Berkshire Hathaway Inc. said on Wednesday that it had repurchased $1.2 billion of its own stock and raised the price at which it is willing to buy back shares.
The conglomerate run by Warren Buffett, which operates a variety of companies in the insurance, energy, rail and utility sectors, said its board had authorized stock repurchases at up to 120 percent of book value, up from a previous level of 110 percent.
Berkshire’s book value per share as of Sept. 30 was $111,718, indicating that it can now buy back shares at up to $134,062 apiece, up from $122,890 apiece. Th e company said it had bought back 9,200 Class-A shares from a long-time investor at a price of $131,000 apiece.
Berkshire’s shares were temporarily halted on the New York Stock Exchange ahead of the news, which indicated a more aggressive stance on buying back shares. In its most recent quarterly filing, Berkshire said it had not made any repurchases in the first nine months of 2012.
Berkshire’s Class A shares rose after its announcement, recently up 2.5 percent at $134,050.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Viewpoint: How P/C Carriers Can Win the Next Decade With Tech + Talent 
World’s Growing Civil Unrest Has an Insurance Sting 
