PITTSBURGH, April 3,
2023 /PRNewswire/ -- The board of directors of The
PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly
cash dividend on the common stock of $1.50 per share. The dividend will be payable
May 5, 2023, to shareholders of
record at the close of business April 18,
2023.
The board also declared a cash dividend on the following series
of preferred stocks:
- Series B: a quarterly dividend of 45 cents per share, with a payment date of
June 10, 2023, will be payable the
next business day to shareholders of record at the close of
business May 19, 2023.
- Series O: a quarterly dividend of $2,099.30 per share ($20.9930 per each depositary share, 100 of which
represent one share of Series O preferred stock) at a quarterly
rate of 2.09930% will be payable May 1,
2023, to shareholders of record at the close of business
April 18, 2023.
- Series R: a semi-annual dividend of $2,425.00 per share ($24.25 per each depositary share, 100 of which
represent one share of Series R preferred stock) will be payable
June 1, 2023, to shareholders of
record at the close of business May 17,
2023.
- Series S: a semi-annual dividend of $2,500.00 per share ($25.00 per each depositary share, 100 of which
represent one share of Series S preferred stock), will be payable
May 1, 2023, to shareholders of
record at the close of business April 18,
2023.
- Series T: a quarterly dividend of $850.00 per share ($8.50 per each depositary share, 100 of which
represent one share of Series T preferred stock) will be payable
June 15, 2023, to shareholders of
record at the close of business May 31,
2023.
- Series U: a quarterly dividend of $1,500.00 per share ($15.00 per each depositary share, 100 of which
represent one share of Series U preferred stock) will be payable
May 15, 2023, to shareholders of
record at the close of business April 28,
2023.
- Series V: a quarterly dividend of $1,550.00 per share ($15.50 per each depositary share, 100 of which
represent one share of Series V preferred stock) will be payable
June 15, 2023, to shareholders of
record at the close of business May 31,
2023.
- Series W: a quarterly dividend of $2,222.22 per share ($22.2222 per each depositary share, 100 of which
represent one share of Series W preferred stock) will be payable
June 15, 2023, to shareholders of
record at the close of business May 31,
2023.
With respect to the Series O, Series R and Series S preferred
stock, PNC is also announcing that, after cessation of three-month
U.S. Dollar LIBOR following June 30,
2023, in accordance with the Adjustable Interest Rate
(LIBOR) Act (the "LIBOR Act") and the regulation issued by the
Board of Governors of the Federal Reserve System implementing the
LIBOR Act, three-month CME Term SOFR, administered by CME Group
Benchmark Administration, Ltd., plus a tenor spread adjustment of
0.26161% per annum, will be the replacement reference rate (the
"replacement rate") for three-month U.S. Dollar LIBOR currently
used as the reference rate to calculate dividends payable. The
replacement rate will be used with respect to applicable
floating-rate dividend periods with dividend determination dates
occurring after June 30, 2023.
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:
Timothy
Miller
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan
Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.