PITTSBURGH, June 27, 2019 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) announced today that the
Board of Governors of the Federal Reserve System accepted its
capital plan and did not object to its proposed capital actions.
The capital plan included a recommendation to increase the
quarterly cash dividend on common stock by 20 cents per share, or 21%, to $1.15 per share, in the third quarter of 2019.
PNC's board of directors is expected to consider this
recommendation at its next scheduled meeting on July 9, 2019.
The capital plan also included share repurchase programs of up
to $4.3 billion for the four-quarter
period beginning in the third quarter of 2019.
PNC submitted its capital plan, approved by its board of
directors, to the Federal Reserve in April
2019 as part of the Federal Reserve's Comprehensive Capital
Analysis and Review. PNC's common share repurchases may be executed
in privately negotiated transactions or through the open market,
including under Rule 10b5-1 plans. The timing and amount of
executed repurchases will be based on market conditions and other
factors. Common share repurchases under the capital plan will be
made under a new 100 million share repurchase program approved by
PNC's board of directors in April
2019.
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:
Marcey Zwiebel
(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.