U.S. Bank declares quarterly dividends

U.S. Bancorp on Wednesday announced quarterly dividends for two of its shareholder groups.

The board of directors declared a dividend of 5 cents per common share, as well as a regular quarterly dividend of $223.61 per share on the bank's Series B Non-Cumulative Perpetual Preferred Stock. Both dividends are payable on Jan. 15 to shareholders of record at the close of business Dec. 31.

"There are two criteria that must be met before U.S. Bancorp can take a dividend action," said Chairman, President and CEO Richard Davis in a news release. "The first is a clear 'line of sight' into the company's future earnings to ensure that the dividend is set at a level that is both sustainable and meaningful. The second factor, and equally as important, is that the company's capital position is at a level that will continue to meet future regulatory requirements. Accordingly, we have made the decision to maintain our current dividend until there is more clarity regarding future required capital levels."

Shares of U.S. Bancorp (NYSE: USB) closed Tuesday at $22.98, compared to a 52-week range of $8.06 to $29.22. Shares were down to $22.90 as of 10:15 a.m.[[In-content Ad]]