Employee advantages and disability insurance policy provider Unum Group on Thursday okayed a $500 million share buyback and a 12.1 % improve to its quarterly dividend.
The company said the moves produce worth for shareholders while nevertheless allowing it to invest in its business and consider advantage of market opportunities.
Unum can purchase exceptional stock over the next 12 months below the plan. The repurchases is going to be made in the open market or in private transactions and can be modified, extended or terminated at any time.
The company expects to pay the new quarterly dividend rate of 9.25 cents per share in the 3rd quarter.
As a outcome, Unum expects to possess a lot more than $500 million in money and marketable securities at year-end. At the conclusion with the first quarter, that figure was $775 million.
Shares of the insurance policy provider fell 71 cents, or three.2 percent, to $21.34 in morning buying and selling.
Posted on Friday, 21 May 2010
Unum announces stock buyback and dividend increase
Notes
