M&T Bank Corp. (MTB) Board Approved $1.5B Stock Buyback
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Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 3.8%
Revenue Growth %: -6.2%
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M&T Bank Corp. (NYSE: MTB) disclosed the following on Tuesday:
Item 8.01. Other Events.
On July 19, 2016, the Board of Directors of M&T Bank Corporation (“M&T”) authorized a new stock repurchase program (the “Stock Repurchase Program”) to repurchase up to $1.15 billion of shares of its common stock, $0.50 par value per share, on the open market or in privately negotiated transactions. The exact number of shares, timing for such purchases, and the price and terms at and on which such purchases are to be made will be at the discretion of M&T and will comply with all applicable regulatory limitations, including those set forth in M&T’s 2016 Capital Plan, which received no objection from the Board of Governors of the Federal Reserve System, and contemplated repurchases of up to $1.15 billion between July 1, 2016 and June 30, 2017. Shares that are repurchased under the Stock Repurchase Program will be held in M&T’s Treasury and will constitute authorized but unissued shares of M&T common stock and will be eligible for issuance in the future.
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