U.S. Bank declares common, preferred stock dividends

The dividend is payable Oct. 16 to shareholders of record Sept. 30.

At the quarterly dividend rate, the annual dividend is equivalent to $1.32 per share. The Minneapolis-based bank has increased its annual dividend rate for 34 consecutive years. Earlier this year, U.S. Bancorp increased its rate 10 percent to $1.32 from last year’s $1.20 per share.

Also Tuesday, U.S. Bancorp declared a regular quarterly dividend of $385.92 per share on its Series B Noncumulative Perpetual Preferred Stock. That dividend is payable Oct. 16 to shareholders of record Sept. 30.

U.S. Bancorp has $213 billion in assets and operates in 24 states. Shares (NYSE: USB) opened Tuesday at $33.10 and, following the announcement, closed at $33.04. The 52-week range is $27.32 to $33.36.