PNC Seeking Regulator Approval for Dividend Boost, Share Buyback, CEO Says
“Our board of directors views an increase in the dividend as a key priority,” Rohr, 62, said today at a Goldman Sachs Group Inc. investor conference in New York. “Either option would require approval from regulators and we are pursuing that as we speak.”
PNC, based in Pittsburgh, held $20.4 billion of Tier 1 common equity at the end of September, according to company filings. It’s been cutting costs and working to generate new business from the $3.9 billion acquisition of National City Corp. In October, the lender said third-quarter net income almost doubled from a year earlier to $1.1 billion.
PNC may announce an increase in its dividend as early as March, according to data compiled by Bloomberg. The bank slashed the dividend last year to 10 cents a share from 66 cents to conserve capital.
PNC rose 71 cents, or 1.2 percent, to $58.02 at 2:23 p.m. in New York Stock Exchange composite trading. The stock has climbed 10 percent this year.
To contact the editor responsible for this story: David Scheer at firstname.lastname@example.org.