PNC Bank to invest $1 billion in US branch network

PNC Bank (PNC) said on Wednesday that it intended to invest almost $1 billion to open more than 100 new branches and revamp more than 1,200 existing locations through 2028.

The financial group will establish and open new branches in key locations such as Austin, Dallas, Denver, Houston, Miami and San Antonio, while improving the convenience and reach of its coast-to-coast branch network.

At present, PNC Bank has nearly 2,300 brick-and-mortar branches across the US and serves its clientele through over 60,000 PNC and partner ATMs nationwide.

“Our branch network is the heartbeat of our Retail business, offering friendly and convenient service to the millions of customers who step through our doors every single month. Whether to finance a home, deposit a check, or save for retirement, our customers count on our 15,000 branch team members to support their holistic financial needs. By investing in our network, we are supporting our customers, our team members, and the communities where we live and work,” Alex Overstrom, head of PNC Retail Banking, said in a press release.

“As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” Overstrom added.

Stock Performance

The shares of PNC Financial Services Group Inc (PNC) closed 1.80% ($2.61) higher at $147.87 in New York on Wednesday, as they reversed a 2.60% loss from the previous market session.

The financial group’s total market cap now stands at $58.857 billion.

The shares of PNC Financial Services Group Inc (PNC) went down 1.96% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The group’s shares have retreated 4.51% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 11 out of 21 surveyed investment analysts had rated PNC Bank’s stock as “Buy”, while 7 – as “Hold”. The median price target on the stock stands at $164.39, which translates into an 11.17% upside compared to Wednesday’s closing price.