BNY Mellon Rewards Shareholders With More Share Buybacks
Zacks Investment Research | Dec 11, 2018 07:06AM ET
The Bank of New York Mellon Corporation (NYSE:BK) is on track to reward shareholders with impressive capital deployment plans. In sync with this and following the Federal Reserve’s approval, the company announced an additional share repurchase program of up to $830 million.
BNY Mellon intends to make these repurchases either in open market or through privately negotiated transactions by Jun 30, 2019. The plan comes in addition to the $2.4 billion of authorized buyback capacity that the company had announced under its 2018 capital plan. As of Sep 30, 2018, nearly $1.8 billion worth of share repurchase authorization remained.
In June, the capital plans of the company along with other firms like JPMorgan (NYSE:JPM) , Bank of America (NYSE:BAC) , Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) were approved by the Fed, following the successful clearance of the annual stress test. (Read more: Zacks Investment Research
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