PNC Financial Services Group Stock Price, News & Analysis

PNC Financial Services released its 2023 Corporate Responsibility Report, highlighting efforts in community support and early childhood education.

In 2023, PNC expanded funding for REV Birmingham to launch the Building Birmingham Businesses Program, aiding low- and moderate-income entrepreneurs. PNC's grant funding supported various nonprofits, including the North Texas Food Bank, Ravinia Festival Association, Florida Memorial University, and Just In Time for Foster Youth.

The PNC Grow Up Great initiative, celebrating its 20th anniversary, provided over $247 million in grants and supported 10 million children. Partnerships with TMW Center, Sesame Workshop, and Fred Rogers Productions enhanced educational resources and opportunities.

PNC employees volunteered over 83,433 hours in 2023, earning $400,000 in volunteer grants. The Pro Bono Project continued to offer free legal services. PNC also supported Sky's the Limit, aiding young, underrepresented entrepreneurs.

The PNC Financial Services Group, Inc. (NYSE: PNC) has declared a quarterly cash dividend of $1.60 per share on its common stock, payable on Nov. 5, 2024, to shareholders of record as of Oct. 16, 2024. The board also announced dividends on various series of preferred stocks, including Series B, R, S, T, U, V, and W, with different payment dates and amounts. PNC is one of the largest diversified financial services institutions in the United States, offering retail and business banking, specialized services for corporations and government entities, and wealth and asset management.

PNC Bank and Akoya have expanded their integration to support corporate data sharing through the Akoya data access network. This enhancement allows PNC's corporate clients to securely share financial data with third parties, including fintechs and data aggregators, using API-based connections. The integration enables clients to authorize data sharing directly within PNC's PINACLE® platform, using existing credentials and entitlements.

Key features include the ability to monitor activity and revoke access, enhancing security for businesses. Akoya's platform is designed to improve data-sharing reliability and reduce cybersecurity risks, without storing any data. The API used is based on the Financial Data Exchange (FDX) API standard, which has been expanded to include corporate data. This initiative aligns with PNC's commitment to advancing secure, API-based data-sharing networks for both consumer and corporate clients.

PNC's 2023 Corporate Responsibility Report highlights the company's commitment to fostering an inclusive culture. The report emphasizes PNC's focus on diversity and inclusion in its workforce, workplace culture, and community engagement. Key points include:

- As of April 24, 2024, PNC's board consisted of 11 independent directors, including four women and three people of color.

- The executive leadership team includes five women and four people of color out of 12 members.

- PNC launched its 13th Employee Business Resource Group (EBRG) for working parents and increased EBRG membership to 31% of the bank.

- The company delivered five thought leadership events, reaching over 13,000 internal and external stakeholders.

- PNC created and enhanced five D&I learning workshops, delivering 56 sessions to more than 4,200 employees.

The report also outlines PNC's plans to focus on five areas to continue progress in diversity and inclusion over the next three years.

PNC Financial Services Group and Plaid have entered into a data access agreement to enhance security and control for PNC customers when sharing financial data with Plaid-powered apps. PNC utilizes Akoya as its API service provider to facilitate this data sharing. The partnership aims to improve data security, privacy, and control for customers using third-party financial applications.

Key benefits include:

• Increased data security for PNC customers
• Greater control over financial data permissioning
• Elimination of credential sharing with third parties
• Faster connection for data recipients through Akoya-provided API

This collaboration supports the industry's move away from credential-based access and aligns with principles of security, access, and control in financial data sharing.

PNC Bank, a member of The PNC Financial Services Group (NYSE: PNC), has announced a decrease in its prime lending rate. The new rate of 8.00% will take effect on September 19, 2024. This change reflects PNC's position as one of the largest diversified financial institutions in the United States.

PNC offers a wide range of services, including:

• Retail and business banking
• Full range of lending products
• Specialized services for corporations and government entities
• Wealth management and asset management

This rate change may impact various financial products and services offered by PNC, potentially affecting both individual and business customers.

PNC Financial Services Group is hosting a special Hispanic Heritage Month event featuring Sylvia Acevedo, a former rocket scientist and CEO of Girl Scouts of the USA. The event, titled 'The Power of Disruption on Your Path to Success,' will take place on Wednesday, September 18, 2024, from 1-2 PM ET. Acevedo will share her remarkable journey from New Mexico to NASA's Jet Propulsion Laboratory and executive positions at major tech companies. The event will cover topics such as technology, entrepreneurship, STEM, innovation, and leadership. PNC executives Luisa Gaviño-Martinez, JP Ramirez, and Fidelma Leonor Fariñas-Cobas will also participate, providing opening remarks, moderation, and closing remarks respectively.

PNC's latest survey of small and mid-sized businesses reveals high optimism about the economy. 56% of business owners are optimistic about the national economy, up from 34% a year ago. 76% are highly optimistic about their own business prospects. The survey indicates:

• 64% expect increased demand in the next six months
• 29% anticipate requesting new loans or credit lines
• 61% plan to raise prices, with 38% expecting increases of 5% or more

Despite recession concerns, only 33% of owners think the U.S. economy has a major impact on their business. PNC's Chief Economist, Gus Faucher, sees these findings as consistent with continued economic expansion through 2024 and 2025. However, challenges persist, including hiring difficulties and rising inflation fears.

The PNC Financial Services Group (NYSE: PNC) has announced details for its third quarter 2024 financial results conference call. Key points include:

• Financial results will be released on October 15, 2024, at approximately 6:30 a.m. ET
• A conference call for investors will be held the same day at 10 a.m. ET
• PNC Chairman and CEO William S. Demchak and CFO Robert Q. Reilly will host the call
• Dial-in numbers: (866) 604-1697 (domestic) and (215) 268-9875 (international)
• Live audio webcast, presentation slides, and a 30-day replay will be available at www.pnc.com/investorevents

PNC is one of the largest diversified financial services institutions in the United States, offering a wide range of banking and financial services.