State Street Authorizes Purchase Of Up To $1.7 Bln Of Its Common Stock

(RTTNews) - State Street Corp. (STT) announced that its Board of Directors has approved a new common stock purchase program authorizing the purchase of up to $1.7 billion of its common stock through March 31, 2015, reinforcing the company's priority to return capital to its shareholders.

Commenting on this new common stock purchase program, the company said the authorization follows the 2014 Comprehensive Capital Analysis and Review or CCAR process under which the Federal Reserve Board reviewed State Street's 2014 capital plan and did not object to the company's requested capital actions.

Additionally, the company said that the 2014 capital plan includes a proposed dividend rate of $0.30 per share of State Street's common stock for the second quarter of 2014, subject to consideration and approval by the State Street Board of Directors at its regularly scheduled meeting in May.