Futures Spike After Banks Unveil Tens Of Billions In Buybacks

Between BofA, Citi, JPMorgan, and all the other big banks, announced buybacks amounting to dozens of billion have sent US equity futures spiking after hours.

  • Bank of America Authorizes $5b Buyback; Boosts Div to 7.5c-Share
  • Citigroup Plans $8.6b Buyback; Lifts Qtr Div to 16c From 5c
  • JPMorgan Chase Plans $10.6b Buyback, Maintains qtr Div at 48c/shr
  • Morgan Stanley Sets Buyback of Up to $3.5b, Boosts Div. to 20c
  • Goldman Sachs plans buybacks of stock, boosts quarterly dividend
  • American Express Plans $3.3b Buyback, Div. Boost to 32c-Share
  • Huntington Bancshares to Boost Qtr Div. to 8c From 7c/Shr
  • SunTrust to Lift Dividend 8% Starting 3Q, Sets $960m Repurchase
  • U.S. Bancorp to Buy Back $2.6b of Shares, Boosts Div. by 9.8%
  • Zions Bancorp Plans to Boost Dividend, Buyback
  • Ally Financial announces inaugural dividend of 8c/share, buyback of up to $700m of stock
  • M&T Bank Plans Max. $1.15b Buyback; Dividend Raised By Up to 5c
  • PNC Plans Share Buybacks Up to $2b, Raise Qtr Div. to 55c/shr
  • BNY Mellon Plans $2.7b Buyback, Boosts Dividend
  • Northern Trust to Buy Back $275m; Boosts Dividend to 38c Vs 36c
  • State Street to Buy Up to $1.4b; Boosts Dividend to 38c Vs 34c
  • Bank of New York plans to buy back $2.14b in shares, boost dividend by 12%
  • Citizens Finl Group Plans Quarterly Div. 12c/Share, Est. 12c
  • BNY Mellon Plans $2.7b Buyback, Boosts Dividend by ~12% to 19c from 17c
  • Banco Bilbao Vizcaya Plan Includes Common Dividends of $120m
  • KeyCorp Plans to Evaluate Qtr Div. Boost to 9.5c/Shr, Est. 8.5c
  • Discover Financial to Buy Back Up to $1.95b of Stock, Boost Div. to 30s/shr from 28c.

 

Futures are up across the board to frontrung the bank buybacks, no matter what exposure to financials they have:

 

As The S&P spikes:

 

Some context: