Dividend Cheer Dominates Street
Dividend talk all over, good sign of an improving economy: PNC just out saying they are seeking approval for a dividend increase. CEO Jim Rohr is at a Goldman Sachs Financial Services conference in New York.
They're not the only ones talking dividends:
1) the head of General Electric's* GE Capital unit, also at a presentation, also saying they expect to return a dividend to their parent (CNBC's parent as well) in 2012.
2) Bank of America CEO Brian Moynihan said he wanted to raise the dividend next year if BAC passes the stress test.
3) Paccar said they would pay a $110 million special dividend ($0.30 per share) this morning on "improving, but still challenging" markets.
This follows on the heels of the government exiting its position in Citigroup this morning. Buckingham Research one of many firms commenting on the payout this morning, noting that "it is our understanding that C would be free of TARP restrictions following the successful completion of the secondary. This would allow C to apply to the Fed to pursue establishing a dividend and/or buying back shares." They would still have to fulfill any regulatory capital requirements, but they are likely to meet those targets.
Citi is almost half the volume of the NYSE consolidated tape today. Half.
*General Electric is also the parent company of CNBC.
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