Slew Of Banks Raise Dividends (JPM, USB, WFC, BBT)

As written about yesterday, a slew of banks just announced they were raising dividends, and we expect to hear more sometime today or early next week.

J.P. Morgan JPM, U.S. Bancorp USB, Wells Fargo WFC and BB&T BBT all announced dividend raises, with the first three announcing buybacks as well.

BB&T announced that it would be increasing its quarterly dividend to 16 cents per share, up from 15 cents currently, and would also issue a special dividend of 1 cent per share in the second quarter.

U.S. Bancorp also announced a dividend raise. It moved its quarterly dividend to 50 cents per share, a raise of 150%, and also announced a 50 million share buyback program.

J.P. Morgan raised its quarterly dividend to 25 cents per share, up from 5 cents, and said it would like to get as high as a 30% payout ratio, which would be close to around 50 cents per share. It also announced it would be buying back 200 million shares of common stock.

The last bank that raised its dividend was Wells Fargo, which moved its quarterly dividend to 12 cents per share, up from 5 cents, and announced a 200 million share buyback as well.

Citigroup C has previously said it does not expect to raise its dividend until 2012, and Bank of America BAC has indicated it will raise the dividend in the second half of 2011.

Goldman Sachs GS and Morgan Stanley MS have yet to announce dividend or buyback plans.