Northern Trust Corporation (Nasdaq: NTRS), holding company of The Northern Trust Company, has declared a quarterly cash dividend of $0.42 per share on its common stock ($1.66-2/3 par value), payable on October 1, 2017, to holders of record at 5:00 p.m., Chicago time, on September 1, 2017. The dividend represents a more than 10 percent increase from the prior quarterly rate of $0.38 per share, and will result in an expected annual dividend rate of $1.68, compared with the prior annual rate of $1.52.
Northern Trust also announced that its Board of Directors has approved a new common stock repurchase authorization of up to 9.5 million shares. The new repurchase authorization replaces the authorization approved in April 2015. The timing and amount of shares repurchased under the new repurchase authorization will depend on various factors, including, but not limited to, Northern Trust’s business plans, financial performance, other investment opportunities and general market conditions, including share price.
"We are pleased to announce this dividend increase and new repurchase authorization, which demonstrate Northern Trust's strong financial position and commitment to shareholders," Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said.
In addition to the common stock dividend and repurchase authorization, Northern Trust also announced that its Board of Directors has declared a quarterly cash dividend of $365.625 per share of its Series C non-cumulative perpetual preferred stock (resulting in a distribution of $0.365625 per depositary share), and a semi-annual cash dividend of $2,300.00 per share of its Series D non-cumulative perpetual preferred stock (resulting in a distribution of $23.00 per depositary share), each payable on October 1, 2017, to holders of record at 5:00 p.m., Chicago time, on September 15, 2017.
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 offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2017, Northern Trust had assets under custody of US$7.1 trillion, and assets under management of US$1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
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/disclosures.