On 7/11/13, PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (NYSE: PNC.PRP) will trade ex-dividend, for its quarterly dividend of $0.3828, payable on 8/1/13. As a percentage of PNC.PRP's recent share price of $26.10, this dividend works out to approximately 1.47%, so look for shares of PNC.PRP to trade 1.47% lower — all else being equal — when PNC.PRP shares open for trading on 7/11/13. On an annualized basis, the current yield is approximately 5.90%, which compares to an average yield of 5.17% in the "Financial" preferred stock category, according to Preferred Stock Channel.
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