HCC Insurance (HCC) Higher Following New $300M Common Buyback Authorization
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Price: $83.33 +1.47%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +1,263.6%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +1,263.6%
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HCC Insurance Holdings, Inc. (NYSE: HCC) shares are ticking higher Monday morning after announcing a new stock buyback program. The stock is up about 0.6 percent.
From the release:
"[HCC Insurance's Board of Directors] has authorized a new share repurchase program that provides for the repurchase of up to an aggregate of $300 million of the Company's common stock.
The repurchase plan calls for the repurchases to be made in the open market or in privately negotiated transactions from time-to-time in compliance with applicable laws, rules and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Repurchases under the plan will be made subject to market and business conditions, as well as the Company's level of cash generated from operations, cash required for acquisitions, debt covenant compliance, and other relevant factors. The plan does not obligate the Company to purchase any particular number of shares, has no expiration date, and may be suspended or discontinued at any time at the Company's discretion.
From the release:
"[HCC Insurance's Board of Directors] has authorized a new share repurchase program that provides for the repurchase of up to an aggregate of $300 million of the Company's common stock.
The repurchase plan calls for the repurchases to be made in the open market or in privately negotiated transactions from time-to-time in compliance with applicable laws, rules and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Repurchases under the plan will be made subject to market and business conditions, as well as the Company's level of cash generated from operations, cash required for acquisitions, debt covenant compliance, and other relevant factors. The plan does not obligate the Company to purchase any particular number of shares, has no expiration date, and may be suspended or discontinued at any time at the Company's discretion.
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