Ka-Ching! PNC just gave me a 14% raise

PNC Financial Services (PNC) announced on Thursday that it's raising its quarterly dividend by 14%. The dividend of 40 cents per share, up from 35 cents previously, will be paid May 5 to shareholders of record as of April 17.

This dividend increase follows a 250% increase last year at this time ($0.10 to $0.35).  I wrote about PNC last October and its potential for future dividend increases and on Thursday it did not disappoint.  Last month PNC passed the Federal Reserve's "stress test" which determines if a bank has enough capital to withstand an extreme economic downturn.  This was a big roadblock to pass before being able to make such a sizable dividend increase.