Assured Guaranty (AGO) to Repurchase $300.00 million in Outstanding Shares

Assured Guaranty (NYSE:AGO) announced that its board has initiated a share buyback plan, which allows the company to repurchase $300.00 million in outstanding shares on Thursday, November 2nd, EventVestor reports. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Assured Guaranty (NYSE:AGO) opened at $37.54 on Thursday. The firm has a market cap of $4,288.24, a price-to-earnings ratio of 6.47 and a beta of 1.66. Assured Guaranty has a fifty-two week low of $31.73 and a fifty-two week high of $45.73. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.19.

Assured Guaranty (NYSE:AGO) last issued its earnings results on Thursday, November 2nd. The financial services provider reported $1.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.51. The business had revenue of $623.00 million for the quarter, compared to the consensus estimate of $262.09 million. Assured Guaranty had a net margin of 45.38% and a return on equity of 10.69%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.74 earnings per share.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 29th. Investors of record on Wednesday, November 15th will be issued a dividend of $0.142 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.57 dividend on an annualized basis and a yield of 1.51%. Assured Guaranty’s payout ratio is 8.21%.

A number of research firms have recently issued reports on AGO. BidaskClub downgraded shares of Assured Guaranty from a “buy” rating to a “hold” rating in a report on Monday, July 31st. BTIG Research reiterated a “buy” rating and issued a $49.00 price objective on shares of Assured Guaranty in a report on Friday, July 14th. UBS AG reiterated a “buy” rating and issued a $47.00 price objective (down from $49.00) on shares of Assured Guaranty in a report on Wednesday, October 4th. Finally, MKM Partners reiterated a “buy” rating on shares of Assured Guaranty in a report on Thursday, October 5th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $47.00.

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Assured Guaranty Company Profile

Assured Guaranty Ltd. is a holding company. The Company, through its subsidiaries, provides credit protection products to the United States and international public finance, including infrastructure, and structured finance markets. It applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments.

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