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Management repurchased over a billion in stock at an average price above $60 a share, so their timing in retrospect gets a "gentleman's C".
"We repurchased over $1 billion in company stock and, separately, found a tax-efficient way to give $1.5 billion back to shareholders," he says.
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The $6.4bn of stock JPMorgan said it plans to repurchase over five quarters is 20% less per quarter than the $6.5bn the bank was approved for in last year's review that covered four quarters.
The company did not give a timeframe for when those shares would be repurchased, although over the past year its stock has increased 55.4% and traded between $55.23 and $100.50.
The flash memory solutions maker said it will repurchase stock over a period of up to five years.
Earnings per share increased 12percentt because the company repurchased 15.5 million shares over the last year.
Even better, high book-to-price stocks that are being repurchased beat the market by 45% over the subsequent four years.; Stock repurchase programs identify companies whose boards think the market has underpriced their stocks.; Not surprisingly, an investment letter has sprung up to exploit this newly discovered anomaly in the otherwise efficient market: the Buyback Letter, edited by David Fried.
Over the weekend, Wynn Resorts forcibly repurchased a 19.66 percent stake in the company held by Azure USA, a Nevada company controlled by the Japanese pachinko machine magnate Kazuo Okada.
The investment firm notes that under a stock buyback program over the last two years, Dell has repurchased 224 million shares at an average price of more than $15.25 a share.
Much of this exposure comes from mortgage-backed securities taken over by the government during the crisis and subsequently repurchased by AIG".We have a detailed understanding of these assets," says Mr Benmosche.
Over the past 12 months, the company has repurchased the equivalent of $40 billion in shares, out of its current $60 billion buyback program.
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