The Board of Directors of Employers Holdings Inc. based in Reno, Nev., has authorized a stock repurchase program for up to $75 million of the company’s common stock.
The company expects the shares to be purchased from time to time at prevailing market prices during the remainder of this year in open market or private transactions. The repurchases may be commenced or suspended from time to time without prior notice. Based on the closing price of the company’s common stock on May 10, 2007, the authorized repurchase would represent approximately 7.3 percent of the 53.5 million outstanding shares.
Additionally, the board has declared a second quarter cash dividend of 6 cents per share. The dividend is payable on June 14, 2007, to stockholders of record as of May 24, 2007. The common stock’s dividend yield would be 1.2 percent based on the 24 cent indicated annual dividend and the company’s closing stock price of $19.32 on May 10, 2007. This is the first dividend declaration since the company’s completion of its initial public offering in Feb. 2007.
Source: Employers Holdings
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