The PNC Financial Services Group, Inc. (NYSE:
) last week received the results of the Federal Reserve's 2023 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2023 through the first quarter of 2025 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's calculated Stress Capital Buffer (SCB) for the four-quarter period beginning
PNC's board of directors approved raising the quarterly cash dividend on common stock in the third quarter of 2023 to
"The increase in our dividend reflects the continued strength of our capital and liquidity levels, and our board's confidence in our strategy and outlook," said
Consistent with the SCB framework, which allows for capital returns in amounts in excess of the SCB minimum levels, our board of directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 47% were still available for repurchase at
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