UPDATE 1-PNC wants to raise dividend, CEO says
* Targets payout of 30 percent of earnings
* Shares up 1.2 percent in afternoon trading
NEW YORK Dec 7 (Reuters) - PNC Financial Services Group (PNC.N) is seeking regulatory approval to raise its dividend, Chief Executive James Rohr said on Tuesday.
The bank, which pays an annual 40 cents, is looking to raise the payout to 30 percent of earnings, Rohr said at a conference in New York.
Pittsburgh-based PNC also is seeking regulatory approval to buy back shares, Rohr said.
The 19 largest U.S. banks are undergoing a Federal Reserve stress test to see if their balance sheets are strong enough to absorb various economic shocks. The central bank will not allow banks to raise their payouts unless they pass the test.
PNC shares were up 1.2 percent at $58.02 in afternoon trading.
Bank of America (BAC.N) is also looking to pay shareholders 30 percent of earnings, Chief Executive Brian Moynihan said at the same conference earlier on Tuesday. [ID:nN07275055] (Reporting by Elinor Comlay. Editing by Robert MacMillan)
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