PNC Financial Services Group Stock Price, News & Analysis

Harris Williams has successfully advised Velocity Clinical Research on its sale to GHO Capital Partners LLP. Velocity is an integrated site organization specializing in clinical trials, with 16 sites across the U.S. and over 5,000 studies completed. The firm's work was crucial during the COVID-19 vaccine trials, showcasing its ability to expedite drug development. NaviMed Capital, Velocity's previous owner, focuses on fast-growing healthcare businesses. GHO aims to leverage its expertise to enhance Velocity's growth in the healthcare sector.

Harris Williams advised ADB Companies on its sale to Warren Equity Partners. ADB is a leading provider of telecommunication and utility infrastructure solutions in the U.S. The deal will see ADB's CEOs, Rusty Keeley and Chad Johnson, maintain significant equity stakes and continue on the board, with Johnson remaining as CEO. The transaction highlights strong market demand for telecommunications assets, particularly with the momentum of 5G technology. ADB is recognized for its high-quality services and customer-centric approach, leveraging over three decades of experience in the industry.

Harris Williams, a global investment bank, has advised CIS Secure Computing, Inc. on its sale to HKW. CIS specializes in secure endpoint communications for the U.S. government. Under Acorn Growth’s ownership, CIS saw significant growth and is poised for further strategic execution with HKW. The transaction indicates strong investor interest in national security solutions. Harris Williams emphasizes CIS's unique combination of proprietary hardware and mobile software, which distinguishes it in the defense market.

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.