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UPDATE: Northern Trust Plan Included Qtr. Dividend Raise from $0.30 to $0.31/Share, $400M Buyback Plan

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Northern Trust Corporation (Nasdaq: NTRS) today announced that it received no objections from the Federal Reserve to the proposed capital actions contained in its 2013 Capital Plan.

Northern Trust's Capital Plan, which was approved by its Board of Directors prior to submission to the Federal Reserve, requested authority to increase its quarterly common stock dividend to $0.31 per share from $0.30 per share, effective in the second quarter of 2013. At its regular April meeting, Northern Trust's Board of Directors will consider formal approval of the planned dividend increase, which is expected to be payable July 1, 2013.

In addition, Northern Trust's Capital Plan provides for the repurchase of up to $400 million of its common stock through the open market or in privately negotiated transactions between April 2013 and March 2014. The timing of the common stock repurchases and the exact number of shares repurchased will depend on various factors, including Northern Trust's capital position, internal capital generation, market conditions, and other investment opportunities.

Posted-In: News Dividends Buybacks

 

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