PNC Financial Services Group raises dividend pay by 10 percent

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Directors of PNC Financial Services Group Thursday approved a 10 percent hike in the quarterly common stock dividend to 44 cents per share, up from 40 cents.

The new dividend is payable May 5 to shareholders of record April 16.

PNC received the nod last month from regulators to increase the dividend, but at the time the bank did not reveal the new rate.

In a statement Thursday, chairman and CEO James Rohr, who is to retire as chief executive at the annual shareholders meeting later this month, said the increase reflected the bank's strong capital levels and financial performance.

PNC last raised the dividend a year ago, from 35 cents per share to 40 cents.

Pittsburgh's biggest bank had been paying 66 cents per share before slashing the payout to 10 cents in early 2009 to conserve cash during the Great Recession.

Since the meltdown in the banking industry, the nation's largest banks are required to undergo an annual "stress test" by the Federal Reserve and must submit their dividend and other capital plans for approval.

PNC's shares rose 47 cents Thursday, or 0.7 percent, to close at $65.60.

businessnews

Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066.


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