Swiss financial major UBS (NYSE:UBS) recently announced a new 2024 share buyback program worth up to $2 billion. Separately, the company’s annual general meeting is coming up later this month.
UBS Stock Buybacks
Earlier this year, UBS announced plans to reintroduce share repurchases in the second half of 2024, up to $2 billion. This decision follows their previous share repurchase program in 2022, where they repurchased shares equivalent to nearly 8.62% of their current share capital.
Now the company plans to execute the new program, buying back shares worth up to $1 billion post their merger with Credit Suisse’s conclusion, expected by the end of the second quarter. UBS aims to exceed its pre-acquisition share repurchase levels by 2026 after repurchasing shares worth nearly $5.24 billion under their previous plan.
UBS Annual General Meeting Coming Up
Additionally, its annual general meeting is coming up on April 24. UBS’ Board has proposed a dividend of $0.70 per share. If approved, the UBS dividend will be payable on May 3 to investors of record on May 2. In February, UBS reported a net loss per share of $0.09 on revenue of $10.86 billion for the fourth quarter. Notably, the company aims to reach about $13 billion in cumulative cost savings by the end of 2026.
What Is the Forecast for UBS Stock?
UBS’ share price has rallied by nearly 47% over the past year. Overall, the Street has a Moderate Buy consensus rating on UBS Group alongside an average UBS price target of $31.98. This points to a modest 4.9% potential upside in the stock.
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