Northern Trust Corp. announced it has received no objections from the Federal Reserve Board to its proposed 2013 capital plan.
The plan calls for Northern Trust to repurchase up to $400 million of its common stock through the open market or in privately negotiated transactions between April 2013 and March 2014.
The timing of the common stock repurchases and the exact number of shares repurchased will depend upon various factors, including Northern Trust’s capital position, internal capital generation, market conditions, and other investment opportunities.
Northern Trust’s capital plan also requests authority to increase its quarterly common stock dividend to 31 cents per share from 30 cents per share, effective in the second quarter of 2013.
“Northern Trust continues to have a strong capital position, focused business model and conservative risk profile, and we are pleased that the Board will consider a dividend increase at its April 16, 2013 meeting,” said Northern Trust chairman and chief executive officer Frederick Waddell. “We believe our Capital Plan, and the meaningful increase in capital distributions that it included, demonstrates the strength of Northern Trusts financial position.”
Chicago-based Northern Trust operates a branch in downtown Milwaukee.