By Sabela Ojea
PNC Financial Services said Monday that it is raising its quarterly cash dividend after receiving positive results on its capital levels from the Federal Reserve.
The bank holding company said the board has raised its payout to shareholders by 3% to $1.55 a share.
“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,” Chief Executive William Demchak said.
The Federal Reserve’s 2023 comprehensive capital analysis and review stated that PNC’s stress capital buffer for the fourth quarter beginning Oct. 1 is below the 2.5% regulatory floor and minimum SCB amount, resulting in an SCB of 2.5%.
The new percentage represents a decrease from the 2.9% SCB in effect through Sept. 30, PNC said.
At 12:18 p.m. ET, shares were up 1.4% at $127.70.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
Source: marketwatch.com
