PITTSBURGH, July 3, 2023
/PRNewswire/ -- The board of directors of The PNC Financial
Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend
on the common stock of $1.55 per
share, an increase of $0.05 cents per
share, or 3%, from the second quarter dividend of $1.50 per share. The dividend, with a payment
date of Aug. 5, 2023, will be payable
the next business day to shareholders of record at the close of
business July 17, 2023.
"The increase in our dividend reflects the continued strength of
our capital and liquidity levels, and our board's confidence in our
strategy and outlook," said William S.
Demchak, PNC chairman, president 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, with a payment date of
Sept. 10, 2023, will be payable the
next business day to shareholders of record at the close of
business Aug. 18, 2023.
- Series O: a quarterly dividend of $2,294.16 per share ($22.9416 per each depositary share, 100 of which
represent one share of Series O preferred stock) at a quarterly
rate of 2.29416% will be payable Aug. 1,
2023, to shareholders of record at the close of business
July 17, 2023.
- Series R: a quarterly dividend of $2,181.42 per share ($21.8142 per each depositary share, 100 of which
represent one share of Series R preferred stock) at a quarterly
rate of 2.18142% will be payable Sept. 1,
2023, to shareholders of record at the close of business
Aug. 17, 2023.
- 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) will be payable
Sept. 15, 2023, to shareholders of
record at the close of business Aug. 31,
2023.
- 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, 2023, to shareholders of
record at the close of business July 31,
2023.
- 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) will be payable
Sept. 15, 2023, to shareholders of
record at the close of business Aug. 31,
2023.
- 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) will be payable
Sept. 15, 2023, to shareholders of
record at the close of business Aug. 31,
2023.
As previously announced, with respect to the Series O and Series
R preferred stock, in connection with the cessation of three-month
U.S. Dollar LIBOR on June 30, 2023,
in accordance with the Adjustable Interest Rate (LIBOR) Act (the
"LIBOR Act") and the regulation issued by the Board of Governors of
the Federal Reserve System implementing the LIBOR Act, three-month
CME Term SOFR, administered by CME Group Benchmark Administration,
Ltd., plus a tenor spread adjustment of 0.26161% per annum, will be
the replacement reference rate (the "replacement rate") for
three-month U.S. Dollar LIBOR currently used as the reference rate
to calculate dividends payable. The replacement rate will be used
with respect to applicable floating-rate dividend periods with
dividend determination dates occurring after June 30, 2023. The dividend determination dates
for the Series O and Series R preferred stock dividends declared
herein occurred prior to June 30,
2023 and are based on three-month U.S. Dollar LIBOR for this
period.
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pnc-raises-common-stock-dividend-to-1-55-per-share-301869080.html
SOURCE The PNC Financial Services Group, Inc.