PNC Financial Services Group to Redeem $525M Preferred Stock

By Hao Liu • Tuesday, September 29 10:51 • Permanent Link

PNC Financial Services Group said it will redeem all 525,000 outstanding depositary shares representing its Series S preferred stock on Nov. 1, 2026, with the date shifting to Nov. 2 because the scheduled date falls on a non-business day.

The redemption will retire $525 million of preferred stock interests, with each depositary share paid at $1,000. The company said the shares represent a 1/100th interest in the underlying Series S preferred stock, making the redemption a full buyout of the entire series currently outstanding.

Any declared but unpaid dividends will be paid separately on the redemption date to holders of record before the redemption, but the stated redemption price itself is $1,000 per depositary share. As a result of these announcements, the company's shares have moved -0.87% on the market, and are now trading at a price of $223.67. For more information, read the company's full 8-K submission here.

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