Northern Trust announces higher dividend, stock buyback
Mar 15, 2013 (Chicago Tribune - McClatchy-Tribune Information Services via COMTEX) --
Northern Trust Corp. said Thursday that it plans to raise its quarterly common stock dividend to 31 cents a share from 30 cents, expected to be payable July 1.
The Chicago-based financial services firm said that it has received no objections from the Federal Reserve to its 2013 capital plan, paving the way for the higher dividend as well as a stock repurchase of up to $400 million through the open market or private negotiations between April 2013 and March 2014.
Northern Trust's capital plan was approved by its board before submitting it to the Fed. At its regular April meeting, its board will consider formally approving the dividend increase.
"Northern Trust continues to have a strong capital position, focused business model and conservative risk profile, and we are pleased that the board will consider a dividend increase at its April 16, 2013, meeting," Northern Trust Chairman and Chief Executive Officer Frederick Waddell said in a statement. "We believe our capital plan, and the meaningful increase in capital distributions that it included, demonstrates the strength of Northern Trust's financial position."
Northern Trust has assets under custody of $4.8 trillion and assets under investment management of $758.9 billion.
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