AllAnalyst Report
logoArgusNovember 17, 2020

The PNC Financial Services Group, Inc.: Acquiring BBVA's U.S. subsidiary for $11.6 billion

Financial Services
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Price Target
Earnings Estimate

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.

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Analyst Profile

Stephen Biggar

Director of Financial Institutions Research
Stephen is responsible for coverage of large global banks, regional banks and domestic credit card companies. He has covered financial services stocks for more than 20 years. He is also a member of the Argus Investment Policy Committee and Senior Portfolio Group, and frequently appears in print and broadcast media discussing the equity markets. Previously, he was the global director of equity research for S&P Capital IQ. He holds a degree in economics from Rutgers University.