PNC Financial Services Group Stock Price, News & Analysis

Harris Williams is advising ATI Industrial Automation on its sale to Novanta Inc. The transaction aims to enhance ATI's growth in robotics and automation. ATI, based in North Carolina, is known for its innovative robotic end-effector products. This acquisition, part of Novanta's strategy to strengthen its core technology solutions, is expected to accelerate ATI's initiatives in robotic surgical applications. Harris Williams highlights this deal as a significant milestone in the industrial technology sector, focusing on advancing automation capabilities.

The PNC Financial Services Group reported strong second-quarter results for 2021, driven by the acquisition of BBVA USA, which closed on June 1. Adjusted EPS stood at $4.50, with total revenue increasing 11% linked quarter to $4.67 billion. Total loans and deposits surged by 24% and 21%, respectively, linked quarter. Expenses rose by 18% due to integration and litigation costs. Despite a solid credit performance, the total provision for credit losses was $302 million, reflecting the initial provision for BBVA USA. The company also announced a 9% increase in dividends and a $2.9 billion share repurchase program.

PNC Financial Services Group, Inc. (NYSE: PNC) has announced the redemption of two series of Senior Notes, totaling $1.5 billion, scheduled for July 22, 2021. The first batch includes $600 million of Senior Fixed Rate/Floating Rate Notes with a distribution rate of 2.232%, and the second consists of $900 million in Senior Floating Rate Notes. Both will be redeemed at par, plus any accrued interest, indicating PNC's commitment to managing its debt effectively. This step underscores PNC's strong liquidity position and proactive financial strategy.

Harris Williams has advised Resource Label Group (RLG) on its sale to Ares Management Corporation. RLG is a leading manufacturer of pressure sensitive labels, shrink sleeves, and RFID/NFC products for various industries, operating 19 manufacturing locations in the U.S. and Canada.

First Atlantic and TPG Growth are the previous stakeholders of RLG. Ares Management, managing approximately $227 billion in assets, aims to enhance RLG's market presence and potential in the packaging industry.

Harris Williams is advising Neighborly, a home services provider, on its upcoming sale to KKR. The transaction highlights Neighborly's growth under Harvest Partners’ ownership and aims to enhance its market position by offering comprehensive services to homeowners. The company serves over 10 million customers across 28 brands globally. The home services sector remains attractive to investors due to strong demand and potential for scalability. This marks the fourth collaboration between Harris Williams and Neighborly, indicating a strong partnership.

Harris Williams has advised Tachyon Communication Services on its merger with NEN Holdings, enhancing capabilities in the telecommunications sector. Tachyon is a leading provider of wireless and wireline infrastructure services in the U.S., focusing on design and maintenance of network infrastructure. The merger aims to tap into the growing demand spurred by 5G technology, creating a coast-to-coast telecommunications service provider. MSouth Equity Partners and Bow River Capital, both private equity firms, are involved in this transaction, further strengthening their portfolio in the telecom market.

The PNC Financial Services Group has declared a quarterly cash dividend of $1.25 per share, a 9% increase from last quarter's $1.15. This dividend will be payable on Aug. 5, 2021, to shareholders on record by the close of business on July 16, 2021. Additionally, preferred stock dividends were announced, including 45 cents for Series B and $3,375.00 for Series O, both payable in August. The dividend pays reflect PNC's robust financial position and commitment to returning value to shareholders.

Harris Williams, a global investment bank, has advised ArchKey Solutions on a significant investment from One Rock Capital Partners. ArchKey is a national leader in electrical contracting and technology solutions, supporting sectors like data centers and healthcare. With over 3,000 employees, ArchKey aims to grow its operations with this new partnership, following successful ownership under Oaktree Capital Management. The transaction was managed by the Energy, Power & Infrastructure Group at Harris Williams, emphasizing ArchKey's potential for scaling its services.

Harris Williams has announced its advisory role in the pending sale of Riggs Distler & Company, a company under Oaktree Capital Management, to Centuri Group, a subsidiary of Southwest Gas Holdings. The transaction values Riggs Distler at $855 million. This acquisition will enhance Centuri's position in the Northeast and Mid-Atlantic utility markets, focusing on infrastructure growth and expanding service capabilities. Riggs Distler, a top utility contractor, is known for its comprehensive utility services and innovative solutions.