NEW YORK, June 27, 2019 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services,
today announced that the company's board of directors has approved
the repurchase of up to $3.94 billion
of its common stock starting in the third quarter of 2019 and
continuing through the second quarter of 2020, an increase of
approximately 20% versus the prior four quarter period. The
company also intends to increase BNY Mellon's quarterly cash
dividend on common stock by approximately 11% from $0.28 to $0.31 per
share, commencing as early as the third quarter of 2019, subject to
board approval.
"We are pleased to announce our intention to increase our
dividend and significantly increase our share buyback program.
We remain committed to maintaining strong capital ratios
while delivering a substantial amount of capital back to
shareholders. We continue to focus on improving the way we
operate to better serve our clients, investing for growth and we
remain confident in our future," said Charlie Scharf, chairman and chief executive
officer of BNY Mellon.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries. As of March 31,
2019, BNY Mellon had $34.5
trillion in assets under custody and/or administration, and
$1.8 trillion in assets under
management. BNY Mellon can act as a single point of contact for
clients looking to create, trade, hold, manage, service, distribute
or restructure investments. BNY Mellon is the corporate brand of
The Bank of New York Mellon Corporation (NYSE: BK). Additional
information is available on www.bnymellon.com. Follow us on Twitter
@BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for
the latest company news.
The information presented in this news release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be expressed in a variety of ways, including the use of future
or present tense language, relate to, among other things, BNY
Mellon's capital plan, including expectations with respect to the
repurchase of shares of outstanding common stock, the level of
dividend distributions, the capital base and BNY Mellon's ability
to meet regulatory requirements and performance. These statements
are based upon current beliefs and expectations and are subject to
significant risks and uncertainties (some of which are beyond BNY
Mellon's control). Actual outcomes may differ materially from those
expressed or implied as a result of risks and uncertainties,
including, but not limited to, the risk factors and other
uncertainties set forth in BNY Mellon's Annual Report on Form 10-K
for the year ended Dec. 31, 2018, the
Quarterly Report on Form 10-Q for the period ended March 31, 2019 and BNY Mellon's other filings
with the Securities and Exchange Commission. All statements in
this news release speak only as of today, and BNY Mellon undertakes
no obligation to update any statement to reflect events or
circumstances after today or to reflect the occurrence of
unanticipated events.
Contacts:
Media
Jennifer Hendricks
Sullivan
+ 1 212 635 1374
jennifer.h.sullivan@bnymellon.com
Analysts
Magda
Palczynska
+1 212 635 8529
magda.palczynska@bnymellon.com
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SOURCE BNY Mellon