Charles Schwab Authorizes $15 Billion Stock Repurchase, Increases Dividend to 22 Cents

By Denny Jacob

Charles Schwab Corp. said Wednesday that its board approved authorization to repurchase a total of $15 billion of its common stock.

The savings and loan holding company said its previous share purchase program had $1.8 billion of share repurchases remaining. The company said it had 1.9 billion common shares outstanding for the quarter ended June 30.

Charles Schwab also increased its quarterly cash dividend by 2 cents to 22 cents a share, a 10% raise. The dividend is payable on Aug. 26 to shareholders of record as of the close on Aug. 12.

Finance Chief Peter Crawford said a mix of factors including higher capital levels has created an opportunity to significant capital return beginning later this year.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

July 27, 2022 17:21 ET (21:21 GMT)

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