Fed Doesn’t Object to Huntington’s Capital Plans
COLUMBUS, Ohio – The Federal Reserve has informed Huntington Bancshares Inc., holding company of Huntington Bank, that it has no objection to the capital plans the Midwest provider of financial services submitted in January, Huntington announced Friday.
These capital plans include raising the dividend on common shares by 25% to five cents per share beginning in the second quarter and the holding company’s intent to buy back as much as $227 million in common stock between now and March 31, 2013.
The company, with $56 billion in assets, has 842.01 million common shares outstanding, 71% of which are owned by institutional investors.
The Huntington Board of Directors next meets April 16 when that body is expected to act on those measures.
Common shares of Huntington closed at $7.51 Friday, up a penny from Thursday’s close, on a volume of 14.79 million. The 52-week high of Huntington is $7.55.
Published by The Business Journal, Youngstown, Ohio.
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