PNC Financial Services Group, Inc. (NYSE: PNC) has announced the redemption of $500,000,000 of Depositary Shares representing interests in PNC’s Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series R (the “Series R Preferred Stock”). Each Depositary Share represents a 1/100th interest in a share of the Series R Preferred Stock. All 500,000 Depositary Shares currently outstanding will be redeemed at a redemption price of $1,000 per Depositary Share. The regular quarterly dividend on the Depositary Shares will be paid separately on Dec. 2, 2024, to holders of record on the record date for dividend payment in the customary manner. The Depositary Shares are held through the Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. Payment to DTC will be made by Computershare Trust Company, N.A., the Depositary, in accordance with the Deposit Agreement governing the Depositary Shares. Today the company's shares have moved 1.4% to a price of $190.51. For the full picture, make sure to review PNC Financial Services's 8-K report.
PNC Financial Services redeems $500 million of Series R Preferred Stock
By
Tamara Parker
• Wednesday, October 30 15:25 •
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