The Charles Schwab Corporation (NASDAQ: SCHW) has authorized share repurchases of up to an additional $500 million of its common stock through open market or via privately negotiated transactions.
Schwab notes that as of December 31, 2007, it had 1.2 billion weighted average common and common equivalent shares outstanding. Based on a buyback approval from April 25, 2007, Schwab has repurchased some 19 million shares for a total of $381 million. Year-to-date, its has repurchased 16 million shares for $326 million. In short, they have been involved in an accelerated buyback plan compared to share repurchases in 2007.
Including the $119 million remaining under the existing plan, Schwab now has authority to repurchase a total of $619 million in shares of its common stock. With shares trading at roughly $20.00+ you would expect that to be a combined 30 million shares on a rounded basis at today’s prices. It trades an average of more than 12 million shares per day.
Jon C. Ogg
March 13, 2008
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
