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 close in early November.
The Pittsburgh-based bank holding company said the redemption date is technically Nov. 1, 2026, but because that date falls on a non-business day, the transaction will settle on Nov. 2, 2026. The depositary shares carry the CUSIP identifier 693475 AQ8 and trade on the New York Stock Exchange under the ticker PNC.
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Preferred stock redemptions of this scale are a common capital management tool for large financial institutions, allowing them to retire higher-cost hybrid securities and potentially replace them with cheaper funding sources or retain earnings. For existing holders, a redemption means shares are repurchased at the stated redemption price rather than continuing to trade on the open market.
The announcement was made via a PRNewswire press release originating from PNC's Pittsburgh headquarters. No additional rationale for the timing of the redemption was provided in the company's statement.
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