StanCorp Financial Group Inc. says it could buy back up to 5.5% of its outstanding shares of common stock over the next 2 years.[@@]
StanCorp, Portland, Ore., has spent about $95 million buying back 4.3% of its outstanding common shares over the last 9 months, the company says.
The company’s board has approved a new stock repurchase plan.
The board also has approved a 2-for-1 stock split.
The company now has about 27 million shares of stock in the market, and the split will leave it with 55 million shares outstanding.
The stock repurchase could lead to the purchase of the equivalent of 1.5 million of the sold, pre-split shares or of 3 million of the new, post-split shares, a company spokesman says.