PNC ANNOUNCES REDEMPTION OF ALL DEPOSITARY SHARES REPRESENTING INTERESTS IN SERIES P STOCK
PNC Financial Services Group announced the redemption of all $1.5 billion of its Depositary Shares, representing interests in the Series P Preferred Stock, on November 1, 2022.
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Rhea-AI Summary
PNC Financial Services Group announced the redemption of all $1.5 billion of its Depositary Shares, representing interests in the Series P Preferred Stock, on November 1, 2022. Each share will be redeemed at $25.00, plus $0.43763 in declared and unpaid dividends. The total outstanding of 60,000,000 Depositary Shares will be redeemed in accordance with DTC procedures. This move is part of PNC's strategy to manage its capital efficiently.
Positive
- Redemption of $1.5 billion in Depositary Shares indicates strong capital management.
- Shareholders will receive $25.00 per Depositary Share plus dividends, enhancing returns.
Negative
- None.
Details
News Market Reaction – PNC
The recorded move for PNC in the trading session of this news was -0.87%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PITTSBURGH, Sept. 30, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Nov. 1, 2022, of
The Depositary Shares will be redeemed at a redemption price of
The Depositary Shares are held through the Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC will be made by Computershare Trust Company, N.A., the Depositary, in accordance with the Deposit Agreement governing the Depositary Shares. The address for Computershare Trust Company, N.A. is 462 South 4th Street, Suite 1600, Louisville, KY 40202.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Timothy Miller
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.
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