BNY Mellon, a global leader in investment management and investment services, today announced that the company's board of directors has approved the repurchase of up to $3.94 billion of its common stock starting in the third quarter of 2019 and continuing through the second quarter of 2020, an increase of approximately 20% versus the prior four quarter period. The company also intends to increase BNY Mellon's quarterly cash dividend on common stock by approximately 11% from $0.28 to $0.31 per share, commencing as early as the third quarter of 2019, subject to board approval.
"We are pleased to announce our intention to increase our dividend and significantly increase our share buyback program. We remain committed to maintaining strong capital ratios while delivering a substantial amount of capital back to shareholders. We continue to focus on improving the way we operate to better serve our clients, investing for growth and we remain confident in our future," said Charlie Scharf, chairman and chief executive officer of BNY Mellon.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of March 31, 2019, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
The information presented in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, BNY Mellon's capital plan, including expectations with respect to the repurchase of shares of outstanding common stock, the level of dividend distributions, the capital base and BNY Mellon's ability to meet regulatory requirements and performance. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon's control). Actual outcomes may differ materially from those expressed or implied as a result of risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon's Annual Report on Form 10-K for the year ended Dec. 31, 2018, the Quarterly Report on Form 10-Q for the period ended March 31, 2019 and BNY Mellon's other filings with the Securities and Exchange Commission. All statements in this news release speak only as of today, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.