The Bank of New York Mellon Corporation (BK) today announced a 44% increase in its quarterly dividend and plans to repurchase up to $1.3 billion worth of shares through the end of 2011.
The board of directors authorized an increase in the quarterly dividend from 9c per share of BNY Mellon common stock to 13c per share, which is payable on May 10 to holders of record as of the close of business on April 29. Additionally, the board of directors approved an increase to the current share repurchase program authorization that brings the total common shares available for repurchase to nearly 47 million shares. This action was done in anticipation of BNY Mellon’s plans to repurchase up to $1.3 billion worth of shares of outstanding common stock in fiscal 2011.
Shares of BNY fell 13 cents, or 0.45%, to $28.95 in recent trading.