bamboo Rose, a McCarthy Capital portfolio company, on its strategic investment from Rubicon Technology Partners. Bamboo Rose offers a leading product lifecycle and supply chain software platform for retailers and suppliers, enhancing supply chain visibility and compliance. This transaction highlights increasing demand for supply chain solutions driven by complexity and consumer preferences, signaling strong investor interest in the sector.