Close Close

Life Health > Running Your Business

Hartford To Buy Back Shares

Your article was successfully shared with the contacts you provided.

A financial services giant will be spending about $1.5 billion to repurchase stock.

Hartford Financial Services Group Inc., Hartford, says it has entered into an agreement with a unit of Credit Suisse Group, Zurich, to buy back $500 million of common stock through an accelerated stock repurchase program.

Hartford will be using the cash from a recent sale of hybrid debt securities to fund the accelerated stock repurchase program.

Meanwhile, the Hartford board has approved a move to add $1 billion to the company’s stock repurchase program fund.

Hartford has used up all but $121 million of an earlier $2 billion stock repurchase allocation, the company says.

The market capitalization of Hartford’s common stock is about $22 billion.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.