PNC Financial Services Group Stock Price, News & Analysis

Harris Williams has successfully advised BluSky Restoration Contractors on its sale to Partners Group and Kohlberg & Company. BluSky, a leading property restoration firm in the U.S., has shown notable growth through both organic means and M&A. The transaction marks a new chapter for BluSky as it partners with established equity firms, which are set to strengthen its market position. Dominus Capital, BluSky's previous partner, has a focus on growth capital investments in various sectors.

Harris Williams has advised Agape Care Group on its sale to Ridgemont Equity Partners. Agape Care, a leader in hospice and palliative care in the Southeast, serves over 2,100 patients across South Carolina and Georgia, employing around 1,000 staff. The transaction reflects strong investor interest in the healthcare sector, driven by favorable trends such as an aging population and increased hospice utilization. Ridgemont has invested over $5.5 billion since 1993, focusing on equity investments up to $250 million, positioning Agape Care for continued growth.

PNC Financial Services Group reported a strong Q3 2021, with net income of $1.49 billion, or $3.30 per diluted share, reflecting a 35% increase from Q2. Revenue rose 11% to $5.20 billion, driven by the full-quarter impact of BBVA USA acquisition. Diluted EPS adjusted for integration costs was $3.75. Average loans and deposits increased 14% and 13%, respectively. However, expenses surged 18% linked quarter due to ongoing integration efforts. PNC also recaptured $203 million in credit losses, highlighting improved credit quality.

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.