Verizon (VZ) yesterday announced that its board has authorized the repurchase of up to 100 million shares. The authorization expires Feb. 28, 2011. Sounds like a lot of stock - 100 million shares! - but it would be just 3.4% of the company’s 2.9 billion shares outstanding, or about 1% of the float per year over the authorized period.
Verizon's stock has fallen from the mid 40's to $36.95 over the past three weeks. Their dividend currently pays 4.655%. Not bad for a quality name.
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