State Street Corp announces to buy $2.1bn of its Common Stock
State Street Corporation today announced that its Board of Directors has approved a new common stock purchase program authorizing the purchase of up to $2.1 billion of its common stock through March 31, 2014, reinforcing the Company's priority to return capital to its shareholders. This new common stock purchase program authorization follows the 2013 Comprehensive Capital Analysis and Review (CCAR) process under which the Federal Reserve reviewed State Street's 2013 capital plan and did not object to the Company's requested capital actions. The 2013 authorization represents an increase from the $1.8 billion 2012 common stock purchase program previously authorized and executed from April 2012 through February 2013.
State Street may commence purchases of its common stock under this new authorization at any time. Stock purchases may be made in various types of transactions, including openmarket purchases or transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing of stock purchases and number of shares purchased will depend on several factors, including market conditions and State Street's capital position, its financial performance and investment opportunities. The common stock purchase program does not have specific price targets and may be suspended at any time.