U.S. Bancorp Launches $5 Billion Share Buyback Program; Dividend Raised 2%
By Adriano Marchese
U.S. Bancorp said it will set up a buyback program to repurchase up to $5 billion of its outstanding stock and bump up its quarterly dividend by 2%.
The Minneapolis, Minnesota-based bank holding company said Thursday that it will launch a share repurchase program which begins on Sept. 13, but noted that it intends to begin repurchasing the shares by early 2025.
The stock is slightly higher so far in the year, rising about 3.4% since the start of 2024 to close on Wednesday at $44.75.
U.S. Bancorp also declared an increased dividend of 50 cents per common share, representing a 2% increase over the prior quarter. The new dividend rate will be payable Oct. 15 to shareholders of record as of Sept. 30.
The new rate represents an annual dividend of $2 a share.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 12, 2024 06:48 ET (10:48 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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