Banking & Finance

PNC Raises Cash Dividend to 95 Cents

PITTSBURGH – PNC Financial Services Group announced today that its board of directors declared a quarterly cash dividend of 95 cents per common share.

This is an increase of 20 cents per share, or 27%, from the second quarter dividend of 75 cents per share.

“The significant increase to our dividend is a result of PNC’s consistent performance, strong capital levels and our board’s confidence in our business model as a main street bank,” said William S. Demchak, PNC chairman, president and CEO.

The dividend is payable Aug. 5 to shareholders of record July 17.

The board also declared a cash dividend on the following series of preferred stocks:

  • Series B: a quarterly dividend of 45 cents per share payable Sept. 10 to shareholders of record Aug. 17.
  • Series O: a semi-annual dividend of $3,375 per share ($33.75 per each depositary share, 100 of which represent one share of Series O preferred stock) payable Aug. 1 to shareholders of record July 17.
  • Series P: a quarterly dividend of $1,531.25 per share ($.3828125 per each depositary share, 4,000 of which represent one share of Series P preferred stock) payable Aug. 1 to shareholders of record July 17.
  • Series Q: a quarterly dividend of $1,343.75 per share ($.3359375 per each depositary share, 4,000 of which represent one share of Series Q preferred stock) payable Sept. 1 to shareholders of record Aug. 17.

Published by The Business Journal, Youngstown, Ohio.