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Northern Trust Corporation Announces 2022 Stress Capital Buffer and Intent to Increase Quarterly Common Stock Dividend by 7 Percent
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Northern Trust Corporation (NTRS) announced an increase in its quarterly common stock dividend from $0.70 to $0.75 per share, effective Q3 2022. This decision follows the results from the Federal Reserve's 2022 Comprehensive Capital Analysis and Review (CCAR), where Northern Trust's stress capital buffer remains steady at 2.5%. The company’s minimum common equity tier 1 (CET1) ratio is set at 7%. The dividend hike underscores the strength of Northern Trust's capital position and reflects its commitment to shareholder returns.
Positive
Dividend increase of 7% from $0.70 to $0.75 per share.
Healthy capital position with a stress capital buffer of 2.5%.
Commitment to returning value to shareholders.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
Northern Trust Corporation today commented on the results of the Federal Reserve’s 2022 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend from $0.70 to $0.75 per common share, beginning in the third quarter of 2022.
Based on the CCAR 2022 results, Northern Trust will be subject to a preliminary stress capital buffer (SCB) of 2.5 percent, which is unchanged from the current level. The SCB will be effective from October 1, 2022, to September 30, 2023, and will equate to a minimum common equity tier 1 (CET1) ratio of 7 percent.
“The results of Northern Trust’s annual CCAR continue to illustrate the strength of our capital position and business model,” Chairman and Chief Executive Officer Michael O’Grady said. “Our plan to raise our dividend by 7 percent reflects those same strengths, as well as our commitment to shareholders.”
The common stock dividend is subject to approval from the Corporation’s Board of Directors.
Northern Trust will continue to take an opportunistic, considerate approach in its evaluation of potential common stock repurchases given its strong capital position, prevailing market conditions and other factors.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 23 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2022, Northern Trust had assets under custody/administration of US$15.5 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
