Shares of Fiserv Inc. FISV edged up 0.3% in premarket trading Thursday, after the payments and financial technology company said it has authorized the repurchase of 75 million common shares. Based on Wednesday’s stock closing price of $113.10, the buyback program could be valued at up to $8.48 billion, or about 11.8% of the company’s market capitalization of $71.82 billion. The company said the new program is in in addition to its existing repurchase authorization, which had 16.9 million shares remaining as of Dec. 31. The stock has rallied 10.8% over the past three months through Wednesday while the S&P 500 SPX has slipped 0.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.