06:38 AM EDT, 09/12/2024 (MT Newswires) -- U.S. Bancorp ( USB ) said Thursday its board authorized a stock buyback plan of up to $5 billion of the company's outstanding common shares, starting Friday.

It added that the company intends to repurchase shares by early next year. The new stock buyback plan replaces its prior program, which was approved in December 2020.

Additionally, the bank said it has raised its quarterly dividend by 2% to $0.50 per common share, payable Oct. 15 to shareholders of record as of Sept. 30.

Shares of the company were up 1.2% in recent Thursday premarket activity.

Price: 45.27, Change: +0.52, Percent Change: +1.16