PNC Financial increases payments and banks publish dividend and share buyback plans

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The time of dreams


PNC Financial Services Group

and

Jefferies Financial Group

the declared dividend increases this week.

And a handful of America’s biggest banks have released their dividend payout and share buyback plans.

PNC Financial Services Group (ticker: PNC), a large Pittsburgh-based regional bank, plans to increase its quarterly dividend to $ 1.25 per share, up nearly 9% from $ 1.15.

The stock, which returns 2.6%, has returned around 30% this year through July 1, including dividends.

Jefferies Financial Group (JEF) declared a quarterly dividend of 25 cents per share, up 25% from 20 cents. The stock, which has brought in around 40% this year, returns 3%.

In other dividend news, several of America’s biggest banks this week released their return on capital plans after successfully passing their annual financial stress tests by the Federal Reserve.

Morgan stanley

(MS) announced that it would double its quarterly dividend to 70 cents per share. It is also authorized to repurchase up to $ 12 billion of its common stock over the next 12 months.

Citigroup

(C) said it would pay a dividend of “at least 51 cents per share”, its current level. The bank said it plans to continue repurchasing its shares.

Wells fargo

(WFC) said it plans to double its quarterly disbursements to 20 cents a share from 10 cents. Its capital return plan also includes the repurchase of around $ 18 billion of its shares over a four-quarter period starting in the third quarter of this year.

Bank of America

(BAC) said it plans to increase its quarterly dividend from 17% to 21 cents per share, from 18 cents. In April, the company disclosed a plan to buy back up to $ 25 billion of its common stock “over time.”

Write to Lawrence C. Strauss at [email protected]

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