U.S. Bancorp Buyback
OLI recorded this information on 6/28/2017
U.S. Bancorp today announced that the Federal Reserve did not object to the Company's 2017 Capital Plan following its conclusion and assessment of the 2017 Comprehensive Capital Analysis and Review ("CCAR"). As a result of the Federal Reserve's non-objection to U.S. Bancorp's plan to increase its dividend rate, the Company will recommend in July that its board of directors approve an increase to the quarterly dividend rate beginning with the third quarter dividend payable in October 2017. The Company expects to recommend a third quarter dividend of $0.30 per common share, a 7.1 percent increase over the current dividend rate. At this quarterly dividend rate, the annual dividend will be equivalent to $1.20 per common share. Additionally, the board of directors of U.S. Bancorp has approved a four-quarter authorization to repurchase up to $2.6 billion of its outstanding stock, beginning on July 1, 2017, to replace the current four-quarter authorization, which expires on June 30, 2017. U.S. Bancorp's common stock may be repurchased through June 2018 in the open market or in privately negotiated transactions. The acquired common shares will be held as treasury shares and may be reissued for various corporate purposes.
U.S. Bancorp is a financial services holding company. Through its subsidiaries, Co. provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. Co. also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. Co.'s subsidiary, U.S. Bank National Association, is engaged in the general banking business, principally in domestic markets. Co.'s bank and trust subsidiaries provide a range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations.
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Buy (3.00 out of 4)