PNC Financial Services Group Inc. (PNC) said that its board declared a quarterly cash dividend of $0.40 per share of common stock, an increase of 5 cents per share, or 14 percent, from the prior quarterly dividend of $0.35 per share. The new dividend payment date is May 5, 2012, payable the next business day, to shareholders of record at the close of business April 17, 2012.
In addition, the company said that it plans to purchase up to $250 million of common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions during the remainder of 2012. The share repurchase program, which does not bear a termination date, has been in effect since October 4, 2007 and has 24.7 million shares remaining.
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