PNC Raises Common Stock Dividend To $1.60 Per Share

The PNC Financial Services Group announced a 3% increase in its quarterly cash dividend on common stock, raising it to $1.60 per share from $1.55.

Rhea-AI Summary

The PNC Financial Services Group announced a 3% increase in its quarterly cash dividend on common stock, raising it to $1.60 per share from $1.55. The dividend will be payable on August 5, 2024, to shareholders recorded by July 15, 2024.

Additionally, PNC declared quarterly dividends for several series of preferred stocks. Series B will pay 45 cents per share on September 10, 2024. Series R will pay $2,209.97 per share ($22.0997 per depositary share) on September 1, 2024. Series T will pay $850.00 per share ($8.50 per depositary share) on September 15, 2024. Series U will pay $1,500.00 per share ($15.00 per depositary share) on August 15, 2024. Series V will pay $1,550.00 per share ($15.50 per depositary share) on September 15, 2024, and Series W will pay $1,562.50 per share ($15.6250 per depositary share) on September 15, 2024.

The announcement underscores PNC's financial strength and the board's confidence in the company’s outlook.

Positive

• PNC increased its quarterly dividend by 3%, signaling financial strength and confidence in its strategy.
• Shareholders will receive an increased dividend of $1.60 per share, payable on August 5, 2024.
• PNC also declared dividends on multiple series of preferred stocks, benefiting a wider range of investors.

Negative

• None.

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PITTSBURGH, July 2, 2024 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share, an increase of $0.05 cents per share, or 3%, from the second quarter dividend of $1.55 per share. The dividend will be payable Aug. 5, 2024, to shareholders of record at the close of business July 15, 2024.

"The increase in our dividend reflects our continued financial strength and our board's confidence in our strategy and outlook," said William S. Demchak, PNC chairman and chief executive officer.

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

• Series B: a quarterly dividend of 45 cents per share will be payable Sept. 10, 2024, to shareholders of record at the close of business Aug. 16, 2024.
• Series R: a quarterly dividend of $2,209.97 per share ($22.0997 per each depositary share, 100 of which represent one share of Series R preferred stock) at a quarterly rate of 2.20997%, with a payment date of Sept. 1, 2024, will be payable the next business day to shareholders of record at the close of business Aug. 16, 2024.
• Series T: a quarterly dividend of $850.00 per share ($8.50 per each depositary share, 100 of which represent one share of Series T preferred stock) with a payment date of Sept. 15, 2024, will be payable the next business day to shareholders of record at the close of business Aug. 30, 2024.
• Series U: a quarterly dividend of $1,500.00 per share ($15.00 per each depositary share, 100 of which represent one share of Series U preferred stock) will be payable Aug. 15, 2024, to shareholders of record at the close of business July 31, 2024.
• Series V: a quarterly dividend of $1,550.00 per share ($15.50 per each depositary share, 100 of which represent one share of Series V preferred stock) with a payment date of Sept. 15, 2024, will be payable the next business day to shareholders of record at the close of business Aug. 30, 2024.
• Series W: a quarterly dividend of $1,562.50 per share ($15.6250 per each depositary share, 100 of which represent one share of Series W preferred stock) with a payment date of Sept. 15, 2024, will be payable the next business day to shareholders of record at the close of business Aug. 30, 2024.

The PNC Financial Services Group, Inc. (NYSE: PNC). PNC 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the new PNC common stock dividend as of July 2024?

PNC has increased its quarterly cash dividend on common stock to $1.60 per share as of July 2024.

When is the PNC common stock dividend payable?

The PNC common stock dividend is payable on August 5, 2024, to shareholders of record by July 15, 2024.

What is the dividend increase for PNC common stock?

The dividend increase for PNC common stock is $0.05 per share, or 3%, bringing it to $1.60 per share.

What are the dividend details for PNC's preferred stocks?

PNC declared quarterly dividends for several series of preferred stocks, including Series B, R, T, U, V, and W, with payments ranging from 45 cents to $1,562.50 per share.

When are the dividends for PNC preferred stocks payable?

Dividends for PNC preferred stocks are payable on various dates in August and September 2024, depending on the series.