PNC Financial Services Group Stock Price, News & Analysis

Harris Williams is advising Capstone Logistics on its sale to an affiliate of H.I.G. Capital. Capstone is a leader in outsourced supply chain solutions for the grocery, food service, and retail sectors, operating over 560 locations across 49 states, Canada, and Australia. The deal reflects significant market interest in scalable, third-party logistics platforms. H.I.G. Capital, managing over $40 billion in equity, aims to strengthen Capstone's operational capabilities. This acquisition marks a critical growth opportunity for Capstone and demonstrates ongoing investment in the logistics sector.

The PNC Financial Services Group reported a net income of $1.532 billion for Q3 2020, a significant rise from a net loss of $744 million in Q2 2020. The diluted earnings per share from continuing operations was $3.39, recovering from losses in the previous quarter. Noninterest income rose by 16% to $1.8 billion, attributed to increased consumer service fees and asset management revenue. However, net interest income experienced a decline of 2% to $2.5 billion, impacted by lower loan yields. The bank's total revenue increased by 5% to $4.3 billion, reflecting growth despite ongoing economic uncertainties.

Harris Williams has advised Indulge Desserts Intermediate Holdings on its acquisition by Emmi Group. Indulge Desserts, a manufacturer of premium gourmet desserts, benefits from AUA Private Equity's ownership, expanding Emmi's presence in the North American dessert market. The company unites four brands: Taste it Presents, Cannoli Factory, Love & Quiches, and Joey’s, providing a diverse product range. The acquisition facilitates Emmi's growth strategy, leveraging Indulge's customer relationships across foodservice, retail, and e-commerce channels.

Universal Corporation (NYSE: UVV) has acquired Silva International, a provider of dehydrated vegetable and fruit ingredients, enhancing its portfolio in the food ingredients sector. Universal, based in Richmond, Virginia, is a leading global leaf tobacco supplier with revenues of $1.9 billion for the fiscal year ending March 31, 2020. Silva, located in Momence, Illinois, has over 40 years of industry experience and utilizes advanced processing and food safety technologies. This acquisition is expected to strengthen Universal's supply chain and expand its market presence.

On October 1, 2020, PNC Financial Services Group appointed David L. Cohen to its Board of Directors. Cohen, a senior executive at Comcast for 18 years, has extensive experience in various leadership roles, including corporate communications and legal affairs. His background includes serving as the first chief diversity officer at Comcast and a partner at a major law firm. PNC also declared a quarterly cash dividend of $1.15 per share, payable on November 5, 2020, to shareholders of record on October 16, 2020. The announcement reflects PNC’s growth strategy and commitment to shareholder returns.

The PNC Financial Services Group, Inc. (PNC) announced the redemption of all outstanding Senior Notes valued at $1.5 billion, maturing on November 5, 2020, with a distribution rate of 2.450%. This redemption will take place on October 6, 2020, at a price of $1,000 per $1,000 in principal, including any accrued distributions. Payment will be processed via The Depository Trust Company. PNC is a leading diversified financial services institution in the U.S., providing comprehensive banking and financial solutions.

The PNC Financial Services Group, Inc. (NYSE: PNC) has announced that it will release its third-quarter financial results on October 14, 2020, at 6:45 a.m. ET. CEO William S. Demchak and CFO Robert Q. Reilly will host a conference call for investors at 9:30 a.m. ET on the same day. Investors can access presentation slides, earnings release, and supplementary financial information through PNC's website. Phone replays of the call will be available for one week post-event.