Banking & Finance

PNC Gets OK to Repurchase $900M in Shares

PITTSBURGH – PNC Financial Services Group announced today that it received approval from the Federal Reserve to repurchase up to an additional $900 million in common shares through the end of the second quarter of 2019.

This is in addition to the share repurchase programs of up to $2 billion approved by the Federal Reserve as part of PNC’s 2018 capital plan, which was announced on June 28.

PNC’s common share repurchases may be executed through the open market or in privately negotiated transactions, including under Rule 10b5-1 plans. The timing and amount of executed repurchases will be based on market conditions and other factors.

On Oct. 12, PNC reported a third-quarter net income of $1.400 billion, or $2.82 per diluted common share.

Published by The Business Journal, Youngstown, Ohio.