PNC Financial Services Group Stock Price, News & Analysis

Harris Williams has promoted 26 senior professionals across its global offices, enhancing its M&A advisory capabilities. Notable promotions include Jeff Burkett, Doug Kinard, and Julien Oussadon to managing director, while Tyler Bradshaw and others were elevated to director. Geoffrey Smith and Matt White have been appointed co-heads of the Healthcare & Life Sciences and Energy, Power & Infrastructure Groups, respectively. The firm emphasizes its commitment to attracting and retaining top talent to deliver superior client service and execution excellence.

Harris Williams has advised Kaizen Collision Center on its equity partnership with LNC Partners. Established in 2013, Kaizen has rapidly expanded in the Southwest, now operating ten locations after acquiring three in northern Arizona. The partnership with LNC, a private equity firm with over $500 million in capital, is expected to support Kaizen's growth. The firm focuses on lower middle-market companies generating at least $2 million in EBITDA. Kaizen is recognized for its quality service and extensive insurance relationships, positioning it as a key player in the collision repair sector.

Harris Williams is advising Xirgo Technologies on its pending sale to Sensata Technologies. Xirgo specializes in wireless IoT communication devices for asset tracking across various markets. The transaction is expected to enhance Sensata's capabilities in the IoT sector, combining Xirgo's advanced solutions with Sensata's sensor technology. This deal reflects growing corporate interest in industrial connectivity and data analytics, with Xirgo being noted for its comprehensive engineering capabilities.

On February 10, 2021, PNC Financial Services Group (NYSE: PNC) announced that Chairman and CEO William S. Demchak and CFO Robert Q. Reilly are set to discuss business performance and strategy in a virtual session at the Credit Suisse Virtual Financial Services Forum on February 24 at 11:20 a.m. (ET). This event will provide insights into PNC's diverse financial services, including retail and corporate banking. Interested parties can access a live webcast and related materials at www.pnc.com/investorevents.

Harris Williams has announced its advisory role in the sale of Continental Batteries to H.I.G. Capital. Continental, a leading distributor of aftermarket batteries for various markets, was previously a portfolio company of Incline Equity Partners. The transaction was highlighted as a significant achievement, showcasing Continental's strong service offerings, stability, and growth potential in a fragmented market. The acquisition is expected to enhance Continental's future prospects. H.I.G. manages $43 billion in equity capital and has invested in over 300 companies globally.

PNC Financial Services reported a net income of $7.56 billion for 2020, up from $5.42 billion in 2019. The fourth quarter net income was $1.46 billion, slightly down from the previous quarter. Earnings per share from continuing operations decreased to $6.36 from $9.57 in 2019. PNC's total deposits rose by 3% to $365.3 billion, bolstered by commercial and consumer growth. The bank's agreement to acquire BBVA USA for $11.6 billion is expected to enhance its asset base significantly, positioning PNC as the fifth largest U.S. bank.

Harris Williams is advising TricorBraun, the largest primary packaging distributor in North America, on its upcoming sale to funds managed by Ares Management and Ontario Teachers' Pension Plan. TricorBraun has seen success under its management and has grown to $1.5 billion in annual sales, serving essential industries like personal care and food. The advisory team includes leaders from Harris Williams' Specialty Distribution and Industrials Groups, reflecting strong private equity interest in market-leading distribution platforms.

The PNC Financial Services Group has declared a quarterly cash dividend of $1.15 per share on its common stock, payable on Feb. 5, 2021, to shareholders of record as of Jan. 19, 2021. Additionally, the board announced dividends on preferred stocks: Series B at 45 cents per share payable on March 10, 2021, Series O at $3,375.00 per share payable on Feb. 1, 2021, and Series P at $1,531.25 per share, also payable on Feb. 1, 2021.

Harris Williams has advised LYNX Franchising, a company focused on B2B essential services, on its sale to MidOcean Partners. LYNX offers cleaning, virtual office, and restoration services, and has a strong franchise support system. Incline Equity Partners, LYNX's previous owner, targets investments in growing U.S. and Canadian companies valued between $25 million and $450 million. MidOcean specializes in middle-market investments and has managed approximately $4.8 billion in capital since 2003. Harris Williams, a subsidiary of PNC, has extensive M&A advisory experience.