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PNC Financial announces $1.60 quarterly dividend

The PNC Financial Services Group Inc (NYSE: PNC) said on Tuesday that its Board of Directors had authorized a regular quarterly cash dividend of $1.60 per share of common stock.

The latter represents an increase of 3.22% compared to the prior dividend of $1.55 per share.

The dividend will be paid on August 5th to shareholders of record as of the close of business on July 15th 2024, the company said.

“The increase in our dividend reflects our continued financial strength and our board’s confidence in our strategy and outlook,” William S. Demchak, PNC’s Chairman and Chief Executive Officer, said in a press release.

Stock Performance

The shares of The PNC Financial Services Group Inc (PNC) closed 1.73% ($2.70) higher at $158.84 in New York on Tuesday, as they extended the gains from the previous three market sessions.

The financial group’s total market cap now stands at $63.204 billion.

The shares of The PNC Financial Services Group Inc (PNC) went down 1.96% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The group’s shares have risen 2.58% so far this year.

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