Pittsburgh-based PNC Financial Services Group Inc.'s board increased the company's quarterly cash dividend to 95 cents per share from the previous quarter's dividend of 75 cents per share.

The dividend, which has a payment date of Aug. 5, will be payable the next business day to shareholders of record as of July 17.

The Federal Reserve Board recently did not object to the company's capital plan, which includes a dividend hike and repurchases of up to $2.0 billion, under the Comprehensive Capital Analysis and Review.