Another $500 million for Wyndham share repurchasing; Provident Bank completes acquisition; Nasdaq welcomes Wall company.
Wyndham Worldwide Corp., in Parsippany, announced Thursday its board of directors increased the company’s share repurchase authorization by $500 million. The board also declared a regular quarterly cash dividend of 15 cents per share on its common stock. Through the third quarter to date, Wyndham has repurchased 4.7 million shares for $141 million; through 2011 to date, the company repurchased 16.6 million shares for $514 million. With the $500 million increase, Wyndham Worldwide has approximately $755 million remaining on its repurchase authorization.
Provident Bank, a wholly owned subsidiary of Provident Financial Services Inc., announced Thursday that it completed its acquisition of Beacon Trust Co., a limited purpose trust company, and Beacon Global Asset Management Inc., an SEC-registered investment adviser incorporated in Delaware. As of the closing date, the assets under management of the combined entities were approximately $1.5 billion. James D. Nesci, Provident’s chief wealth management officer, has been named president of the acquired entities, which will continue to operate from their existing offices in Morristown.
Student Transportation Inc., in Wall announced Thursday that is has been approved by Nasdaq-OMX in connection with the company’s initial U.S. listing of its common stock on the Nasdaq global select market. The company said it expects its common stock listing will become effective for trading Sept. 6. The company’s common stock and convertible debentures will continue to be listed on the Toronto Stock Exchange, and has received approval to use the trading symbol that it uses on the Toronto Stock Exchange, STB.