The new dividend rate, which translates to $8.00 annually, offers a yield of 3.18% based on Monday’s closing price of $251.68. The payout is scheduled for distribution on August 5 to shareholders of record as of July 20.

PNC joins a wider group of financial institutions that cleared the central bank’s regulatory hurdles this year. With capital reserves validated by the Fed’s assessment, the firm is moving ahead with returns to investors, a trend echoed by several industry peers currently initiating similar buyback and dividend programs.