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Banks hike dividends, buybacks after Fed stress test
Several banks announced plans to return capital to shareholders late Thursday after the Federal Reserve released results of its annual stress test. J.P. Morgan Chase & Co. said it will increase its quarterly dividend to 80 cents a share from 56 cents a share and buy back up to $20.7 billion in stock. American Express Co. will hike its quarterly dividend 11% to 39 cents a share and buy back up to $3.4 billion in shares. Citigroup Inc. said it will increase its quarterly dividend to 45 cents a share from 32 cents a share and buy back up to $17.6 billion in shares. Wells Fargo & Co. said it will increase its quarterly dividend to 43 cents from 39 cents a share and buy back up to $24.5 billion in stock. Bank of America Corp. said it will increase its quarterly dividend by 25% to 15 cents a share and buy back up to $20.6 billion in shares. Fifth Third Bancorp increased its quarterly dividend to 22 cents a share from 18 cents a share, and said it would buy back up to $1.65 billion in shares. Regions Financial Corp. is hiking its quarterly dividend to 14 cents a share and buy back up to $2.03 billion in shares. Huntington Bancshares Inc. will hike its quarterly dividend 25% to 14 cents a share and announced up to $1.07 billion in buybacks. Capital One Financial Corp. will keep its quarterly dividend at 40 cents a share and buy back up to $1.2 billion in shares. KeyCorp hiked its quarterly dividend 42% to 17 cents a share and announced up to $1.23 billion in buybacks. State Street Corp. will raise its quarterly dividend to 47 cents from 42 cents a share and buy back up to $1.2 billion in stock. PNC Financial Services Group Inc. said it will hike its quarterly dividend by 27% to 95 cents a share and buy back up to $2 billion in stock. The Fed rejected the capital plan of the U.S. arm of Deutsche Bank and limited the capital plans of Goldman Sachs Group Inc. and Morgan Stanley . Morgan Stanley said it will hike its quarterly dividend to 30 cents from 25 cents a share and buy back up to $4.7 billion in stock.
Source : MTV
