PNC Financial Services Group Stock Price, News & Analysis

PNC Financial Services Group (NYSE: PNC) announced its results from the 2021 Comprehensive Capital Analysis and Review (CCAR), revealing a Stress Capital Buffer (SCB) of 2.5% for the upcoming four-quarter period. PNC's Common Equity Tier 1 (CET1) ratio significantly exceeds the minimum regulatory requirement. The company plans to increase its quarterly cash dividend by 9% to $1.25 per share, pending board approval, and will reinstate share repurchase programs totaling up to $2.9 billion, starting in the third quarter of 2021.

Harris Williams has advised Artera Services on its acquisition of Feeney Utility Services Group, enhancing Artera’s capabilities in gas distribution and expanding its footprint in the Northeast. With over $2.6 billion in revenue, Artera provides integrated infrastructure services across 39 states. The merger is viewed positively amid rising investor interest in utility services due to aging infrastructure and energy transitions. CD&R, which backs Artera, has a strong record of investing over $35 billion in the industry.

Harris Williams is advising JM Swank, a food ingredient distributor owned by Platinum Equity, on its sale to Brenntag. This transaction reflects the ongoing strength in the food ingredient sector, which has shown resilience against economic downturns. JM Swank is well-positioned with a broad portfolio across various markets including bakery, meats, and pet food. Brenntag, a leader in chemical distribution, aims to enhance its service offerings with this acquisition. Platinum Equity has a solid history in M&A and operates a $10 billion buyout fund.

Harris Williams has advised an affiliate of H.I.G. Capital on the acquisition of CORA Health Holdings Corp., known for its outpatient physical therapy services. This strategic acquisition aims to enhance H.I.G.'s footprint in the healthcare sector, with CORA operating 228 clinics across several U.S. states including Florida and Georgia. H.I.G., a prominent alternative investment firm with $44 billion in equity capital, continues to expand its portfolio, which presently includes over 100 companies generating more than $30 billion in combined sales.

PNC Financial Services Group will release its second-quarter financial results on July 14, 2021, at approximately 6:45 a.m. ET. The announcement includes a conference call for investors on the same day at 10 a.m. ET, featuring Chairman and CEO William S. Demchak, along with CFO Robert Q. Reilly. Investors can access the call by dialing (877) 402-9103 or (312) 429-1278 for international calls. The details will also be available through a webcast and other resources on PNC's investor events page.

Harris Williams announced its advisory role in the sale of American Dental Partners (ADPI) to Heartland Dental. ADPI is one of the largest dental practice management firms in the US, managing over 270 facilities across more than 20 states. Heartland Dental, owned by KKR, is the nation’s largest dental support organization, providing administrative services to over 1,450 dental offices. The dental market has rebounded post-COVID-19, attracting investor interest. JLL Partners, ADPI’s previous owner, has invested significantly in healthcare businesses.

The PNC Financial Services Group has announced its upcoming quarterly earnings release dates for 2021 and 2022. The key dates include:

• Fourth Quarter 2021 – Jan. 18, 2022, at 9:30 a.m. (ET)
• First Quarter 2022 – April 14, 2022, at 11:00 a.m. (ET)
• Second Quarter 2022 – July 15, 2022, at 11:00 a.m. (ET)
• Third Quarter 2022 – Oct. 14, 2022, at 11:00 a.m. (ET)
• Fourth Quarter 2022 – Jan. 18, 2023, at 11:00 a.m. (ET)

Investors can access live audio webcasts and supplementary financial information via PNC's website.

Harris Williams announced its advisory role for H.I.G. Capital's strategic investment in Cleo, a leader in ecosystem integration software. Cleo's platform enhances visibility across API, EDI, and non-EDI integrations, addressing the complexities enterprises face in the digital and e-commerce landscape. The investment aims to accelerate technology development, expedite product rollout, and expand into new sectors. H.I.G. Capital manages $44 billion in equity capital and has invested in over 300 companies worldwide, underscoring its commitment to the technology and software sectors.

DailyPay has partnered with PNC Bank and The Clearing House to enable real-time payments for employees via the RTP® network. This collaboration allows users to access earned wages instantly, providing an essential financial solution in today's economy. The initiative underscores PNC's commitment to digital payments and aims to improve cash flow management for workers living paycheck to paycheck. DailyPay becomes the first on-demand pay provider to utilize this advanced payment solution, enhancing the overall payroll experience for both employers and employees.