A number of extra main U.S. banks have determined to carry their dividends regular for the third quarter, however others not but revealed their plans following the Federal Reserve’s launch of the preliminary outcomes of its annual bank stress exams.
Among the many prime 10 largest banks, U.S. Bancorp (NYSE:USB), the nation’s fifth-largest business bank, introduced that it’ll preserve its $0.42 dividend for the third quarter. PNC Monetary Providers (NYSE:PNC), the seventh-largest U.S. bank, will maintain its dividend at $1.15 per share; Bank of New York Mellon (NYSE:BK), the eighth-largest bank, stated it could preserve its dividend at $0.31 for the third quarter; whereas State Street (NYSE:STT), the ninth-largest, will preserve its $0.52 per share payout.
Truist (NYSE:TFC), the sixth-largest business bank within the nation (fashioned late final yr out of the merger between Georgia-based SunTrust and North Carolina-based BB&T), has not made a dedication about its third-quarter dividend. Firm officers stated the dividend plan is topic to approval by the Truist board at its upcoming assembly. It has just lately paid out $0.45 per share every quarter.
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Among the many nation’s largest banks, solely Wells Fargo expects to scale back its dividend within the third quarter. It at the moment pays $0.51 per share. The opposite giant banks, JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, and Goldman Sachs, will all preserve their dividends at their earlier ranges within the third quarter.
Because of the financial uncertainty attributable to the COVID-19 pandemic, the Federal Reserve has required all giant banks to droop their share repurchase packages and cap their dividend funds to protect capital.
UPDATE: This report was up to date at 2 p.m. ET on Tuesday to replicate PNC Monetary Providers’ dividend announcement.
