Service Corp boosts share repurchase authorization by $472M to $600M total
SCI is trading near its 52-week low of $68.41 (8.8% above the low).
Summary
Service Corporation International increased its share repurchase authorization by approximately $472 million, bringing the total available for buybacks to $600 million. This substantial authorization, representing nearly 6% of the company's market cap, signals management's confidence and commitment to returning capital to shareholders. It follows a Q1 earnings miss in April and a dividend increase in early May, reinforcing a capital return strategy.
At the time of this announcement, SCI was trading at $74.41 on NYSE in the Trade & Services sector, with a market capitalization of approximately $10.2B. The 52-week trading range was $68.41 to $88.67. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.