PITTSBURGH - The PNC Financial Services Group, Inc. (NYSE: NYSE:PNC) has announced dividends on both common and preferred stocks, as per a recent statement. The board of directors declared a quarterly cash dividend of $1.60 per share on common stock, payable on November 5, 2024, to shareholders of record by the close of business on October 16, 2024.
In addition to the common stock dividend, PNC's board also declared dividends on various series of preferred stocks. Series B preferred stock shareholders will receive a quarterly dividend of 45 cents per share on December 10, 2024, with a record date of November 15, 2024. Series R preferred stock will have a quarterly dividend of $2,102.43 per share, equating to $21.0243 per depositary share, payable the next business day following December 1, 2024, to shareholders of record as of November 15, 2024.
Holders of Series S preferred stock are set to receive a semi-annual dividend of $2,500.00 per share, or $25.00 per depositary share, with a payment date of November 1, 2024, for those on record by October 16, 2024. Series T preferred stock will have a quarterly dividend of $850.00 per share, or $8.50 per depositary share, payable the next business day after December 15, 2024, to shareholders recorded on November 29, 2024.
Furthermore, Series U preferred stock dividends are declared at $1,500.00 per share, or $15.00 per depositary share, with a November 15, 2024, payment date for shareholders of record by October 31, 2024. Series V and Series W preferred stocks will both have dividends payable the next business day after December 15, 2024, with Series V at $1,550.00 per share, or $15.50 per depositary share, and Series W at $1,562.50 per share, or $15.6250 per depositary share, for shareholders of record on November 29, 2024.
PNC Financial Services Group, a leading financial institution in the United States, offers a range of banking, lending, corporate banking, real estate finance, asset management, and wealth management services. The information is based on a press release statement from the company.
In other recent news, PNC Financial Services Group has announced a partnership with fintech company Plaid, aiming to provide its customers with enhanced data security. The collaboration, leveraging an API provided by Akoya, will facilitate secure data sharing between PNC customers and third-party applications. This move marks a significant step towards increased user privacy and control over personal financial information.
In recent developments, PNC Financial has also successfully issued $2.5 billion in senior notes. This strategic move could potentially strengthen the company's business operations. In addition, various analyst firms have adjusted their outlooks on PNC. Piper Sandler maintained a neutral stance on the company, while BofA Securities upgraded PNC's stock from Neutral to Buy, citing positive earnings per share revisions.
Citi also maintained a Buy rating on PNC shares, raising the stock's price target from $175 to $200, attributing this to improved net interest income forecasts and better expense management. Baird also made a positive adjustment to PNC's outlook, raising the stock target by $25 and maintaining an Outperform rating. These developments underscore PNC's financial standing and highlight recent changes in the company's performance.
InvestingPro Insights
PNC Financial Services Group's recent dividend declarations reflect its commitment to shareholder returns, which is further supported by data from InvestingPro. The company's dividend yield stands at 3.57%, with a notable dividend growth of 6.67% over the last twelve months as of Q2 2024. This aligns with PNC's consistent dividend payouts across its various stock series.
InvestingPro data reveals that PNC's market capitalization is $70.96 billion, positioning it as a significant player in the financial services sector. The company's P/E ratio of 15 suggests a reasonable valuation relative to its earnings, which could be attractive to value-oriented investors.
An InvestingPro Tip indicates that PNC's dividend payments have been stable and growing, reinforcing the company's recent dividend announcements. This consistency in dividend growth may appeal to income-focused investors looking for reliable payouts.
Another relevant InvestingPro Tip highlights that PNC has a high return on invested capital, which could indicate efficient use of funds in generating profits. This efficiency may contribute to the company's ability to maintain its diverse dividend structure across multiple stock series.
For investors seeking a deeper understanding of PNC's financial health and prospects, InvestingPro offers 18 additional tips, providing a comprehensive analysis to inform investment decisions.
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