NEW YORK (TheStreet) - AT&T (T) said on Monday its board of directors have authorized a share repurchase of up-to-300 million shares, or about 6% of its common stock. The size of buyback authorization is unchanged from 2013. Since last March, AT&T has repurchased about 175 million shares.
"The board's authorization reaffirms our confidence in the strength of the business and our commitment to returning value to our shareholders while investing in our networks and operations," Randall Stephenson, AT&T's CEO said in a statement.
AT&T began buying back its shares in 2012 and has since repurchased 775 million shares, or approximately 13% of its outstanding shares. As part of its buyback announcement, AT&T said it expects to maintain a net-debt-to-adjusted-EBITDA ratio in the range of 1.8 or lower. "Future repurchase decisions will be made opportunistically," the company said.
AT&T shares were trading 1% higher in Monday trading at $35.42. Shares have fallen over 3% in the past 12-months, excluding dividend payments.
-- Written by Antoine Gara in New York