Northern Trust and Sallie Mae declare dividends, Northern Trust adds $3.5 billion buyback

what happened

Northern Trust Corporation has declared a quarterly cash dividend of $0.88 per common share. The payment is scheduled for January 1, 2027, and goes to shareholders on the register as of December 4, 2026. The bank also declared $293.75 per share on its Series E non-cumulative perpetual preferred stock, which equals $0.29375 per depositary share. That payment follows the same January 1, 2027 date, with the record date set for December 15, 2026.

The board has also approved a new common share repurchase program of up to $3.5 billion. It will start only after the existing $2.5 billion program, approved in July 2025, is fully completed. The size and timing of buybacks will depend on business plans, financial performance, other investment options and overall market conditions, including the share price.

Sallie Mae, formally SLM Corporation, announced a fourth-quarter 2026 dividend of $1.4939647 per share on its Series B preferred stock and $0.13 per share on common stock. Both will be paid on December 15, 2026, to holders of record at the close of business on December 4, 2026. The details come from a TradingView report.

why it matters

Regular quarterly dividends from large financial firms are usually routine and rarely move the broader market. The more notable element is Northern Trust's new $3.5 billion buyback authorization, which, if carried out, would reduce the number of shares outstanding and could support earnings per share. Its actual scale is not yet set, so the effect on the stock will depend on how the company uses the program.

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