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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wells Fargo and Company | NYSE:WFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.03% | 59.91 | 60.43 | 59.375 | 59.83 | 18,784,620 | 00:56:57 |
By Patrick Thomas
The six biggest banks in the U.S. raised their dividends and plan to increase their share-buyback programs after their capital plans passed the Federal Reserve's annual stress tests.
As part of its capital plan, JPMorgan Chase & Co. (JPM) increased its dividend to 90 cents a share from 80 cents. The bank authorized a new share-repurchase program of up to $29.4 billion between July 1 and June 30, 2020, up from $20.7 billion approved last year.
Wells Fargo & Co. (WFC) said it plans to increase its third-quarter dividend to 51 cents a share from 45 cents a share and authorize a share-buyback program of up to $23.1 billion for the third quarter through the second quarter of 2020.
Citigroup Inc. (C) plans to raise its dividend to 51 cents a share from 45 cents. Citi also got approval for repurchasing up to $17.1 billion in stock for the four quarters starting in the third quarter of this year. The bank said these planned capital actions total $21.5 billion over four quarters.
Bank of America Corp. (BAC) said it plans to increase its dividend to 18 cents a share. It also said it will authorize a repurchase of about $30.9 billion of stock from July 1 through June 30, 2020.
Morgan Stanley (MS) said its capital plan includes the repurchase of up to $6 billion in stock. The bank said it plans to raise its dividend to 35 cents a share from 30 cents a share.
Goldman Sachs Group Inc. (GS) said its capital plan includes up to $7 billion in share repurchases and an increase in the firm's dividend to $1.25 a share from 85 cents.
Shares of all six banks ticked up between about 1% and 2% during after-market trading.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
June 27, 2019 17:55 ET (21:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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