(RTTNews) - U.S. Bancorp (USB) Thursday announced that its Board of Directors has authorized a share repurchase program for up to $5 billion of its common stock, beginning September 13. The company intends to begin repurchasing shares by early 2025.
The firm also declared a regular quarterly dividend of $0.50 per common share, an increase of 2 percent over the prior quarter. The dividend is payable October 15, to stockholders of record at the close of business on September 30.
At this quarterly dividend rate, the annual dividend is equivalent to $2.00 per common share.
U.S. Bancorp said it will utilize the share repurchase program at its discretion as it continues to monitor the economic environment while growing capital and remaining in compliance with regulatory requirements.
The latest share repurchase program replaces the program approved by the Board on December 21, 2020.
In pre-market activity on the NYSE, the shares were trading at $45.28, up 1.18%.
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