1115 GMT - Societe Generale has broken with the past by increasing its payout beyond 50% as part of a change in strategy and capital management, which is positive for the stock's price, JP Morgan writes. Previous leaders at the French bank prioritized organic growth and bolt on acquisitions. "SG's new management team is a lot more capital conscious, with more disciplined growth-only businesses with higher growth potential," analysts write, adding the change in CFO and more explicit commitment to returning excess capital showed their pro-activeness to address market concerns after decades of debates on capital. The bank is now a yield story and analysts see room for 3.2 billion euros in cumulative buybacks in 2025-27 on top of 7.5 billion euros in dividends. JPM lifts its rating the stock to overweight. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 25, 2025 06:15 ET (11:15 GMT)
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