PNC Financial Services Group this morning said directors approved a 9 percent hike in the quarterly common stock dividend to 48 cents per share, up from 44 cents.
The new dividend is payable May 5 to shareholders of record April 15.
PNC received the nod from regulators to increase the dividend last week, but at the time the bank did not reveal the new rate.
In a statement this morning, CEO William Demchak said the increase reflected the bank’s “strong capital levels and commitment to enhancing shareholder value.”
PNC, Pittsburgh’s biggest bank, last raised the dividend a year ago, to 44 cents per share from 40 cents.
The bank had been paying 66 cents before slashing the payout to 10 cents in early 2009 during the global financial crisis.
Since the meltdown in the banking industry, the nation’s biggest banks have been required to undergo an annual “stress test” by the Federal Reserve and must submit their dividend and other capital plans to the Federal Reserve for approval.
Bank of New York Mellon, which maintains a large presence in Pittsburgh, received the go-ahead from regulators last week to raise its quarterly dividend 13 percent to 17 cents per share, up from 15 cents.
BNY Mellon directors are to meet Tuesday to consider the hike.
Patricia Sabatini: email@example.com or 412-263-3066.