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Schwab authorizes $1 bn stock repurchase

Share Source By

Dion Global

26 Oct 2018

The Board of Directors of The Charles Schwab Corporation at its meeting authorized additional repurchases of the company’s common stock and declared a quarterly cash dividend of USD 0.13 per common share. The dividend is payable November 23, 2018 to stockholders of record as of the close of business on November 9, 2018.

The Share Repurchase Program previously had $596 million of share repurchases remaining under two prior authorizations. The Board’s decision today has replaced these authorizations with approval to repurchase a total of $1 billion of its common stock. Shares may be repurchased through open market or privately negotiated transactions based on prevailing market conditions. As of September 30, 2018, the company had 1.36 billion weighted average common and common equivalent shares outstanding.

Chairman Charles Schwab commented, “Our common dividend and Share Repurchase Program reflect our strong balance sheet, liquidity and capital position, as well as our confidence in the company’s long-term prospects. We are continuing to generate more than enough reserves to support ongoing business growth and can now begin accelerating returns to stockholders as part of maintaining an appropriate capital level and mix.”

In addition, the Board of Directors of The Charles Schwab Corporation declared a regular quarterly dividend on the outstanding Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, in the amount of $15.00 per share or $0.375 per depositary share, each representing 1/40th interest in a share of Series C Preferred Stock. The dividend is payable December 3, 2018 to stockholders of record at the close of business on November 16, 2018.

The Board of Directors of The Charles Schwab Corporation has also declared a regular quarterly dividend on the outstanding Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D, in the amount of $14.88 per share or $0.372 per depositary share, each representing 1/40th interest in a share of Series D Preferred Stock. The dividend is payable December 3, 2018 to stockholders of record at the close of business on November 16, 2018.

The Board of Directors of The Charles Schwab Corporation has also declared a regular semi-annual dividend on the outstanding Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, in the amount of $2,500 per share or $25 per depositary share, each representing 1/100th interest in a share of Series F Preferred Stock. The dividend is payable December 3, 2018 to stockholders of record at the close of business on November 16, 2018.

CFO Peter Crawford added, “We intend to execute this repurchase authorization over the next few months; our initial activity will address recent growth in our outstanding common share count, which mostly reflects employee equity grants. As we complete the transfer of client cash sweep balances onto our balance sheet in coming months, we will work with our Board of Directors to further assess the company’s capital requirements and implement an updated approach for returning excess resources to stockholders. We expect to share more details at our Winter Business Update.”