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Rent-A-Center Raises Authorization For Common Stock Repurchases To $1.25 Bln

Correction: In the second paragraph, to amend the number of shares repurchased to date as 31.59 million shares.

Rent-A-Center Inc. (RCII: Quote) said Friday its Board has increased the authorization for stock repurchases under its common stock repurchase plan to $1.25 billion from $1 billion.

To date, the the Plano, Texas-based company has repurchased a total of 31.59 million shares of its common stock for an aggregate purchase price of about $794.8 million since the repurchase plan's inception.

In the current year, the company has repurchased a total of 465,035 shares for about $17.4 million in cash.

Rent-A-Center leases household durable goods to customers on a rent-to-own basis. It offers products such as consumer electronics, appliances, and computers.

The company's stock closed Friday at $34.09, up 0.56%, on a volume of 600 thousand shares on the Nasdaq. In after hours, the stock dropped 0.11%.

by RTT Staff Writer

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