PNC Financial Services Group - PNC STOCK NEWS

PNC Financial Services reported a strong third quarter for 2022, with net income of $1.64 billion, a 10% increase from the previous quarter. Total revenue rose to $5.55 billion, driven by a 14% increase in net interest income and a net interest margin of 2.82%. Loan growth was steady at 3%, although average deposits declined by 2%. The efficiency ratio improved to 59%, while credit losses rose to $241 million. PNC returned $1.7 billion to shareholders through share repurchases and dividends, demonstrating robust capital management.

Harris Williams advised Ivy Rehab Physical Therapy on a continuation fund transaction, highlighting strong investor interest in outpatient rehabilitation services. Ivy, with over 450 clinics and $3.7 billion in capital commitments from Waud Capital Partners, has achieved over tenfold growth in revenue since 2016. The company focuses on exceptional patient care and aims for further expansion through organic and inorganic strategies. The leadership team, including CEO Michael Rucker, remains in place to support growth initiatives.

PNC Bank is expanding its PartnerUp initiative, which aids high school graduates in securing debt-free, entry-level careers in high-demand sectors, to Cleveland and Birmingham, Alabama. Initially launched in Pittsburgh, PartnerUp has successfully partnered with 30 schools and 16 employers since 2018, assisting over 6,000 students. Additionally, PNC has introduced an education benefit for its 62,000 employees, providing access to tuition-covered professional certificates and degrees, aimed at enhancing career mobility.

Harris Williams advised FreshEdge, a Rotunda Capital Partners portfolio company, on its sale to Wind Point Partners. FreshEdge, a leader in fresh food distribution, has expanded since its formation in 2019 through various acquisitions. Tim Alexander from Harris Williams noted the firm’s strong partnership with FreshEdge, indicating continued M&A activity in the fresh food sector. FreshEdge operates with over 830 trucks across 25 facilities and boasts nearly 500 years of combined experience in food distribution.

Harris Williams is advising Denali Ingredients on its sale to Orkla Food Ingredients (OFI). Denali, a provider of specialty ingredients for the ice cream industry, is well-placed to continue growth, benefiting from strong demand in this sector. OFI, a key player in bakery and ice cream ingredients in Europe, aims to enhance its product offerings through this acquisition. The transaction reflects increasing interest from European firms in U.S. food businesses, with Denali's innovation and customer partnerships being pivotal. Harris Williams' expertise has been critical throughout this process.

On October 3, 2022, The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend of $1.50 per share on its common stock, payable on November 5, 2022, to shareholders of record by October 17, 2022. Additionally, PNC announced dividends for several series of preferred stocks, including Series B at 45 cents, Series O at $1,650.96, Series R at $2,425.00, Series S at $2,500.00, and Series T at $850.00 per share, with various payment dates in late 2022. PNC also announced the redemption of $1.5 billion of Depositary Shares of its Series P Preferred Stock, effective November 1, 2022.

PNC Financial Services Group announced the redemption of all $1.5 billion of its Depositary Shares, representing interests in the Series P Preferred Stock, on November 1, 2022. Each share will be redeemed at $25.00, plus $0.43763 in declared and unpaid dividends. The total outstanding of 60,000,000 Depositary Shares will be redeemed in accordance with DTC procedures. This move is part of PNC's strategy to manage its capital efficiently.

PNC Bank has announced a strategic partnership with Blend to enhance its online mortgage application process. This collaboration aims to simplify the experience for customers by allowing them to digitally apply for mortgages and import essential information directly. Customers can track their application status and collaborate with loan officers in real-time through a single portal. PNC's partnership with Blend is designed to meet the increasing demand for digital-first banking services, improving the overall efficiency and experience in mortgage handling.

Harris Williams, a global investment bank, is advising Inspirage on its upcoming sale to Accenture (NYSE: ACN). Inspirage specializes in Oracle Cloud supply chain transformation and consulting services. The deal aims to enhance supply chain capabilities amid growing market demand for efficient, technology-driven solutions. Inspirage's strong Oracle relationship positions it well in addressing critical supply chain challenges for product-based companies. This transaction illustrates the increasing interest from strategic buyers seeking to leverage technological advancements in supply chain management.