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PNC Bank to Raise Minimum Wage to $18-Hour from $15

PNC Financial's PNC Bank plans to increase its minimum wage to $18 per hour from $15.
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PNC Financial Services’  (PNC) - Get PNC Financial Services Group, Inc. Report Bank said it would increase its minimum wage to $18 an hour from $15 starting Nov. 22.

Pittsburgh-based PNC joins a raft of other companies that have raised their minimum pay.

In May, Charlotte-based Bank of America  (BAC) - Get Bank of America Corp Report said it was raising its minimum wage to $25 an hour by 2025, after boosting it in March 2020 to $20 an hour from $17.

As for PNC, "this isn't just a responsible move for the bank," said William Demchak, PNC's CEO. "This increase allows us to make a positive difference, leveraging the power of our resources to help all move forward financially.”

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PNC’s stock recently traded at $190.97, down 2%, as the banking sector declined. PNC has climbed 11% in the past six months amid the booming economy.

Morningstar analyst Eric Compton last month put fair value for PNC at $170 and gives it no moat.

But its “successful acquisition history, seemingly successful expansion initiatives, and improved credit performance during the 2007 downturn lead us to believe that PNC is one of the better operators we cover,” he wrote.

“PNC has executed on many expense-saving initiatives over the years, and management has been actively reinvesting many of these savings back in the business to stay ahead on the technology front.

“As more and more retail transactions go through digital channels and commercial margins improve in PNC's newer markets, we expect improving operating efficiency for the bank. We also expect the BBVA acquisition to further accelerate improving efficiency at the bank.”