Dividends and Buybacks: Shareholder Returns Watch — 2026-09-08
Old Mutual announced an 8.1% dividend increase and a 1 billion rand buyback despite falling profits, while Campbell’s made headlines by cutting a dividend untouched since 2001 due to snack aisle struggles. In Asia, Korean media highlighted the surge in Value-up disclosures, with 756 companies now participating, and SOOP executed a significant share cancellation to boost shareholder value.
Dividends and Buybacks: Shareholder Returns Watch — 2026-09-08
Top developments
Old Mutual Increases Dividends and Launches R1bn Buyback
On September 8, 2026, Old Mutual reported that its board approved an 8.1% increase in its interim dividend and initiated a 1 billion rand share buyback program. This decision comes despite a 27% drop in adjusted headline earnings per share, driven by shareholder investment returns falling below normalized expectations. The move signals management's confidence in long-term cash flow stability amidst short-term earnings pressure.
Campbell’s Cuts Dividend for First Time Since 2001
In a rare move for a dividend aristocrat, Campbell’s cut its dividend on September 4, 2026, marking the first reduction in 25 years. The company cited ongoing challenges in its snack aisle segment as the primary driver for breaking the payout streak that had survived multiple recessions and inflationary periods. This decision highlights the vulnerability of even established consumer staples to shifting consumer preferences and margin pressures.
ING Repurchases €42 Million in Shares Amidst €1bn Program
ING Group reported on September 8, 2026, that it repurchased 1,360,000 shares during the week of August 31 to September 4. The transactions were executed at an average price of €31.01 per share, totaling approximately €42.2 million. This activity is part of ING’s broader €1.0 billion share buyback program announced in April 2026, demonstrating steady execution of its capital return strategy.
Secure Trust Bank Launches Second Tranche of Buyback
Secure Trust Bank announced on September 7, 2026, the launch of the second tranche of its share buyback program. This follows the initial phase of the program and reflects the bank's continued commitment to returning excess capital to shareholders while maintaining regulatory capital buffers.
Local view
South Korea: Local media is closely tracking the expansion of the "Value-up" program. On September 3, the Korea Exchange reported that 9 additional companies disclosed value-up plans in August, bringing the total to 756 firms, which now account for 83% of the market capitalization. Hankyung noted that while the Value-up index has outperformed the KOSPI, investors are advised to distinguish between companies with genuine shareholder return improvements versus those with mere announcements, particularly focusing on SK Hynix’s recent share cancellations and cash dividend expansions.
Additionally, streaming platform SOOP decided on September 7 to cancel 306,375 treasury shares worth 18.9 billion won, effective September 10, signaling a rapid acceleration in shareholder value enhancement efforts among mid-cap tech firms.
Context & numbers
- Japan’s Payout Outlook: Nomura Securities strategists revised their outlook for Japanese corporate shareholder returns, forecasting a total return ratio of 68.5% for FY2026, up from 65.7% in FY2025. The dividend payout ratio is expected to rise slightly to 38.9%.
- Dividend Aristocrats Status: As of early September 2026, the S&P 500 Dividend Aristocrats index continues to track companies with 25+ years of consecutive dividend increases. However, Campbell’s recent cut serves as a reminder that aristocrat status is not permanent if fundamentals deteriorate significantly.
On the radar
- September Dividend Calendar: Investors should monitor the September 2026 dividend calendar for ex-dates of major US and European constituents, particularly those in the energy and financial sectors where payout sustainability is under scrutiny.
- Pfizer’s Yield Sustainability: With Pfizer trading at a depressed valuation and offering a ~6% yield, market attention is focused on CEO promises regarding payout maintenance through its current operational restructuring.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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