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By Stephen Nakrosis
Genworth Financial said Monday its board has authorized a $350 million increase to the company’s existing share buyback plan.
Following the increased authorization, the size of the program to repurchase Class A common stock will rise to about $436 million.
Since the start of the share repurchase program in May 2022 through July 31, about 52 million shares have been repurchased at an aggregate purchase price of approximately $264 million, Genworth Financial said.
Tom McInerney, the company’s president and chief executive, said, “the board’s decision to expand our share repurchase plan reflects the transformative progress we have made in recent years and the board’s confidence in our strategy and our future.”
The company has a market cap of $2.72 billion, 477.95 million shares outstanding and a public float of 470.61 million shares.
The company’s stock finished Monday’s regular session with a 2.8% gain, closing at $5.86 per share. Shares were flat after hours.
Write to Stephen Nakrosis at [email protected]
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