T. Rowe Price Group, Inc. (TROW, Financial) has announced a substantial enhancement to its share repurchase program. On December 4, 2024, the company's Board of Directors approved an increase of 15 million shares to the existing authorization for repurchasing its common stock. This decision elevates the total repurchase authorization to approximately 19 million shares.
The repurchase strategy allows T. Rowe Price Group to buy back shares on the open market, through privately negotiated transactions, or via other methods deemed appropriate by the company. These transactions may be executed under plans that comply with Rule 10b5-1 of the Exchange Act, taking into account factors such as stock price, corporate needs, and prevailing market conditions.
While the company has not committed to a specific number of shares to be repurchased, the program provides flexibility to adjust the buyback strategy as needed. The share repurchase initiative can be increased, modified, renewed, suspended, or terminated at any time without prior notice, and it does not have a set expiration date.
This move reflects T. Rowe Price Group's ongoing commitment to enhancing shareholder value and optimizing its capital structure. Investors and market analysts will be watching closely to see how this expanded authorization impacts the company's stock performance and overall market strategy.
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