Federated Investors Announces Share Repurchase Program

(RTTNews) - Federated Investors, Inc. (FII) announced the company's board authorized a new share repurchase program, which allows Federated to repurchase up to 4 million additional shares of class B common stock in the open market with no expiration date.

Federated's board of directors declared a dividend of $1.25 per share. The dividend, which will be paid from Federated's existing cash balance, is considered an ordinary dividend for tax purposes and consists of a $0.25 quarterly dividend and a $1.00 special dividend. The dividend is payable on Nov. 15, 2016 to shareholders of record as of Nov. 8, 2016.

Federated's board added an independent director with the election of Joseph Bartolacci, appointing him to Federated's Audit, Compensation and Compliance committees. Since 2006, Bartolacci has served as president and chief executive officer of publicly traded Matthews International Corporation.