BNY Mellon Increases Share Buyback Target To $3.1 Billion, Leaves Dividend Unchanged

BNY Mellon?s quarterly dividend payout will remain unchanged at $0.17 per share for the next four quarters. Taken together with the proposed share buyback, this implies that the bank is looking to return as much as $3.8 billion to investors over the next 12 months. This is a good 50% higher than the $2.5-billion capital distribution plan the bank announced after the 2014 stress test. Investors were clearly happy with the proposal, as they led the bank?s shares 2.5% higher over trading on Thursda...