Morgan Stanley doubles its dividend as most banks raise payouts following Fed stress tests

Morgan Stanley doubles its dividend as most banks raise payouts following Fed stress tests

KEY POINTSMorgan Stanley said that its dividend will double to 70 cents a share starting in the third quarter, and it would buy up to $12 billion of its own stock through June 2022.JPMorgan Chase boosted its dividend by 11% to $1 per share. Bank of America said its dividend would rise 17% to 21 cents. Goldman Sachs said it planned on boosting its dividend by 60% to $2 per share.Citigroup indicated it is keeping its dividend unchanged at 51 cents a share. Wells Fargo said it plans on doubling its dividend to 20 cents a shares, a widely expected move because it was one of the only banks forced to slash its payout after last year’s stress test.

Wall Street powerhouse, doubled its quarterly dividend and announced a new $12 billion stock repurchase plan.The bank said Monday in a press release that its dividend will jump to 70 cents a share starting in the third quarter, and it would buy up to $12 billion of its own stock through June 2022. Shares of Morgan Stanley popped almost 4% in after-hours trading.

said it plans on doubling its dividend to 20 cents a share, subject to board approval. It also announced an $18 billion stock repurchase plan beginning in the third quarter. The firm’s dividend increase was widely expected by analysts because it was one of the only banks forced to slash its payout after last year’s stress test. Meanwhile, Citigroup released a statement from CEO Jane Fraser that did not commit to any specific increases. Unlike the other firms, Citi also said its stress capital buffer requirement will increase this year, which may have reduced its ability to boost capital return. Shares of the bank dipped almost 1%

news source :- CNBC

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