PNC FINANCIAL SERVICES GROUP, INC.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
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Credit Ratings and Outlook
The following table presents credit ratings and outlook for PNC as of June 30, 2025:
Table 31: Credit Ratings and Outlook
| Moody’s | Standard & Poor’s (a) | Fitch | DBRS (b) | |
| PNC | ||||
|---|---|---|---|---|
| Senior debt | A3 | A- | A | A (high) |
| Subordinated debt | A3 | BBB+ | A- | A |
| Preferred stock | Baa2 | BBB- | BBB | BBB (high) |
| PNC Bank | ||||
| Senior debt | A2 | A | A+ | AA (low) |
| Subordinated debt | A2 | A- | A | A (high) |
| Long-term deposits | Aa3 | no rating | AA- | AA (low) |
| Short-term deposits | P-1 | no rating | F1+ | no rating |
| Short-term notes | P-1 | A-1 | F1 | R-1 (middle) |
| PNC | ||||
| Agency rating outlook | Negative | Stable | Stable | Positive |
(a)S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.
(b)DBRS does not provide a short-term depositor rating. PNC Bank’s short term instrument rating is R-1 (middle).
Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2024 Form 10-K.
We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases, and managing dividend policies and retaining earnings.
In the second quarter of 2025, PNC returned $1.0 billion of capital to shareholders, including more than $0.6 billion of dividends on common shares and more than $0.3 billion of common share repurchases. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 39% were still available for repurchase at June 30, 2025. Share repurchase activity in the third quarter of 2025 is expected to be generally consistent with our second quarter of 2025 share repurchase levels and approximate $300 million to $400 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2025 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2025 will remain at the regulatory minimum of 2.5%.
On July 3, 2025, the PNC Board of Directors raised the quarterly cash dividend on common stock to $1.70 per share, an increase of 10 cents, or 6%, per share. The dividend is payable on August 5, 2025 to shareholders of record at the close of business July 15, 2025.
The PNC Financial Services Group, Inc. –Form 10-Q 33
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