State Street Corp an­nounces to buy $2.1bn of its Com­mon Stock

The Pak Banker - - 6BUSINESS -

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.

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