Diversified financial services company The PNC Financial Services Group, Inc. (NYSE: PNC) recently announced a quarterly dividend of $1.50 per share, an increase of about 20% from the previous dividend of $1.25 per share.
Following the news, shares of the company declined 1.8% on Friday. However, the stock pared its losses slightly to close at $181.20 in the extended trading session.
The dividend will be paid on May 5, 2022, to shareholders of record as of April 13, 2022.
Dividend Yield
The company’s annual dividend of $6 per share now reflects a dividend yield of 3.3% based on Friday’s closing price.
The company has been raising its quarterly dividend consistently over the past nine years, except for 2020, making it an attractive choice for investors.
Management Commentary
The CEO of PNC Financial, William S. Demchak, said, “The significant increase in our dividend is reflective of PNC’s financial performance, strong capital levels and our board’s confidence in our business model and strategies.”
Stock Rating
Recently, Piper Sandler analyst Scott Siefers reiterated a Hold rating on the stock. The analyst, however, lowered the price target from $215 to $201, which implies upside potential of 11% from current levels.
Consensus among analysts is a Moderate Buy based on eight Buys, three Holds and one Sell. PNC’s average price target of $225.79 implies upside potential of 24.6% from current levels. Shares have gained 1.3% over the past year.
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