The PNC Financial Services Group, Inc. reports developments from a diversified U.S. banking franchise organized around retail and business banking, corporate banking, real estate finance, asset-based lending, treasury management, wealth management and asset management. News commonly covers earnings drivers such as net interest income, loan and deposit trends, fee income, capital and liquidity metrics, and the integration of completed acquisitions.
Company updates also include capital actions such as common and preferred dividends, share repurchases and senior note redemptions. Product and client-service news has included Treasury Management insurance payments through the Claim Payments & Remittances platform, consumer relationship programs such as PNC TotalRewards, PNC Private Bank research, and community initiatives under PNC Grow Up Great.
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.
Harris Williams has announced that it advised D&H United Fueling Solutions on its sale to Wind Point Partners. D&H United specializes in testing, inspection, repair, and installation services for fueling stations and EV charging infrastructure in the U.S. The transaction highlights the strong investor interest in companies providing essential services within fragmented industries. D&H United operates 16 branches with over 570 employees and is an authorized distributor for major equipment brands. Wind Point Partners, a Chicago-based private equity firm, manages approximately $5 billion in assets.
Summary not available.
Harris Williams, a prominent investment bank, is advising Authority Brands on its pending sale to British Columbia Investment Management Corporation (BCI) and Apax Funds, which will retain majority ownership. Authority Brands is the leading home service franchisor in North America, boasting a portfolio of 12 franchisors and approximately 860 franchise owners. Under Apax's ownership, the company has seen significant growth, tripling in size. This transaction signals continued investor interest in residential services and franchising, driven by strong demand for home improvement solutions.
Harris Williams has advised Cority, a global leader in environmental, health, and safety (EHS) software, on its acquisition of Reporting 21, a Paris-based sustainability-focused SaaS platform. This transaction strengthens Cority's position in the compliance software market, enhancing its offerings with Reporting 21's expertise. Cority serves over 1,400 clients globally, utilizing its software to facilitate safer work environments. The acquisition is part of Thoma Bravo's strategic initiatives, which manages over $114 billion in assets and focuses on growth-oriented tech companies.