CoreLogic, a leading global property information, analytics and data-enabled solutions provider, announced that its board of directors authorized the company to repurchase up to $500 million of outstanding shares of its common stock. The authorization has no expiration date and supersedes the company’s previous share repurchase authorization, the company announced in a release.
Separately, the company has confirmed that it expects to complete the buyback of 3 percent of its outstanding shares as part of its 2018 share repurchase program. Common shares issued and outstanding as of Sept. 30, 2018, totaled 80.6 million.
During the nine months which ended Sept. 30, 2018, the company repurchased 1.8 million common shares for $87 million, the company said.
“CoreLogic has returned approximately $1.4 billion in capital to our shareholders through the repurchase of 46 million our common shares since 2010. The consistent and significant repurchase of our common shares has been a major value creator for our long-term shareholders,” CoreLogic President and CEO Frank Martell said in the release.
“The expanded share repurchase authorization provides CoreLogic with the flexibility to continue to buy back significant amounts of our current outstanding share count over the next several years,” Martell added.