Invesco Ltd. (IVZ) shares climbed 8.99 percent to $13.59 during Tuesday's trading after announcing a $1 billion repurchase of its Series A Preferred Stock from MassMutual.
The stock traded between $13.27 and $13.86 with volume nearing 4.7 million shares, compared to its average of 5.8 million on the New York Stock Exchange.
The transaction, expected to close in May 2025 and funded through debt, will reduce Invesco's outstanding preferred stock by 25 percent and is expected to be earnings accretive starting in the second half of the year.
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