WBS » Topics » WEBSTER ANNOUNCES NEW SHARE REPURCHASE PROGRAM

This excerpt taken from the WBS 8-K filed Jun 5, 2007.

WEBSTER ANNOUNCES NEW SHARE REPURCHASE PROGRAM

 

   

New authorization of 5 percent of total outstanding shares represents approximately 2.8 million of current shares outstanding.

 

   

971,000 shares repurchased in second quarter, completing previous authorization.

WATERBURY, Conn., June 5, 2007 – Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., announced today that its Board of Directors has authorized repurchase of up to 5 percent of Webster’s 55.8 million shares of outstanding common stock, approximately 2.8 million shares.

Webster’s stock repurchase program approved in July 2003 authorized repurchase of 2.3 million shares. During the second quarter of 2007 Webster repurchased 971,000 shares, completing the authorization.

“Our Board considers Webster shares an attractive investment opportunity at current market valuations,” stated Webster Chairman and Chief Executive Officer James C. Smith. “Our strengthened tangible capital level provides flexibility to manage our capital position. We plan to enhance shareholder return by growing our franchise and through selective repurchase of our shares.”

Webster plans to continue to repurchase shares from time-to-time in the open market and unsolicited negotiated transactions, including block purchases.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki