Source: TD Ameritrade
TD AMERITRADE Holding Corporation (NASDAQ:AMTD) today announced that its Board of Directors has authorized the Company to repurchase up to 12 million shares of common stock in the open market and in block trades.
As of July 28, 2006, TD AMERITRADE had approximately 611 million shares outstanding.
"The new share repurchase program represents one step in our commitment to build shareholder value over the long term," said Joe Moglia, chief executive officer.
"Our strong cash flow provides sufficient funding to execute the share repurchase program, pay down debt and continue to deliver on our growth strategy."
Between September 2002 and May 2005 the Company repurchased 48 million shares under a previous repurchase program.