PNC Financial Services Group - PNC STOCK NEWS

The PNC Financial Services Group announced key dates for its 2025 quarterly earnings releases.

The first-quarter results will be released on April 15, 2025, at 10 a.m. ET, the second-quarter results on July 16, 2025, at 10 a.m. ET, the third-quarter results on October 15, 2025, at 11 a.m. ET, and the fourth-quarter results on January 16, 2026, at 9 a.m. ET.

Earnings releases, presentations, and webcast links will be available on the PNC investor events page. PNC is a major financial services institution offering retail and business banking, corporate banking, real estate finance, asset-based lending, wealth management, and asset management services.

For more information, visit www.pnc.com or contact media relations at media.relations@pnc.com and investor relations at investor.relations@pnc.com.

The PNC Financial Services Group announced a 3% increase in its quarterly cash dividend on common stock, raising it to $1.60 per share from $1.55. The dividend will be payable on August 5, 2024, to shareholders recorded by July 15, 2024.

Additionally, PNC declared quarterly dividends for several series of preferred stocks. Series B will pay 45 cents per share on September 10, 2024. Series R will pay $2,209.97 per share ($22.0997 per depositary share) on September 1, 2024. Series T will pay $850.00 per share ($8.50 per depositary share) on September 15, 2024. Series U will pay $1,500.00 per share ($15.00 per depositary share) on August 15, 2024. Series V will pay $1,550.00 per share ($15.50 per depositary share) on September 15, 2024, and Series W will pay $1,562.50 per share ($15.6250 per depositary share) on September 15, 2024.

The announcement underscores PNC's financial strength and the board's confidence in the company’s outlook.

On June 28, 2024, PNC Financial Services Group announced the results of its biennial stress test as per Dodd-Frank regulations. Conducted under the supervision of the Federal Reserve and OCC, the test assesses the bank's capital adequacy during severe economic conditions over a nine-quarter period from January 2024 to March 2026. PNC's regulatory capital ratios under these hypothetical adverse conditions were strong, with estimates for Common Equity Tier 1 at 9.1% and Tier 1 Risk-Based Capital at 10.6% by Q1 2026. Minimum ratios during the period were also robust, with Common Equity Tier 1 not dropping below 8% and Tier 1 Risk-Based Capital not below 9.4%. PNC CEO William S. Demchak affirmed the bank's financial resilience and ability to support its stakeholders.

The PNC Financial Services Group has announced its Stress Capital Buffer (SCB) and planned capital actions following the 2024 Federal Reserve's Comprehensive Capital Analysis and Review (CCAR). Despite a calculated SCB of 2.2%, PNC's effective SCB remains at 2.5%, consistent with current levels. PNC's Common Equity Tier 1 (CET1) ratio is 10.1%, significantly above the regulatory minimum of 7.0%. Under adverse conditions, projected CET1 ratios remain above 8.3%, well above the 4.5% regulatory minimum.

PNC plans to recommend a 3% increase in its quarterly cash dividend to $1.60 per share. Additionally, its board has authorized a share repurchase program for up to 100 million shares, with 44% still available for repurchase as of March 31, 2024. Share repurchase activities are expected to align with recent levels, subject to market and economic conditions.

PNC Financial Services Group released its 2023 Corporate Responsibility Report, highlighting extensive efforts to support various stakeholders. Significant accomplishments include deploying $56 billion out of an $88 billion Community Benefits Plan, positively impacting low- and moderate-income communities. PNC reduced overdraft fees by over 60%, saving customers $672 million, and mobilized $7 billion in client environmental financing. Additionally, PNC's mobile branches impacted nearly 9,000 individuals, and over 27,000 people benefited from financial education classes. The report also noted a reduction in energy use, carbon emissions, and water consumption, alongside achieving 48% of its renewable electricity target.

PNC has launched a 10-week Summer Internship Program with nearly 500 interns from 166 colleges and universities, starting with a two-day summit at the Pittsburgh Playhouse. Interns are learning about PNC's financial operations and its culture of volunteerism by building trikes and wagons for pre-K children, as part of the PNC Grow Up Great program. This initiative, celebrating its 20th year, is a $500 million effort to improve early childhood education. The program allows eligible employees up to 40 hours of paid volunteer time annually. The current intern cohort spans 52 PNC markets, the largest ever, with some markets featuring 'Neighborhood Champions' to enhance intern engagement.

PNC Bank has announced an enhanced scholarship program that will award $10,000 to 12 students nationwide. The program expands on PNC's existing initiative, which currently offers $2,000 scholarships to 12 students each year. The new program will be divided into two application periods: June 1, 2024, to November 30, 2024, and December 1, 2024, to May 31, 2025. Students who do not receive a scholarship in the first cycle will automatically be considered in the second cycle. This initiative underscores PNC's commitment to supporting future leaders in their pursuit of higher education.

Operation HOPE has announced that PNC Financial Services Group has joined as a Founder’s Circle Member, committing $1 million to support the nonprofit's mission of financial inclusion and economic equity. This partnership, which has spanned two decades, has empowered over 139,000 Americans through financial education and coaching, delivered 687,800 financial empowerment services, and opened 106 new HOPE Inside locations. PNC's support has also contributed to the launch of the One Million Black Businesses Initiative, which aims to create one million Black-owned businesses by 2030. Over 334,000 Black-owned businesses have already been supported, with $26 million in business loans funded. Additional initiatives include homeownership programs, disaster response, and a Child Savings Account Program.

Harris Williams, a global investment bank, has announced that Sam Hendler is rejoining the company as Managing Director focusing on healthcare IT. Hendler, who previously worked with Harris Williams from 2005 to 2022, will be based in the Boston office. His expertise spans various healthcare IT sectors, including provider and payer workflow, data solutions, revenue cycle management, and more. Co-CEOs Bob Baltimore and John Neuner expressed their confidence in Hendler's positive impact. Cheairs Porter and Geoff Smith, managing directors and co-heads of the Healthcare & Life Sciences Group, praised Hendler’s deep expertise and track record. Hendler himself stated his eagerness to return and contribute to the firm's healthcare IT practice.