PNC Financial (NYSE:PNC) is devoting more capital to shareholder enrichment. The company will pay a dividend of $0.44 per share of its common stock on May 5 to shareholders of record as of April 16. This new payout represents an increase of 10% over the previous disbursement of $0.40, which was handed out in each of the past four quarters. Prior to that, the banking group paid $0.35 per share.
PNC Financial is a steady dividend payer, and with the just-announced raise, the company has lifted its disbursement three years in a row.
The new dividend annualizes to $1.76 per share. That yields 2.7% at the firm's current stock price of $65.60.
Fool contributor Eric Volkman has no position in PNC Financial. The Motley Fool owns shares of PNC Financial. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.