PITTSBURGH - The PNC Financial Services Group, Inc. (NYSE: NYSE:PNC) has announced dividends on both common and preferred stocks. The board of directors declared a quarterly cash dividend of $1.55 per common share, which is scheduled for payment on May 5, 2024, to shareholders of record as of April 15, 2024.
In addition to the common stock dividend, PNC Financial will also pay dividends on several series of preferred stocks. The Series B preferred stock dividend of 45 cents per share is due on June 10, 2024, to shareholders on record by May 17, 2024.
Series R preferred stock holders can expect a quarterly dividend of $2,208.73 per share, equivalent to $22.0873 per depositary share, payable on June 1, 2024, with the record date set for May 17, 2024.
Shareholders of Series S preferred stock are slated to receive a semi-annual dividend of $2,500.00 per share, or $25.00 per depositary share, with a payment date of May 1, 2024, for those on record as of April 15, 2024. Series T preferred stock will have a quarterly dividend of $850.00 per share, equating to $8.50 per depositary share, payable on June 15, 2024, to shareholders recorded by May 31, 2024.
The dividends for Series U and Series V preferred stocks are $1,500.00 and $1,550.00 per share respectively, or $15.00 and $15.50 per depositary share, with a payment date of May 15, 2024, for Series U and June 15, 2024, for Series V.
Both series require shareholders to be on record by April 30, 2024, for Series U and May 31, 2024, for Series V. Lastly, Series W preferred stock will have a quarterly dividend of $1,562.50 per share, or $15.6250 per depositary share, payable on June 15, 2024, to those on record as of May 31, 2024.
PNC Financial Services Group is recognized as one of the largest diversified financial services institutions in the United States, providing a variety of banking, lending, corporate banking, real estate finance, wealth management, and asset management services. This information is based on a press release statement.
InvestingPro Insights
The PNC Financial Services Group, Inc. (NYSE: PNC) continues to demonstrate its commitment to shareholder returns, as evidenced by the recent announcement of dividends across common and preferred stocks.
The company's dedication to maintaining and increasing dividends is highlighted by a noteworthy InvestingPro Tip that PNC has raised its dividend for 13 consecutive years and has maintained dividend payments for 54 consecutive years.
InvestingPro Data further underscores the company's financial stability, with a market capitalization of $62.44 billion and a price-to-earnings (P/E) ratio at a reasonable 12.28, slightly lower than the adjusted P/E of 12.16 for the last twelve months as of Q4 2023.
This could suggest that the company is reasonably valued in the current market, considering its consistent dividend history. Moreover, PNC's dividend yield stands at an attractive 3.94%, which is particularly appealing to income-focused investors. The company's stock is also trading near its 52-week high, at 97.1% of the peak value, reflecting a robust performance and investor confidence.
For those interested in a deeper dive into PNC's financial health and future prospects, InvestingPro offers additional insights. There are 4 analysts who have revised their earnings upwards for the upcoming period, which could indicate potential positive momentum for the company's financial performance. PNC's status as a prominent player in the Banks industry and its profitability over the last twelve months further solidify its position in the market.
Investors seeking to capitalize on these insights and more can access further analysis and metrics on InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 6 additional InvestingPro Tips listed in InvestingPro that could provide a more comprehensive understanding of PNC's investment potential.
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