Prudential To Buy Back Stock

NU Online News Service, Jan. 23, 10:10 a.m. – Prudential Financial Inc., Newark, N.J., says its board has authorized the company to buy back up to $1 billion of Prudential common stock.

The company says it will not buy back stock until after it announces its financial results for 2001, which it expects to release Feb. 12. After that, repurchases will take place "from time to time," depending on market conditions, the company says.

Prudential Financial completed its plan to demutualize and sell 126 million shares to the public Dec. 13, 2001. The offering raised more than $3 billion.