Stock buybacks of the week: Raymond James authorizes $1.5 billion

Here are some of the biggest share-buyback announcements from this week, all first covered on InvestingPro+.

Builders FirstSource Inc (NYSE:BLDR) announced an increase to the company’s existing stock repurchase plan in the amount of $1 billion, for a total of approximately $1.5 billion inclusive of the remaining outstanding authorization at the end of the third quarter of 2022. Shares gained 2.6% to $63.11 for the week.

Raymond James Financial Inc (NYSE:RJF) authorized repurchase of the company’s shares of common stock in an aggregate amount of up to $1.5 billion. The $1.5 billion authorization replaces the previous repurchase authorization of $1 billion announced on December 2, 2021. The company also raised its dividend by 23.5% to $0.42 per share. Shares gained 1.3% to $119.16 for the week.

Workday (NASDAQ:WDAY) announced a new share repurchase program with authorization to purchase up to $500 million of shares of its Class A common stock as it also announced above-consensus earnings.

Barbara Larson, chief financial officer, said, "This program is a direct reflection of our belief that our shares are undervalued, and a demonstration of our confidence in the business and the long-term opportunity ahead." The new share repurchase program is designed to reduce the impact of future share dilution from employee stock issuances. Shares gained 15.2% to $170.99 for the week.

FTI Consulting (NYSE:FCN) authorized buyback of an additional $400 million under its stock repurchase program. As of November 30, 2022, FTI Consulting has repurchased approximately 11.3 million shares of its outstanding common stock pursuant to its stock repurchase program. Shares were off 1% to $171.45 for the week.

Unum Group (NYSE:UNM) approved a share repurchase program of up to $200 million for January 1, 2023 through December 31, 2023. This program follows the company's current share repurchase program, which expires on December 31, 2022. Shares gained 4.2% to $42.87.

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