{"id":30469,"date":"2023-07-02T12:35:33","date_gmt":"2023-07-02T16:35:33","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/big-banks-boost-dividends-after-passing-feds-stress-test\/"},"modified":"2023-07-02T12:35:35","modified_gmt":"2023-07-02T16:35:35","slug":"big-banks-boost-dividends-after-passing-feds-stress-test","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30469","title":{"rendered":"Big Banks Boost Dividends After Passing Fed’s Stress Test"},"content":{"rendered":"
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Some of the largest banks in the nation announced plans to raise dividends after passing the Federal Reserve\u2019s annual stress test earlier this week. <\/p>\n

The Fed wanted banks to wait at least two days after the stress tests to unveil capital plans. After markets closed on Friday,
\n JPMorgan Chase
\n (ticker: JPM) said it would raise its quarterly payout to $1.05 a share, up from $1.
\n Morgan Stanley
\n (MS) increased its dividend to 85 cents from 77.5 cents.
\n Wells Fargo
\n (WFC) raised its payout by 5 cents to 35 cents.
\n Goldman Sachs
\n (GS) boosted its quarterly dividend to $2.75 a share from $2.50.
\n Citigroup
\n (C) lifted its payout by 2 cents to 53 cents.
\n Bank of America
\n (BAC) made no announcement Friday on whether it would be increasing its dividend. The bank pays a quarterly dividend of 22 cents.<\/p>\n

\n

Every year, the Fed tests the banking juggernauts to see if their balance sheets are sound enough to withstand severe stress in the economy and financial markets.\u00a0Results released Wednesday suggest that all 23 banks that participated would have enough capital to absorb as much as $541 billion losses\u2014in a doomsday scenario\u2014even if unemployment were to hit 10% and the stock market were to plunge 45%.<\/p>\n

Bank stocks have lagged behind the broad market lately as the collapse of a few midsize banks earlier this year triggered widespread concerns about the sector\u2019s overall health and stability. <\/p>\n

The latest stress test has injected some renewed confidence into the market and gave the group a nice boost.<\/p>\n

JPMorgan stock has gained 4.9% since Wednesday\u2019s close,
\n Wells Fargo
\n has jumped 5.1%, Morgan Stanley shares have risen by 1.7%, and
\n Goldman Sachs
\n stock has increased 2.8%. <\/p>\n

\n Citigroup
\n shares, however, have slid by 0.4% since Wednesday, an outlier of the group.<\/p>\n

Write to Evie Liu at evie.liu@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Some of the largest banks in the nation announced plans to raise dividends after passing the Federal Reserve\u2019s annual stress test earlier this week. The Fed wanted banks to wait at least two days after the stress tests to unveil capital plans. 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