Morgan Stanley launches $12B stock repurchase program
Morgan Stanley and Co. announced on Monday a common stock repurchase program valued up to $12 billion dollars that will run through June 30, 2022.
The investment bank also doubled its quarterly common stock dividend to $0.70, starting with the third quarter of 2021.
“Morgan Stanley has accumulated significant excess capital over the past several years and now has one of the largest capital buffers in the industry. The action taken by the Board reflects a decision to reset our capital base consistent with the needs we have for our transformed business model,” CEO James Gorman stated.
Morgan Stanley shares jumped 3.39% in after-hours trading after the announcement.
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