DLJ approves buyback of up to 10 mln shares
biz.yahoo.com
NEW YORK, May 19 (Reuters) -
Donaldson, Lufkin & Jenrette, Inc. (NYSE:DLJ - news), the U.S. investment banks, said Friday it approved the repurchase of up to 10 million shares, or about 7.2 percent, of the company's common stock.
The New York-based firm, which employs 10,600 people worldwide, said it will use the buy back to support employee incentive compensation programmes and for other corporate purposes.
DLJ noted that management discretion will determine the timing and amount of the stock repurchases, which may be done on the open market or in private purchases.
Also on Friday, DLJ declared a regular quarterly dividend of $0.0625 cents per share, payable on July 28 to the shareholders of record as of the close of business on July 14.
The investment bank, which is 70 percent owned by AXA Financial Inc. (NYSE:AXF), currently has about 138 million shares and diluted share equivalents outstanding. Its shares closed at 42-1/8 on the New York Stock
Exchange Thursday. The stock has a 52-week high of 76 and a 52-week low
of 36-1/2. |
