On July 3, 2023, PNC Financial Services Group (PNC) announced a 3.3% dividend hike to $1.55 quarterly per share. This marks the 13th consecutive year of higher dividends by the financial services company based on calendar years. A new annual dividend rate of $6.20 per share yields 4.9% at a stock price of $127.
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 PNC Financial Services Group, Inc. is a diversified financial services company. The company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of our products and services nationally. PNC's retail branch network is located in markets across the Mid-Atlantic, Midwest and Southeast. The company also has strategic international offices in four countries outside the U.S. The PNC Financial Services Group was incorporated under the laws of the Commonwealth of Pennsylvania in 1983 with the consolidation of Pittsburgh National Corporation and Provident National Corporation.