PNC (PNC) Shares Pop Following 250% Dividend Boost, Commencement of Buyback
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PNC Financial Services Group Inc. (NYSE: PNC) shares jump following a 250 percent increase in its quarterly dividend from $0.10 to $0.35. Shares are up 1.1 percent premarket today.
Yield on the new dividend is 2.2 percent, versus 0.6 percent prior.
PNC also announced that it may begin to purchase common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions. PNC plans to repurchase up to $500 million of common stock during the remainder of 2011.
Yield on the new dividend is 2.2 percent, versus 0.6 percent prior.
PNC also announced that it may begin to purchase common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions. PNC plans to repurchase up to $500 million of common stock during the remainder of 2011.
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