Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K on July 13, 2018, primarily announcing its quarterly common stock dividend and the resulting adjustment to its outstanding warrants. The Board of Directors declared a quarterly dividend of $0.95 per share, payable on August 5, 2018, to shareholders of record on July 17, 2018. This dividend amount is higher than the $0.66 threshold specified in the terms of the company's outstanding warrants.
Key Highlights
- 1Quarterly common stock dividend declared at $0.95 per share.
- 2Dividend payment date is August 5, 2018.
- 3Record date for dividend eligibility is July 17, 2018.
- 4Declaration of the $0.95 dividend triggers an adjustment to outstanding warrants expiring December 31, 2018.
- 5Warrant exercise price will be reduced from $67.157 to $67.016 per share.
- 6Adjustment to warrant exercise price is effective as of the close of business on July 17, 2018.
- 7The number of shares per warrant remains unchanged at 1.00.