Benzinga | Jul 15, 2021 04:36PM EDT

State Street Corporation Announces Authorization To Repurchase Up To $3B Of Common Stock

State Street Corporation (NYSE:STT) today announced its third quarter 2021 cash dividend of $0.57 per share of common stock, an increase of 10% from $0.52 per share of common stock in the prior quarter. The dividend is payable on October 12, 2021 to common shareholders of record at the close of business on October 1, 2021.

Additionally, State Street's Board of Directors has approved a new common stock purchase program, authorizing the purchase of up to $3.0 billion of its common stock over the six quarters beginning in the third quarter of 2021 and continuing through the fourth quarter of 2022.

"As we continue to invest in our business for future growth, the SCB framework provides us with increased flexibility to deploy our capital," said Chairman and Chief Executive Officer Ron O'Hanley. "The continued strength of our balance sheet, coupled with our solid performance under this year's annual stress test, has positioned us well to increase our dividend and announce a new common stock repurchase program," O'Hanley added.

Stock purchases may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction will depend on several factors, including investment opportunities, State Street's capital position, its financial performance, market conditions and the amount of common stock issued as part of employee compensation programs. The common stock purchase program does not have specific price targets and may be suspended at any time.