BB&T Corp. (BBT) Raises Quarterly Dividend 7.1% to $0.30; Approves $640M Stock Buyback

BB&T Corp. (NYSE: BBT) declared a quarterly dividend of $0.30 per share, or $1.2 annualized. This is a 7.1% increase from the prior dividend of $0.28.

The dividend will be payable on September 1, 2016, to stockholders of record on August 12, 2016, with an ex-dividend date of August 10, 2016.

The annual yield on the dividend is 3.3 percent.

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.

For a dividend history and other dividend-related data on BB&T Corp. (BBT) click here.

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