The PNC Financial Services Group, Inc. (NYSE: PNC) has announced today the acquisition of Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA). The Bank Holding Company has entered into an agreement with BBVA to buy BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for $11.6 billion.
This deal between PNC and BBVA is the second-largest US banking acquisition deal since the financial crisis of 2008. This is a very positive deal between both companies and it will help both companies in strengthening their financial positions.
Both the companies have agreed to this acquisition deal and it is projected that the deal will be executed in mid-2021. As per the deal, PNC will be the surviving company that bought BBVA USA and BBVA USA will act as the merging company.
BBVA USA is engaged in the commercial and retail banking services business and has it headquarter in Houston, Texas and has $104 billion in assets. It runs 637 branches in Colorado, New Mexico, Texas, Alabama, California, Arizona, and Florida. This deal will make The PNC Financial Services Group Inc the 5th largest bank by asset size and this deal will also help the bank holding company to speed up its strategy of expansion all around the state.
CEO PNC, William S. Demchak said that this transaction will lead the company towards a period of positive growth and also create value for its shareholders. The firm is striving to launch its innovative products and services in new markets.
The PNC Financial Services Group, Inc. (PNC) has seen some recent action in the marketplace and its shares are at $125.44. Investors are starting to take interest of PNC as the shares traded as high as $127.00 and as low as $124.50 in the prior market day.
The PNC Financial Services Group, Inc. (PNC) average trading volume is 2.07M. However, in the prior market day The PNC Financial Services Group, Inc. (PNC) exchanged 2,348,627 shares. The First downside support level on PNC is $118.00 and the First resistance level on PNC is $131.13. PNC 50-day moving average is $114.23 and PNC 200day moving average is $109.55.
The PNC Financial Services Group, Inc. (PNC) recent performance has been shown by the recent movement in PNC shares. PNC has performed 12.07% over the past 30 days, PNC has performed 11.28% over the past quarter and PNC has shown -17.61% over the past 12 months. The PNC Financial Services Group, Inc. (PNC) has a 1 year range of $79.41 to $161.79. The PNC Financial Services Group, Inc. (PNC) is trading 58.04% from its 1 year low and -22.43% from its 1 year high. The PNC Financial Services Group, Inc. (PNC) is displaying a 1.12% short float displaying the quantity short in the float.
PNC has 426.00M shares outstanding and 422.72M shares in the float. The PNC Financial Services Group, Inc. (PNC) at this time has a market cap of $51.27B and income of 2.63B. The EPS next quarter for PNC is 2.51 and projected EPS next year is -51.99%. The market cap of The PNC Financial Services Group, Inc. (PNC) at $51.27B signifies how many Investors own shares of PNC and is based off the last price ($125.44) of PNC and the quantity of shares outstanding (426.00M) with The PNC Financial Services Group, Inc. (PNC).
The PNC Financial Services Group, Inc. (PNC) has aggregate cash (mrq) of 13.16B, aggregate cash per share (mrq) of 31.05, aggregate debt of PNC is at 42.65B. The PNC Financial Services Group, Inc. (PNC) operating cash flow (ttm) is 5.84B.
PNC is trading 8.35% above (bullish) its SMA20, 11.30% above (bullish) its SMA50 and 12.67% above (bullish) its SMA200.