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BNY Mellon Announces Intention to Increase Quarterly Common Stock Dividend by 17 Percent to $0.28 per Share and to Repurchase up to $2.4 Billion of Common Stock; Federal Reserve Does Not Object to 2018 Capital Plan

News Provided by PR Newswire2018-06-28
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BNY Mellon Announces Intention to Increase Quarterly Common Stock Dividend by 17 Percent to $0.28 per Share and to Repurchase up to $2.4 Billion of Common Stock; Federal Reserve Does Not Object to 2018 Capital Plan

 
[28-June-2018]
 

NEW YORK, June 28, 2018 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, today announced that the Federal Reserve did not object to the 2018 capital plan in its Comprehensive Capital Analysis and Review submission. As a result, the company's board of directors has approved the repurchase of up to $2.4 billion of its common stock starting in the third quarter of 2018 and continuing through the second quarter of 2019.  The 2018 capital plan also includes an approximately 17 percent increase to BNY Mellon's quarterly cash dividend on common stock from $0.24 to $0.28 per share, commencing as early as the third quarter of 2018, subject to board approval.

"Today we are announcing our intention to increase our dividend by 17% as early as the third quarter and to continue our share buyback program," said Charles Scharf, chairman and chief executive officer of BNY Mellon. "We remain committed to maintaining strong capital ratios to meet regulatory requirements with reasonable buffers. We will continue to focus on improving the way we operate to better serve our clients and to deliver significant value to our shareholders."

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, 2018, BNY Mellon had $33.5 trillion in assets under custody and/or administration, and $1.9 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. 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, 2017, the Quarterly Report on Form 10-Q for the period ended March 31, 2018 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.sullivan@bnymellon.com

Analysts
Valerie Haertel
+1 212 635 8529
valerie.haertel@bnymellon.com

Cision View original content:http://www.prnewswire.com/news-releases/bny-mellon-announces-intention-to-increase-quarterly-common-stock-dividend-by-17-percent-to-0-28-per-share-and-to-repurchase-up-to-2-4-billion-of-common-stock-federal-reserve-does-not-object-to-2018-capital-plan-300674407.html

SOURCE BNY Mellon


Company Codes: NYSE:BK


© 2018 PR Newswire. All Rights Reserved.

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The news, reports, views and opinions of authors (or source) expressed are their own and do not necessarily represent the views of CRWE World.


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