With the deadline fast approaching on a $1 billion share repurchase program it had authorized a year ago, global financial services specialist Prudential Financial announced yesterday that its board of directors had authorized a new $1 billion buyback plan.
Over the last 12 months, Prudential has only repurchased about $150 million worth of its stock through March 31, but it had set a deadline with the last program of June 30 so it authorized the new program to run between July 1, 2013 and June 30, 2014.
The repurchases may be made on the open market, through derivative, accelerated repurchases, and other negotiated transactions, as well as through Rule 10b5-1c plans.
Headquartered in Newark, N.J., Prudential Financial has $1.06 trillion of assets under management.
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