PNC Financial Services Group Stock Price, News & Analysis

Harris Williams has advised ACL Airshop, a leader in air cargo ULD logistics solutions, on its acquisition by Alinda Capital Partners. ACL Airshop serves over 200 airlines and air cargo carriers globally, operating at top cargo hub airports. The transaction highlights the growing demand in the air cargo market, driven by various factors. Alinda, focusing on long-term infrastructure investments, partners predominantly with pension funds. This acquisition positions ACL Airshop for further growth in partnership with Alinda, enhancing its service capabilities across six continents.

PNC Financial Services Group has launched a significant Community Benefits Plan aimed at providing $88 billion in financial support over four years starting January 1, 2022. This initiative focuses on enhancing economic opportunities for low- and moderate-income individuals and communities, especially communities of color. Key commitments include originating $47 billion in residential loans, $26.5 billion for small businesses, and increasing charitable contributions to $500 million. PNC's plan reflects its dedication to community development and social justice.

Harris Williams advised Canadian Hospital Specialties (CHS) on its sale to Flexpoint Ford. CHS, a key player in Canada's healthcare supply chain, manufactures single-use medical products. Under Cortec Group's ownership, CHS experienced significant growth. The transaction reflects ongoing strong investment activity in healthcare distribution, especially due to its vital role during the COVID-19 pandemic. Flexpoint Ford, with over $4.3 billion in capital, aims to leverage CHS's market position for further growth. Harris Williams' expertise was pivotal in achieving positive outcomes for CHS shareholders.

Harris Williams has announced the sale of Corsearch, a brand risk and performance solutions provider, from Audax Private Equity to Astorg. The transaction showcases Harris Williams' expertise in the legal software and services sector, marking their fourth deal in this area since 2020. Corsearch's offerings support companies in managing and protecting their brand assets globally. Audax, a significant alternative investment manager, has raised over $27 billion since 1999, while Astorg manages over €10 billion in assets, focusing on growth strategies for market-leading companies.

PNC Financial Services Group reported strong Q1 2021 results, with net income rising to $1.826 billion, up 25% YoY. Key drivers included a $551 million provision recapture due to improved credit metrics and disciplined expense management, leading to 5% operating leverage. Average loans decreased by 3%, while average deposits grew 2%. The company's Common Equity Tier 1 capital ratio stood at 12.6%. The pending $11.6 billion acquisition of BBVA USA is on track for mid-2021, expected to increase PNC's total assets by $102 billion.

PNC Financial Services Group has launched its innovative Low Cash Mode℠ to help customers avoid overdraft fees, addressing the estimated $17 billion in such charges paid by U.S. consumers annually. This feature, integrated into the Virtual Wallet® app, enhances transparency and control over transactions, enabling customers to prioritize debits. PNC anticipates helping customers save between $125 million and $150 million in overdraft fees yearly. The rollout is expected in mid-2021, with a pilot program showing a 60% reduction in overdraft fees among participants.

Harris Williams advised DSI Logistics, a top final-mile delivery service provider, on its acquisition by Pilot Freight Services. This sale, backed by Headhaul Capital Partners and Argosy Private Equity, highlights DSI's growth and strategic importance in the logistics sector, especially in e-commerce. Jason Bass of Harris Williams emphasized DSI’s success under previous ownership and potential for future growth with Pilot. The transaction reflects increasing investor interest in logistics firms adept at navigating the evolving supply chain landscape.

Harris Williams advised AIT Worldwide Logistics on its sale to The Jordan Company in a recapitalization valued at over $1.2 billion. AIT's leadership team will continue to manage the company and remain significant investors. AIT is recognized as a leading non-asset-based global freight forwarder, serving diverse industries worldwide. The transaction reflects strong investor interest in the third-party logistics sector. Harris Williams continues to play a crucial role in AIT's growth strategy, underlining the firm's expertise in logistics and supply chain solutions.

The PNC Financial Services Group has declared a quarterly cash dividend of $1.15 per share on common stock, payable on May 5, 2021, to shareholders of record by April 16, 2021. Additionally, the board announced dividends for preferred stocks: Series B: $0.45 (payable June 10, 2021), Series P: $1,531.25 (payable May 1, 2021), Series R: $2,425.00 (payable June 1, 2021), and Series S: $2,500.00 (payable May 1, 2021). PNC remains a leading diversified financial institution in the U.S.