Northern Trust Corporation (Nasdaq: NTRS) today announced that it received no objections from the Federal Reserve to the proposed capital actions contained in its 2014 Capital Plan.
Northern Trust's Capital Plan, which was approved by its Board of Directors prior to submission to the Federal Reserve, requested authority to increase its quarterly common stock dividend to $0.33 per share from $0.31 per share, effective in the second quarter of 2014. At its regular April meeting, Northern Trust's Board of Directors will consider formal approval of the planned dividend increase, which is expected to be payable July 1, 2014.
In addition, Northern Trust's Capital Plan provides for the repurchase of up to $425 million of its common stock through the open market or in privately negotiated transactions between April 2014 and March 2015. The timing of the common stock repurchases and the exact number of shares repurchased will depend on various factors, including Northern Trust's capital position, internal capital generation, market conditions, and other investment opportunities.
"Northern Trust continues to have a focused business model, strong capital position and conservative risk profile, and we are pleased that the Board will consider a dividend increase at its April 15, 2014 meeting," Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. "We believe our Capital Plan, and the level of capital distributions that it included, demonstrates the strength of Northern Trust's financial position."
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 18 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2013, Northern Trust had assets under custody of US$5.6 trillion, and assets under investment management of US$884.5 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.