People's United Financial (PBCT) Announces Buyback of 33.6 Million Shares
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People's United Financial, Inc. (NASDAQ: PBCT) today announced that its Board of Directors approved a new share repurchase authorization. Earlier this quarter, the Company completed its previous share repurchase authorization, announced in October 2011, by purchasing 18 million shares (at a weighted average price of $12.08 per share) since that time. Under the new authorization, up to 10 percent of the Company's common shares outstanding, or 33.6 million shares, can be repurchased, either directly or through agents, in the open market at prices, times and terms satisfactory to management. The pending share repurchase activity will be financed using cash on hand and the proceeds from one or more debt financings. The timing of share repurchases and debt financings will be subject to market conditions.
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