In Brief: Wachovia Payout Up 9%; Stock Buyback Renewed

WINSTON-SALEM, N.C. - Wachovia Corp. last week increased its dividend by 9.1% and renewed its five million share repurchase program.

The bank holding company declared a third-quarter dividend of 36 cents per common share payable Sept. 1 to shareholders of record Aug. 7. That was up from 33 cents per share the previous quarter and 30 cents a share in the third quarter of 1994.

For the year through the current quarter, the dividend will total $1.02 per share, up 13.3% from the 90 cents paid in the first three quarters of 1994.

The board also authorized the repurchase of up to five million shares of common stock, renewing a July 20, 1994, authorization to repurchase up to five million shares. As of June 30, 1,795,000 shares had been repurchased under the earlier authorization.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER