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PNC increases quarterly dividend by 10 percent

PITTSBURGH (AP) -- The PNC Financial Services Group Inc. said Thursday it is increasing its quarterly dividend by 10 percent, to 44 cents.

This is up from PNC's most recent dividend of 40 cents per share.

The financial services company said the dividend will be paid May 5 to shareholders of record as of April 16.

PNC, based in Pittsburgh, also declared a quarterly cash dividend on four classes of its preferred stocks.

Shares of the company increased 31 cents to $65.43 by midday.