CHICAGO--(BUSINESS WIRE)--Northern Trust Corporation (Nasdaq: NTRS) today announced that the Federal Reserve did not object to its 2017 Capital Plan.
Pursuant to its 2017 Capital Plan, Northern Trust requested authority to increase its quarterly common stock dividend to $0.42 per share from $0.38 per share, effective in the third quarter of 2017 and subject to approval by the company’s board of directors. Northern Trust’s 2017 Capital Plan also provides the company with the flexibility to repurchase up to $750 million of common stock through the open market or in privately negotiated transactions between July 2017 and June 2018. The timing and amount of shares repurchased 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 believe the capital distributions included in our 2017 Capital Plan demonstrate the strength of Northern Trust’s focused business model, financial position and commitment to shareholders,” said Frederick H. Waddell, Northern Trust Chairman and Chief Executive Officer.
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could”. Forward-looking statements include statements, other than those related to historical facts, related to financial results and outlook; capital adequacy; expected capital actions, including dividends and common stock repurchases; and risk management policies. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including future decisions of the company’s board of directors and the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.
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.