NEW YORK (TheStreet) -- Shares of Prudential Financial Inc. (PRU) are up by 0.26% to $88.20 in after-hours trading on Tuesday afternoon. Following the market close the financial services company announced that its board of directors authorized the repurchase of up to $1 billion of its outstanding common stock.
The buyback covers a period from July 1, 2015 to June 30, 2016.
In June of last year the company's board authorized a similar buyback of up to $1 billion of its outstanding common stock through June 30, 2015. Under that authorization the company said it repurchased approximately $750 million of its common stock through March 31, 2015.
Prudential Financial is a Newark, NJ.-based institution that provides a variety of customers with a range of financial products and services. The company operates in a variety of territories across the globe, including the U.S., Latin America, Asia and Europe.
Separately, TheStreet Ratings team rates PRUDENTIAL FINANCIAL INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PRUDENTIAL FINANCIAL INC (PRU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."