NU Online News Service, June 25, 1:25 p.m. – The board of directors of John Hancock Financial Services, Inc., Boston, today added another $500 million worth of common stock to the company’s buyback program.
It originally authorized the repurchase of $500 million in common stock in October 2000. As of March 31, the company had repurchased 21.2 million shares for about $777.4 million.
The company says it will continue to buy its own common stock from time to time, depending on market conditions, business opportunities and other circumstances.
“In our view, the market continues to undervalue John Hancock, making the buyback program an attractive way for us to continue to both deploy excess capital and increase shareholder value,” says David F. D’Alessandro, chairman and CEO of the company.
As of Mar. 31, Hancock and its subsidiaries had $125.3 billion in total assets under management.