PNC Financial to Redeem $525M in Series S Preferred Stock
PNC Financial Services Group will redeem $525 million in Series S preferred depositary shares on Nov. 2, 2026, after a weekend date shift.
PNC Financial Services Group announced Monday it will redeem all depositary shares representing interests in its Series S preferred stock, a transaction valued at $525 million set to settle November 2, 2026. The Pittsburgh-based bank said the original redemption date of November 1 shifted by one day due to that date falling on a non-business day.
The depositary shares, listed under CUSIP 693475 AQ8 and traded on the New York Stock Exchange under the ticker PNC, will be fully retired as part of the transaction. Preferred stock redemptions of this scale are typically used by large financial institutions to manage their capital stack, often replacing higher-cost instruments with cheaper funding alternatives or simply reducing outstanding liabilities.
Read more MINISO CFO Buys Additional Shares on Open Market →
PNC is one of the largest diversified financial services companies in the United States, with operations spanning retail banking, corporate and institutional banking, and asset management. The redemption of preferred shares can signal confidence in the bank's capital position, as regulators require institutions to maintain adequate buffers before retiring such instruments.
No details were provided in the announcement regarding plans to replace the redeemed capital or the dividend rate previously paid on the Series S preferred shares. Investors holding the depositary shares should expect redemption proceeds on the November 2 settlement date.
Continue reading at All Financial Services & Investing.
