NEW YORK (TheStreet) -- Tiffany  (TIF - Get Report) stock is rising by 0.57% to $61.40 in after-hours trading on Thursday, after the company's board approved a new share repurchase program.

The board has approved the repurchase of up to $500 million of the company's common stock.

The program will expire on January 31, 2019. It replaces Tiffany's current repurchase program announced in March 2014. 

Under the prior stock buyback program, the board had authorized the buyback of roughly $300 million of common stock, of which $61 million remains.

Tiffany is a New York City-based jeweler. 

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.

Tiffany's strengths include its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and good cash flow from operations. These strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: TIF

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

TIF Chart TIF data by YCharts