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PNC Financial Services Group Inc Add to portfolio

INX:PNC, Jul 14, 12:30 UTC

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Thursday, June 25


News

PNC Releases Results Of Annual Dodd-Frank Company-Run Stress Test

PNC

PITTSBURGH, June 25, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period. "Additionally, the benefit from the recent sale of our equity investment in BlackRock, which bolstered our capital position to record levels, is not reflected in our estimated stress test results. We are confident in our ability to navigate headwinds from a position of financial strength with our strong balance sheet, liquidity and capital flexibility." Nevertheless, the scenario includes a severe global recession that is accompanied by both a period of heightened stress in commercial real estate and corporate debt markets, as well as a sharp drop in asset prices. As required by applicable regulations, capital ratios are calculated (a) for the first quarter of 2020 using the actual capital actions expected to be undertaken in that quarter and (b) for the remaining eight quarters of the stress period, assuming that (i) there are no repurchases or redemptions of regulatory capital instruments; (ii) there are no issuances of common stock or preferred stock (other than equity issuances pursuant to expensed employee compensation programs); (iii) the dollar amount of quarterly common stock dividends is equal to the quarterly average dollar amount of common stock dividends paid during the second, third, and fourth quarters of 2019 and first quarter of 2020 (for PNC, the quarterly average amount of common dividends during this period was $490 million); and (iv) payments on other regulatory capital instruments are made equal to the stated dividend, interest, or principal due.

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Wednesday, June 17


News

PNC To Close Early In Observance Of Juneteenth

PNC

PITTSBURGH, June 17, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that it will close all offices at 2 p.m., local time, Friday, June 19, in observance of Juneteenth. "If there is anything the past few weeks in our country have revealed, it's that we all need to do a better job of listening and trying to understand experiences that may not be our own," said Chairman, President and Chief Executive Officer William S. Demchak. PNC customers wanting to visit a branch location on Friday should make arrangements to visit prior to 2 p.m., local time. As always, PNC customers have 24/7 account access through ATMs, mobile, online, and voice banking services. The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

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Friday, May 29


News

PNC Announces Redemption Of Senior Floating Rate Bank Notes Due June 10, 2021

PNC

PITTSBURGH, May 29, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on June 10, 2020 of all of the outstanding Senior Floating Rate Notes due June 10, 2021 issued by PNC Bank, National Association in the amount of $800,000,000 (CUSIP 69353RFN3). The securities have an original scheduled maturity date of June 10, 2021. The redemption price will be equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid interest to the redemption date of June 10, 2020. The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

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News

BlackRock Lures Asset Managers, Wealth Funds After PNC Exit

PNC BLK

BlackRock Inc. attracted some of the world’s largest institutional investors and sovereign funds when a major stake was sold this month, illustrating chief Larry Fink’s connections with deep sources of capital in the U.S., Middle East and Asia. Existing shareholders Wellington Management, Capital Group Cos. and Fidelity Investments were among those that bought shares when PNC Financial Services Group Inc. sold a $14 billion BlackRock stake, according to people familiar with the situation. Norway’s $1 trillion wealth fund and Singapore state investment firm Temasek Holdings Pte also increased their holdings, they said, asking not to be identified as the matter is private. Fink’s extensive network in the Middle East was also on display, with at least four state investment vehicles from the region snaring a part of the stake sale. Abu Dhabi’s Mubadala Investment Co., the Kuwait Investment Authority, Qatar Investment Authority and Saudi Arabia’s Public Investment Fund all took part in the offering, according to the people.

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Monday, May 11


News

PNC to exit BlackRock with sale of 22% stake

PNC BLK

PNC owns around 35m shares in BlackRock, which date back to an initial investment of $240m in 1995. BlackRock shares were down 1.14% at market close, and fell 3.45% in after-hours trading, after the announcement became public. Following BlackRock’s purchase and the wider offering, PNC will be left with 500,000 shares in BlackRock, which it will pass on to its charitable foundation. ‘We feel the time is now right to do just that, realizing a substantial return on our investment, significantly enhancing our already strong balance sheet and liquidity, and leaving PNC very well-positioned to take advantage of potential investment opportunities that history has shown can arise in disrupted markets,’ he added. As of March 31, BlackRock had about $6.47tn in assets under management.

