Assured Guaranty Ltd. (NYSE:AGO) Moves Forward With Buybacks In Q1
Assured Guaranty Ltd. (NYSE:AGO) services include providing financial credit improvement products for US based companies and global operators seeking public finance. It has also built a diversified portfolio through a series of infrastructure financing, besides financial market places as well in recent quarters.
First Quarter Report
In its latest quarterly report, aligned on the same policies, the holding company for various integrated services has stepped up on the performance as well, with numbers beating estimates.
The operating income was viewed at $132 million, valued at $0.72 per share; beating estimates by $0.62.
However, the highlight of the first quarter has been a financial practice which is gaining currency among several companies in this sector and a few other sectors as well.
Buybacks boost AGO
AGO with a key role as a credit enhancer and ‘financial white knight’ for public finances on international projects chose to buy back from its shareholders 1.4m shares with the price at $25.92 per share. Latest reports, indicate that the number of repurchase is above 3 million shares priced at $25.19 per share.
A day before the announcement of quarterly results, the company also elected Yukiko Omura as an Independent member of the Board of Directors. The appointment will also hold additional charge as Finance Committee as well as Risk Oversight Committee.
Significance of Omura’s appointment
Assured Guaranty Ltd. (NYSE:AGO) Chairman, Robin Monro-Davies highlights the role Omura will now play in the company. “With more than 30 years of experience in the global infrastructure and finance markets, she will add an international perspective to our Board’s decision-making and be valuable in evaluating Assured Guaranty’s new business opportunities,” he noted in the press release.
Assured Guaranty Ltd. (NYSE:AGO) has also announced a quarterly dividend too at $0.11 per common share. These will be payable on June 4, 2014 to shareholders as of May 21, 2014.