PNC Raises Common Stock Dividend by 14% to $0.40; Plans To Repurchase Up To $250M Of Common Stock
The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of 40 cents per share, an increase of 5 cents per share, or 14 percent, from the prior quarterly dividend of 35 cents per share. The new dividend payment date is May 5, 2012, payable the next business day, to shareholders of record at the close of business April 17, 2012.
Additionally, the company plans to purchase up to $250 million of common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions during the remainder of 2012. The share repurchase program, which does not bear a termination date, has been in effect since Oct. 4, 2007 and has 24.7 million shares remaining.
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