PNC Financial Services Group Stock Price, News & Analysis

Harris Williams announced its advisory role in the sale of AST LLC, a cloud services provider, to Recognize Partners. AST, supported by Tailwind Capital, has been servicing public and commercial sectors for over 20 years, delivering systems integration and managed services. Recognize, a tech investment platform led by industry veterans, aims to drive growth in the technology services sector. This transaction underscores Harris Williams' commitment to facilitating significant deals in the technology and services space.

Harris Williams announces Intermediate Capital Group PLC's investment in Travel Chapter Ltd, a UK-based platform for high-quality self-catering holiday rentals. This transaction is expected to support Travel Chapter's growth strategy as the vacation rental sector shows strong performance. Travel Chapter offers around 8,000 rental properties across the UK and is noted for its strong consumer brands, including Holidaycottages.co.uk. ICG, a major alternative asset manager, manages $69 billion and aims for net zero operations by 2040.

PNC Bank has joined the U.S. EPA's Green Power Partnership, committing to renewable energy initiatives. The bank uses over 81 million kWh of green power annually, fulfilling 25% of its electricity needs, equivalent to the annual consumption of 8,000 American homes. PNC aims to source 100% renewable electricity by 2025 through various strategies. EPA recognizes PNC's efforts in reducing greenhouse gas emissions and improving air quality, supporting a broader environmental finance commitment of $20 billion. This effort aligns with PNC's climate action strategy and corporate responsibility goals.

Harris Williams announces the appointment of Dr. Julian Feneley as Managing Director in the Healthcare & Life Sciences (HCLS) group in London. With nearly 30 years of experience in the healthcare sector, Dr. Feneley will enhance the firm's European operations, focusing on pharma services, medical devices, and healthcare provider segments. Bob Baltimore and John Neuner expressed confidence in Dr. Feneley's expertise, vital for navigating the dynamic healthcare landscape. His prior roles include leading healthcare investment banking at Macquarie Capital and JP Morgan.

PNC Financial Services reported its Q4 2021 financial results, showing a net income of $1.3 billion, down 12% from Q3 2021. Revenue decreased 1% to $5.1 billion, with noninterest income declining due to integration costs from the BBVA USA acquisition. Expenses rose 6%, influenced by $391 million in integration costs. Despite a 1% reduction in average loans driven by PPP loan forgiveness, the bank's return on equity was 9.61%. The common equity Tier 1 capital ratio stood at 10.2%. PNC announced a quarterly cash dividend of $1.25 per share, payable February 5, 2022.

Harris Williams advised Mercer Foods, a freeze-dried fruit and vegetable ingredient provider, on its sale to Entrepreneurial Equity Partners and Mubadala Capital. This sale follows Mercer's previous partnership with Graham Partners, from which it has seen significant growth and innovation since 2016. The demand for natural, clean label ingredients in the food industry positions Mercer for further expansion under its new ownership. This transaction highlights ongoing interest from buyers in the ingredients sector.

Harris Williams has advised Crossroads Treatment Centers, a leader in opioid use disorder treatment, on its recapitalization with Revelstoke Capital Partners and Caisse de dépôt et placement du Québec. Crossroads operates over 120 treatment facilities across 10 states, serving over 26,000 patients monthly. The recapitalization aims to enhance Crossroads' service capacity amidst a growing opioid crisis. Revelstoke Capital, with $3.8 billion in assets, emphasizes strategic growth, while CDPQ manages $306.8 billion in net assets, focusing on sustainable investment returns.

Harris Williams has advised the Armstrong Group on its acquisition of the Ziegenfelder Company, a family-owned frozen novelty manufacturer. This acquisition positions Ziegenfelder, known for its Budget Saver Twin Pops brand, for continued growth in the frozen treat market. The companies share cultural values, enhancing the long-term success potential of the merger. Ziegenfelder operates production facilities in Wheeling, West Virginia, Chino, California, and Denver.