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PNC Financial Services Group - PNC STOCK NEWS

Welcome to our dedicated page for PNC Financial Services Group news (Ticker: PNC), a resource for investors and traders seeking the latest updates and insights on PNC Financial Services Group stock.

PNC Financial Services Group (NYSE: PNC) is a leading financial services institution in the United States, known for its diversified portfolio that includes retail banking, corporate and institutional banking, asset management, and residential mortgage banking. With over 150 years of experience, PNC has established itself as a respected name in the banking industry by focusing on customer and employee satisfaction, social responsibility, and community development.

PNC offers a wide array of products and services tailored to meet the needs of its diverse client base. In retail banking, PNC provides various lending products, deposit accounts, and digital banking solutions. The corporate and institutional banking division offers specialized services like real estate finance, asset-based lending, and Treasury Management solutions.

Recently, PNC has made significant strides in embedded finance. For instance, PNC Bank announced a new integration with Workday Enterprise Resource Planning (ERP) system through PINACLE Connect, enabling corporate clients to access real-time financial data and manage payments directly within their ERP. This innovation underscores PNC's commitment to providing modern, efficient financial solutions.

On the community front, PNC recently invested $20 million in the Local Initiatives Support Corporation (LISC) to bolster economic growth and development in rural areas and metro regions. This funding aims to support small businesses and community programs, reflecting PNC's dedication to social responsibility and economic empowerment.

PNC's financial stability is demonstrated by its solid first quarter results in 2024, generating net income of $1.3 billion despite a challenging economic environment. The bank continues to maintain strong liquidity and capital positions, ensuring its ability to navigate market fluctuations effectively.

Furthermore, PNC is committed to educating and empowering the next generation. The PNC Foundation granted $10 million to Birmingham Promise to support postsecondary education for students in Birmingham, Alabama. This initiative provides tuition assistance and prepares students for college success, contributing to long-term community development.

PNC has also been recognized as a 'Great Place to Work' by Gallup, highlighting its inclusive culture that values diversity and talent. The company's focus on employee well-being and development aligns with its broader goals of customer satisfaction and community engagement.

News

PNC Reports First Quarter 2024 Net Income of $1.3 Billion, $3.10 Diluted EPS, or $3.36 Excluding a $130 Million FDIC Special Assessment

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PNC reported a net income of $1.3 billion for the first quarter of 2024, with diluted EPS of $3.10, or $3.36 excluding a $130 million FDIC special assessment. The company saw a 4% decrease in revenue, a 6% decline in core noninterest expenses, and a provision for credit losses of $155 million. Average loans and deposits decreased by 1%, while net loan charge-offs were $243 million. PNC maintained a strong capital position with a CET1 capital ratio of 10.1% and repurchased $0.1 billion of common shares.
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PNC Foundation Announces $10.2 Million in Grants To Mark 20th Anniversary of PNC Grow Up Great(R)

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The PNC Foundation allocates $5.2 million to enhance nature-based outdoor play and learning spaces for children in celebration of the 20th anniversary of PNC Grow Up Great initiative. The initiative aims to support early childhood education through research-backed outdoor play and learning environments. PNC also extends support to DonorsChoose and collaborates with Sesame Workshop to provide bilingual educational resources emphasizing nature-based play.
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PNC Foundation Provides $10 Million Grant to Birmingham Promise for Scholarship Program, Student Success Coaching

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Birmingham Promise receives a $10 million grant from PNC Foundation to support postsecondary success for City of Birmingham school graduates. The grant will fund scholarships and program expansion over the next 10 years, benefiting students in the Birmingham City Schools system.
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PNC Declares Dividend of $1.55 on Common Stock

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The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend of $1.55 per share on common stock, along with dividends on various series of preferred stocks. The dividend payout dates range from May to June 2024, benefiting shareholders.
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PNC Bank Invests $20 Million in Local Initiatives Support Corporation To Fuel Growth in Under-Resourced Communities Nationwide

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PNC Bank invests $20 million in Local Initiatives Support (LISC) to boost economic opportunity and growth in rural counties and metro areas. The funding includes a 10-year, $10 million Equity Equivalent (EQ2) investment and a $10 million three-year term loan. LISC will use the capital for various community investment programs, benefiting entrepreneurs, women, people of color, and veterans.
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The PNC Community Benefits Plan, Two Years Later and $56 Billion Worth of Impact

