American Express Plans to Increase Quarterly Dividend by 9 Percent & Buy Back up to $4.4 Billion of Common Shares Through Q2 ...
June 28 2017 - 4:36PM
Business Wire
American Express Company (NYSE: AXP) said today that the Board
of Governors of the Federal Reserve System did not object to its
adjusted capital plan submitted as part of the 2017 Comprehensive
Capital Analysis and Review (CCAR). The plan included:
- Increasing the Company’s quarterly
dividend to 35 cents per share beginning with the third quarter
2017 dividend declaration, subject to approval by the Company’s
board of directors;
- Repurchasing up to $4.4 billion of
common shares during the CCAR approval period of Q3’17 to Q2’18.
This compares to an authorization of $3.3 billion for the same
period twelve months earlier. This new authorization enables the
Company to repurchase up to $4.3 billion of common shares in
calendar year 2017, and up to an additional $1.7 billion in the
first half of 2018.
The timing and amount of common shares purchased under the
Company’s authorized capital plans will depend on various factors,
including the Company’s business plans, financial performance and
market conditions. Repurchase of common shares will be pursuant to
the share repurchase program previously authorized by the Company’s
board of directors on September 26, 2016.
As required under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, the Company has also published on June 22, 2017 a
summary of the results of the Company-run stress tests performed
under the Federal Reserve’s severely adverse scenario. These
disclosures do not reflect the capital plan described above, but
reflect certain assumptions and capital actions as required under
the Federal Reserve’s rules.
The results are available on the Company’s Investor Relations
site at ir.americanexpress.com.
About American Express
American Express is a global services company, providing
customers with access to products, insights and experiences that
enrich lives and build business success. Learn more at
americanexpress.com, and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, Plenti
rewards program, travel services, gift cards, prepaid cards,
merchant services, Accertify, corporate card, business travel, and
corporate responsibility.
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on the Company’s expected business and
financial performance and are subject to risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements due to a variety of factors, including
those contained in the Company's Annual Report on Form 10-K for the
year ended December 31, 2016, the Company’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2017 and the Company’s
other filings with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
The Company undertakes no obligation to update or revise any
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170628006420/en/
Media:Marina H. Norville,
+1.212.640.2832marina.h.norville@aexp.comorInvestors/Analysts:Toby
Willard, +1.212.640.5574sherwood.s.willardjr@aexp.comorShreya
Patel, +1.212.640.5574shreya.patel@aexp.com
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