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News

BlackRock's top investor PNC Financial to sell entire stake

PNC BLK

BlackRock's top investor PNC Financial to sell entire stake. May 11 (Reuters) - PNC Financial Services Group Inc plans to sell its entire 22% stake in the world's largest asset manager BlackRock Inc, the U.S. bank said on Monday, exiting one its most attractive investments after more than two decades. PNC, BlackRock's largest shareholder, will sell its common and preferred shares in a secondary offering and BlackRock will repurchase $1.1 billion in common shares, assuming the sale goes well. The Pittsburgh-based lender currently owns about 35 million shares in the asset manager, which is valued at roughly $17.3 billion, based on BlackRock's last close on Monday, according to Reuters calculation.

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Wednesday, April 15


News

PNC Financial (PNC) Q1 Earnings Top, Provisions Up on Coronavirus

PNC

Moreover, a lower net interest margin was another concern.Notably, provisions were calculated under the Current Expected Credit Loss (CECL) accounting standard effective Jan 1, 2020, and increased $693 million sequentially to give effect to the economic impact of coronavirus and loan growth.The company’s net income for the reported quarter came in at $915 million compared with the year-ago quarter’s $1.27 billion.Segment-wise, quarterly net income in Corporate & Institutional Banking and Retail banking plunged 33% and 23.9%, year on year, respectively. Provision for credit losses escalated significantly from the year-earlier quarter to $914 million.Steady Capital PositionAs of Mar 31, 2020, the Basel III common equity Tier 1 capital ratio was 9.4% compared with 9.8% as of Mar 31, 2019.Share RepurchaseDuring the January-March period, the company repurchased 10.1 million common shares for $1.4 billion. Notably, the company has temporarily suspended share buybacks through the second quarter of 2020, following the “unprecedented challenge” from the coronavirus pandemic.Our ViewpointPNC Financial displayed an impressive performance during the March-end quarter. Currently, PNC Financial carries a Zacks Rank #5 (Strong Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Major BanksJPMorgan’s JPM first-quarter 2020 earnings came in at 78 cents per share, which missed the Zacks Consensus Estimate of $1.70, thanks to a substantial rise in provisions due to the coronavirus-related concerns.

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Friday, April 03


News

The PNC Financial Services Group Announces Change From Physical Location To Virtual-Only 2020 Annual Shareholders Meeting

PNC

The previously announced date and time of the annual meeting remain unchanged. However, previously announced dial-in and replay telephone numbers are no longer in effect. Shareholders as of the close of business on the record date of January 31, 2020 may vote their shares and submit questions during the virtual-only annual meeting by joining as a Shareholder, entering a control number and the password (PNC2020), and following the instructions available on the meeting website. For registered shareholders, the control number can be found on the proxy card, notice or email previously received. For street name shareholders who hold their shares through an intermediary, such as a broker or bank, a control number must be obtained in advance to vote during the meeting. A replay of the annual meeting will be available for 30 days, accessible at www.pnc.com/investorevents or www.pnc.com/annualmeeting. The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

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Monday, March 09


News

ProShare Advisors LLC Grows Holdings in PNC Financial Services Group Inc (NYSE:PNC) – Redmond Register

PNC

ProShare Advisors LLC grew its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 9.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. Insiders sold 24,178 shares of company stock worth $3,727,967 over the last ninety days. PNC Financial Services Group Inc has a fifty-two week low of $112.12 and a fifty-two week high of $161.79. Want to see what other hedge funds are holding PNC?Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

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Sunday, March 08


News

Notable Insider Buys Last Week: Newell Brands, PNC Financial And More

PNC NWL

Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty. They picked up more than 2.15 million shares of this real estate investment trust altogether last week at $27.49 to $29 per share via trust. A director and an executive at Newell Brands Inc (NASDAQ: NWL) purchased about 323,400 shares of this consumer and commercial products maker via trust last week. PNC Financial Services stock closed Friday at $114.23 a share, below the director's purchase price range, and down over 7% in the past week.

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