American digital bank to repurchase $1.25B of its common stock

Ally announces $1.25 billion share repurchase authorization

American digital bank to repurchase $1.25B of its common stock. Source: shutterstock.com

Ally Financial Inc announced that its Board of Directors has authorized the company to repurchase up to $1.25 billion of the company’s common stock from time to time from the third quarter of 2019 through the second quarter of 2020.

Returning capital to our stockholders remains an essential component of our capital allocation framework and I'm pleased to announce a 25% increase in our share repurchase program. As we continue to efficiently deploy capital and provide an exceptional customer experience through our leading auto finance and deposit franchises, we're well positioned to drive long-term value for our stockholders
Jeffrey J. Brown, Ally CEO

The repurchase program enables Ally to acquire shares through open market purchases or privately negotiated transactions. Actions in connection with the repurchase program will be subject to various factors, including Ally’s capital and liquidity positions, regulatory and accounting considerations, Ally’s financial and operational performance, alternative uses of capital, the trading price of Ally’s common stock, and market conditions. The repurchase program does not obligate Ally to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

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