Asbury Automotive Group, Inc.'s board of directors has approved the repurchase of up to $250 million worth of common stock
Buybacks
May 27, 2023
May 26, 2023
Asbury Automotive Group, Inc. (ABG), an automotive retail and service companys in the U.S., has made an announcement regarding its capital allocation strategy. The company's board of directors has approved a new stock buyback program, authorizing the repurchase of up to $250 million worth of common stock.
Asbury Automotive Group has always prioritized prudent capital management to generate the best returns for its shareholders. With the newly authorized stock buyback program, the company intends to allocate capital efficiently by considering various factors such as reducing leverage, pursuing growth through acquisitions, reinvesting in the business, or repurchasing shares. By carefully evaluating these alternate uses of capital on an ongoing basis, Asbury aims to maintain a balanced approach to capital allocation.
Members of LevelFields received the alert of this event on May 26, 7:20 AM ET
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