UBS Initiates Share Buyback Program, Repurchasing $50.21 Million Worth of Shares

UBS (UBSG.S) has initiated its share buyback program, announced earlier this year, repurchasing shares worth 44.8 million Swiss francs ($50.21 million) last week, the Swiss bank reported on Monday.

UBS previously stated that the buyback program would reach up to $1 billion in value this year.

Analysts believe that the share buybacks and dividends are key factors attracting investors to UBS stock, especially following its acquisition of longtime rival Credit Suisse last year.

By conducting buybacks, companies reduce the number of shares held by investors, effectively returning cash to shareholders and often resulting in a rise in share prices.