Based in Pittsburgh, PNC provides a range of retail and commercial banking, residential mortgage lending, and asset management services. It has operations in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Alabama, Virginia, Missouri, Georgia, Wisconsin and South Carolina. In May 2020, PNC disposed of its 22% stake in BlackRock Inc. (BLK) in a registered offering. The company received large cash dividends from its BlackRock stake totaling approximately $459 million in 2019, $422 million in 2018, $354 million in 2017, and $331 million in 2016.
Stephen BiggarDirector of Financial Institutions Research