By Colin Kellaher

Prudential Financial, Inc. (PRU) on Thursday said its board authorized the repurchase of up to $2 billion of common stock next year.

The Newark, N.J., financial-services company has about 402 million shares outstanding and a market capitalization of roughly $38.3 billion based on Wednesday's closing price of $95.27.

Prudential's board's in September raised its 2019 buyback authorization by $500 million to $2.5 billion, and the company previously said it expected to fully use the increased authorization by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 19, 2019 08:10 ET (13:10 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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