E*TRADE Financial Corp. (ETFC) said its Board of Directors authorized the company to repurchase up to $800 million of its common stock. The authorization is effective immediately and extends through March 31, 2017.
The decision marks the first time in more than eight years that the company has returned capital to shareholders through a repurchase program.
"Today's announcement brings our fourth major capital deployment action in 2015, after having reduced and refinanced corporate debt, terminated wholesale funding obligations, and begun the process of growing our balance sheet to our targeted size of approximately $50 billion," said Paul Idzik, CEO.
The repurchases may take place over the duration of the program at prices the company deems appropriate, and are subject to market conditions.
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