Focus Equities

DST Systems Approves Share Repurchase Program

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DST Systems said pre-market Tuesday it has approved a new $300 million stock repurchase program after completing its previous repurchase program in April. Repurchases under the company’s new program will be made in open market or privately negotiated transactions.

The company also approved a two-for-one split of its common stock, adding that the stock split will be a stock dividend payable on June 8 to shareholders of record as of May 26. Upon completion of the split, the outstanding shares of DST’s common stock will increase to approximately 61.8 million based on the outstanding shares as of April 28, and will begin trading at the split-adjusted price on June 9. Additionally, DST Systems set a quarterly dividend of $0.36 per share to be paid on a pre-split basis on June 9 to shareholders of record as of May 26.