TD Ameritrade board authorizing plan to buy back up to 30 million shares
By APMonday, August 9, 2010
TD Ameritrade board OK’s 30M share buyback plan
OMAHA, Neb. — Shares of TD Ameritrade Holding Corp. got a small boost Monday on word its board approved a plan to buy back up to 30 million shares, or about 5 percent of its outstanding stock.
In morning trading, TD Ameritrade shares added 26 cents to $16.70.
Stock in the online brokerage is off the low points for the year it hit a month ago, but opened the session down about 14 percent since the start of 2010.
“At current prices we see further repurchases of our stock to be an attractive use of capital, providing additional value for our shareholders,” said President and CEO Fred Tomczyk in a statement.
TD Ameritrade so far has bought 15 million shares this year, completing its last buyback program July 2. The company said Monday it had 576 million shares outstanding as of July 31.
