PITTSBURGH, June 30, 2020 /PRNewswire/ -- The PNC Financial
Services Group, Inc. (NYSE: PNC) last week received the results of
the Federal Reserve's 2020 Comprehensive Capital Analysis and
Review (CCAR). The Federal Reserve's CCAR disclosure included its
estimate of PNC's minimum capital ratios for the period from the
first quarter of 2020 through the first quarter of 2022 under the
Supervisory Severely Adverse Scenario. Based on PNC's strong
results, PNC's Stress Capital Buffer (SCB) for the four quarter
period beginning October 1, 2020 is 2.5%, which is the
regulatory floor and the minimum SCB amount. PNC's Common
Equity Tier 1 (CET1) ratio significantly exceeds the regulatory
minimum (4.5%) plus our SCB, reflecting our strong capital levels
entering 2020 and the gain on the recent sale of our investment in
BlackRock, Inc.
Today, the board of directors of PNC declared a quarterly cash
dividend on the common stock of $1.15
per share. The dividend will be payable Aug.
5, 2020 to shareholders of record at the close of business
July 17, 2020.
The board also declared a cash dividend on the following series
of preferred stocks:
- Series B: a quarterly dividend of 45 cents per share will be payable Sept. 10, 2020 to shareholders of record at the
close of business Aug. 14, 2020.
- Series O: a semi-annual dividend of $3,375.00 per share ($33.75 per each depositary share, 100 of which
represent one share of Series O preferred stock) with a payment
date of Aug. 1, 2020, will be payable
the next business day to shareholders of record at the close of
business July 17, 2020.
- Series P: a quarterly dividend of $1,531.25 per share ($.3828125 per each depositary share, 4,000 of
which represent one share of Series P preferred stock) with a
payment date of Aug. 1, 2020, will be
payable the next business day to shareholders of record at the
close of business July 17, 2020.
- Series Q: a quarterly dividend of $1,343.75 per share ($.3359375 per each depositary share, 4,000 of
which represent one share of Series Q preferred stock) will be
payable Sept. 1, 2020 to shareholders of record at the close
of business Aug. 17, 2020.
In light of the significant economic uncertainty resulting from
the ongoing coronavirus pandemic, PNC currently plans to continue
with the suspension of its discretionary share repurchase program
through the fourth quarter of 2020. PNC retains the option to
restart such repurchases in the fourth quarter if circumstances
change, subject to compliance with the SCB framework and any
applicable Federal Reserve limitations or approval
requirements.
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:
Media Relations
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE PNC Financial Services Group, Inc.