PNC Financial Services Group Stock Price, News & Analysis

Harris Williams announces its role as the lead financial advisor for Vantage Elevator Solutions in its pending majority sale to Ontario Teachers’ Pension Plan Board. The current owner, Golden Gate Capital, will maintain a minority stake post-transaction. Vantage specializes in manufacturing elevator components and systems, serving a diverse clientele. With a significant workforce and operations across North America and the UK, this deal highlights Vantage's strong market position and the promising prospects offered by Ontario Teachers’ as a partner.

The PNC Financial Services Group has successfully completed the conversion of 2.6 million customers, 9,000 employees, and nearly 600 branches from BBVA USA to PNC Bank. As of October 12, locations in states including Texas, Alabama, Arizona, and others are now operating as PNC Bank branches. This transition fulfills PNC's commitment to expand its national presence, now covering 29 of the top 30 U.S. markets with approximately 2,700 branches and 19,000 ATMs. CEO William S. Demchak emphasized the teamwork behind this achievement and the goal of enhancing customer relations.

Harris Williams is advising DDW The Color House on its sale to Givaudan, a global leader in fragrances and flavors. This strategic move aims to leverage DDW's position in the natural color solutions market, which has seen increasing investor interest. DDW has been a pivotal player in providing natural colors across the food and beverage sector, evolving since its founding in 1865. Givaudan's acquisition is expected to enhance DDW's global reach and innovation.

The PNC Financial Services Group has declared a quarterly cash dividend of $1.25 per share on its common stock, payable on Nov. 5, 2021, to shareholders of record by Oct. 15, 2021. Additionally, dividends on preferred stocks include 45 cents for Series B payable on Dec. 10, 2021, and various amounts for Series O, P, R, S, and T, payable between Nov. 1, 2021, and Dec. 15, 2021. The company continues to provide strong financial services across various sectors.

On September 30, 2021, PNC Bank announced its integration with the Akoya Data Access Network, enabling over nine million customers to securely share financial data with fintechs. This API-based network provides enhanced security by allowing users to share information without disclosing usernames and passwords. PNC emphasizes its commitment to customer data protection while enhancing access to financial applications. The partnership with Akoya aims to improve data-sharing security and reliability, moving away from less secure methods like screen scraping.

Harris Williams advised Summit Interconnect, Inc. on its sale to Lindsay Goldberg affiliates. Summit specializes in advanced printed circuit boards for the defense, space, and commercial sectors in North America. Under HCI Equity Partners, Summit grew revenues by over 500% during the investment period. This strategic transaction reflects strong investor interest in defense and space markets, with Summit positioned as a key supply chain partner. The deal marks another success for Harris Williams in defense electronics, suggesting robust future growth.

Harris Williams has successfully advised Hunt Valve Company on its sale to Fairbanks Morse Defense. This strategic acquisition positions Fairbanks Morse to better serve the U.S. Navy, enhancing its capabilities in the defense maritime sector. Hunt Valve specializes in manufacturing critical valves and electromechanical actuators for military applications. The partnership aims to leverage market demand for defense contractors as the U.S. Navy expands its fleet. May River Capital, Hunt Valve's owner, focuses on lower-middle market industrial growth investments.

PNC Financial Services Group has appointed Amanda Rosseter as its new chief communications officer. Rosseter brings nearly thirty years of experience in communications, having previously led strategic communications at Equifax and The Coca-Cola Company. Her role at PNC will involve enhancing internal and external communications during the company's national expansion as the fifth largest commercial banking organization in the U.S. She succeeds Kristen Baird Adams, who will return to a strategic role in PNC's regional operations.