PNC Financial Services Group Stock Price, News & Analysis

PNC Bank announced a decrease in its prime lending rate to 7.75%, effective November 8, 2024. PNC, listed on NYSE as PNC, is one of the largest diversified financial institutions in the United States. The bank provides comprehensive financial services including retail and business banking, lending products, corporate banking, real estate finance, asset-based lending, wealth management, and asset management. PNC focuses on building strong customer relationships through local delivery of services.

PNC Financial Services Group (NYSE: PNC) announced the redemption of all outstanding Depositary Shares representing interests in Series R Preferred Stock, scheduled for December 2, 2024. The redemption involves 500,000 Depositary Shares at a price of $1,000 per share, totaling $500 million. The redemption price excludes the regular quarterly dividend, which will be paid separately to holders of record on the same date. The shares are held through DTC and will be redeemed according to DTC procedures, with payments handled by Computershare Trust Company.

The 61st Annual ASU/PNC Bank Economic Forecast Luncheon will address the uncertain economic outlook for 2025. The event, hosted by ASU's W. P. Carey School of Business and sponsored by PNC Bank, will feature expert analysis on recession risks, inflation trends, and Arizona's growth prospects.

Key speakers include Eric M. Leeper from the University of Virginia, Daniel J. Brady from PNC Bank, and Dennis L. Hoffman from ASU. The event will take place on November 13, 2024, at the Sheraton Phoenix Downtown Hotel, with both in-person and virtual attendance options available.

PNC Financial Services Group announces a special Veterans Day and Military Family Month event featuring Lieutenant General Leslie C. Smith, the first chemical officer to serve as Army inspector general. The event, scheduled for November 20, 2024, will focus on leadership insights, decision-making, risk management, and accountability. LTG Smith, currently serving as Vice President for Leadership and Education at the Association of the United States Army, will share his experiences from nearly 40 years of military leadership. The event will include presentations by Stacy M. Juchno, PNC's executive vice president and general auditor, and will be moderated by Ryan Smalley, executive vice president and Chief Operational Risk Officer.

PNC Financial Services Group has announced that President Michael P. Lyons and Executive Vice President and CFO Robert Q. Reilly will present at the BancAnalysts Association of Boston Conference. The presentation, scheduled for November 8 at 8:15 a.m. ET in Boston, will cover business performance and strategy discussions. The event will be accessible via live webcast at www.pnc.com/investorevents, along with related materials and cautionary statements.

PNC Financial Services Group (NYSE: PNC) has announced the redemption of two sets of outstanding notes:

• Senior Floating Rate Bank Notes due Dec. 2, 2024, issued by PNC Bank, National Association, totaling $200,000,000 (CUSIP 69353RFV5), to be redeemed on Nov. 4, 2024.
• 5.671% Fixed Rate/Floating Rate Senior Notes due Oct. 28, 2025, issued by PNC, totaling $1,000,000,000 (CUSIP 693475BH7), to be redeemed on Oct. 28, 2024.

Both redemptions will be at 100% of the principal amount, plus accrued and unpaid interest. Payment will be made through the Depository Trust Company facilities. Interest on both notes will cease to accrue on their respective redemption dates.

PNC's 2023 Corporate Responsibility Report highlights the company's commitment to economic empowerment and community development. Key points include:

1. Community Benefits Plan (CBP): PNC has deployed $56 billion of its $88 billion commitment since 2022, including $21 billion in 2023.

2. Financial Impact: In 2023, PNC provided $13.2 billion in residential mortgage and home equity loans, $4.7 billion in small business support, $3.2 billion in community development loans and investments, and $128.6 million in charitable giving.

3. Financial Education: PNC launched the Center for Financial Education and served 27,447 LMI individuals via 1,584 financial education classes.

4. Affordable Housing: PNC invested $1.1 billion in the development of 6,813 affordable homes in 2023.

5. Diversity Initiatives: PNC spent $352.3 million with diverse suppliers and supported over 40 minority deposit institutions (MDIs).

PNC Financial Services Group reported Q3 2024 net income of $1.5 billion and diluted EPS of $3.49. The company achieved 1% positive operating leverage, with revenue stable at $5.4 billion and noninterest expense down 1% to $3.3 billion. Net interest income (NII) grew 3% to $3.4 billion, while fee income increased 10% to $2.0 billion, driven by capital markets and advisory revenue. The net interest margin (NIM) increased by 4 basis points to 2.64%. Average loans remained stable at $319.6 billion, while average deposits rose 1% to $422.1 billion. The Common Equity Tier 1 (CET1) capital ratio improved to 10.3%. PNC also repurchased over $0.1 billion of common shares and declared a quarterly dividend of $1.60 per share. Net loan charge-offs increased to $286 million, and the allowance for credit losses remained stable at 1.65% of total loans. Despite a $69 million decrease in other noninterest income due to negative Visa derivative fair value adjustments, tangible book value per share increased by 9%.

PNC Crezca con Éxito (PNC Grow Up Great) has been supporting Spanish-speaking little learners and families since its launch in 2004. The initiative offers various bilingual resources and programs, including:

1. Educational materials created in partnership with Sesame Workshop
2. Over 150 bilingual lesson plans for pre-K teachers and families
3. Collaboration with PBS Foundation to enhance Spanish resources on PBS LearningMedia
4. Sponsorship of Fred Rogers Productions' Alma's Way
5. Partnership with TMW Center for Early Learning + Public Health - Chicago for the Let's Talk program
6. Community engagement through Mobile Learning Adventure and Be My Neighbor Day events
7. Bilingual website, fact sheet, and marketing campaigns

The initiative aims to prepare children across communities for success in school and life, reflecting PNC's commitment to offering products and services in both Spanish and English.