WINSTON-SALEM, N.C.,
July 26, 2016 /PRNewswire/
-- The board of directors of BB&T Corporation (NYSE: BBT)
today declared a quarterly common stock dividend increase of
$0.02 to $0.30 per share payable Sept. 1, 2016, to shareholders of record at the
close of business Aug. 12, 2016. The
increase is consistent with BB&T's capital plan the Federal
Reserve did not object to on June 29,
2016.
In addition, the board authorized a cumulative share buyback of
up to $640 million during the four
quarters beginning in the third quarter of 2016.
"We're very pleased to receive the Federal Reserve's
non-objection to our dividend increase and share repurchase
program," said Chairman and CEO Kelly S.
King. "BB&T's dividend payout is one of the strongest
among regional banks and demonstrates our continued capital
strength and commitment to serving our clients and communities, as
well as generating long-term benefits for our shareholders."
The board also declared the following regular quarterly
preferred dividends payable Sept. 1,
2016, to shareholders of record at the close of business
Aug. 12, 2016:
- A dividend of $365.625 per share
(equivalent to $0.365625 per
depositary share or 1/1,000th interest per share) on
BB&T's Series D Non-Cumulative Perpetual Preferred Stock (NYSE:
BBT PrD)
- A dividend of $351.5625 per share
(equivalent to $0.3515625 per
depositary share or 1/1,000th interest per share) on
BB&T's Series E Non-Cumulative Perpetual Preferred Stock (NYSE:
BBT PrE)
- A dividend of $325.000 per share
(equivalent to $0.325000 per
depositary share or 1/1,000th interest per share) on
BB&T's Series F Non-Cumulative Perpetual Preferred Stock (NYSE:
BBT PrF)
- A dividend of $325.000 per share
(equivalent to $0.325000 per
depositary share or 1/1,000th interest per share) on
BB&T's Series G Non-Cumulative Perpetual Preferred Stock (NYSE:
BBT PrG)
- A dividend of $351.5625 per share
(equivalent to $0.3515625 per
depositary share or 1/1,000th interest per share) on
BB&T's Series H Non-Cumulative Perpetual Preferred Stock (NYSE:
BBT PrH)
BB&T has approximately 815 million shares of common stock as
of July 21, 2016, 23 million
depositary shares related to its Series D Non-Cumulative Perpetual
Preferred Stock, 46 million depositary shares related to its Series
E Non-Cumulative Perpetual Preferred Stock, 18 million depositary
shares related to its Series F Non-Cumulative Perpetual Preferred
Stock, 20 million depositary shares related to its Series G
Non-Cumulative Perpetual Preferred Stock, and 19 million depositary
shares related to its Series H Non-Cumulative Perpetual Preferred
Stock.
BB&T has paid a cash dividend to shareholders of its common
stock every year since 1903.
The timing and exact amount of repurchases will be consistent
with BB&T's capital plan and subject to various factors,
including BB&T's capital position, liquidity, financial
performance, alternative uses of capital, stock trading price, and
general market conditions, and may be suspended at any time.
The common stock repurchases will be executed under the existing 50
million share repurchase program previously approved by the board
and may be executed through open market purchases, privately
negotiated transactions, trading plans established in accordance
with Securities and Exchange Commission rules or other
means.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with approximately
$221.9 billion in assets and market
capitalization of approximately $29.0
billion, as of June 30, 2016.
Based in Winston-Salem, N.C., the
company operates 2,249 financial centers in 15 states and
Washington, D.C., and offers a
full range of consumer and commercial banking, securities
brokerage, asset management, mortgage and insurance products and
services. A Fortune 500 company, BB&T is recognized
consistently for outstanding client satisfaction by the U.S. Small
Business Administration, Greenwich Associates, and others. BB&T
also has been named one of the World's Strongest Banks by
Bloomberg Markets Magazine, one of the top three in the U.S.
and in the top 15 globally. More information about BB&T and its
full line of products and services is available at BBT.com.
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SOURCE BB&T Corporation