NEW YORK--(BUSINESS WIRE)--Equitable Holdings, Inc. (“Equitable Holdings”, or the “Company”) (NYSE: EQH) announced today that its Board of Directors has authorized a $600 million share repurchase program.
“The strength of our balance sheet and financial performance continues to give us confidence in our ability to generate sustainable cash flows and return capital to shareholders,” said Anders Malmström, Chief Financial Officer of Equitable Holdings. “This is further reflected in the announcement of a new $600 million share repurchase authorization, an amount incremental to our previous $400 million repurchase authorization which was accelerated into 2019. Together with our quarterly dividend – which we intend to increase next quarter – we remain well positioned to continue delivering on our target payout range of 50-60% of Non-GAAP Operating Earnings.”
Under this authorization, the Company may, from time to time, purchase shares of its common stock through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The $600 million share repurchase authorization expires on March 31, 2021 (unless extended) and does not obligate the company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,000 employees and financial professionals, $735 billion in assets under management (as of 12/31/19) and more than 5 million client relationships globally.
Equitable is the brand name for AXA Equitable Life Insurance Company and its affiliates.