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PNC shows positive progress in community outcomes through ongoing transformational investments.
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PNC BANK INVESTS $20 MILLION IN LOCAL INITIATIVES SUPPORT CORPORATION TO FUEL GROWTH IN UNDER-RESOURCED COMMUNITIES NATIONWIDE

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PNC Bank invests $20 million in LISC to boost economic opportunity in rural counties and metro areas. The funding includes a 10-year $10 million EQ2 investment and a $10 million three-year term loan. The innovative funding aims to support community development efforts and attract private capital into under-resourced communities.
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GENYOUth AND TASTE OF THE NFL INCREASE ACCESS TO 148 MILLION SCHOOL MEALS, FOSTERING NUTRITION SECURITY AMONG STUDENTS NATIONWIDE

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GENYOUth's 2024 Taste of the NFL event, supported by Frito-Lay, Quaker, and the PepsiCo Foundation, raised a record $2.0 million to benefit 1,000 schools and 550,000 students, providing access to 148 million school meals. School nutrition professionals can apply for Equipment Grants until April 9, 2024.
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PNC Bank Highlights Nearly 160 Years of Reliable and Responsible Banking With 'Boring' Brand Campaign

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PNC Bank launches 'Brilliantly Boring' brand campaign focusing on reliable and responsible operations, coast-to-coast expansion, and customer-centric approach.
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PNC Names Michael Thomas Head of Corporate & Institutional Banking

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PNC Bank appoints Michael Thomas as head of Corporate & Institutional Banking, succeeding Michael P. Lyons. Thomas brings extensive experience and strong performance to the role, overseeing key areas like debt capital markets and real estate banking. PNC's C&IB business offers a range of financial products and services to clients in the U.S. and Canada, positioning PNC as a leading financial institution in the region.
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FAQ

What is the current stock price of PNC Financial Services Group (PNC)?

The current stock price of PNC Financial Services Group (PNC) is $192.76 as of December 20, 2024.

What is the market cap of PNC Financial Services Group (PNC)?

The market cap of PNC Financial Services Group (PNC) is approximately 75.4B.

What services does PNC Financial Services Group offer?

PNC offers retail banking, corporate and institutional banking, asset management, and residential mortgage banking services across the United States.

What recent innovations has PNC introduced?

PNC recently integrated its Treasury Management solutions with the Workday ERP system through PINACLE Connect, offering clients real-time financial data and payment management within their ERP.

How is PNC contributing to community development?

PNC invested $20 million in the Local Initiatives Support Corporation (LISC) to support economic growth in rural areas and metro regions, focusing on small businesses and community programs.

What are PNC's financial highlights for the first quarter of 2024?

PNC reported a net income of $1.3 billion for the first quarter of 2024, maintaining strong liquidity and capital positions despite economic challenges.

What education initiatives does PNC support?

PNC Foundation granted $10 million to Birmingham Promise to support postsecondary education for students in Birmingham, Alabama, providing tuition assistance and preparing students for college success.

Why is PNC considered a 'Great Place to Work'?

PNC has been recognized by Gallup for its inclusive culture that values diversity and talent, focusing on employee well-being and development.

How long has PNC been in operation?

PNC has been in operation for over 150 years, establishing itself as a respected name in the banking industry.

What is PNC's approach to social responsibility?

PNC is committed to social responsibility through investments in community development, support for education, and inclusive workplace practices.

Where can I find more information about PNC's services?

For more information about PNC's services, you can visit their official website at www.pnc.com.

What is PNC's strategy for future growth?

PNC aims to continue leveraging its strong financial position, diverse business mix, and innovative solutions to drive future growth and meet customer needs.

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PNC Financial Services Group

NYSE:PNC

PNC Rankings

#174 Ranked by Market Cap
#969 Ranked by Dividends

PNC Stock Data

75.43B
395.15M
0.37%
85.6%
1.27%
Banks - Regional
National Commercial Banks
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United States of America
PITTSBURGH