Investing.com -- Shares in Prudential Financial Inc (NYSE:PRU) edged up in after-hours trading after the Newark-based Fortune 500 insurance company announced the authorization of a $1 billion stock buyback on Tuesday.
Last June, Prudential Financial's Board of Directors authorized a similar $1 billion repurchasing plan through June 30, 2015. The company repurchased approximately $750 million through March in the plan. The plan approved on Tuesday will replace the expiring one authorized last June.
The repurchases could be impacted by derivative, accelerate repurchase and other transactions under Rule 10b5-1 under the Securities Exchange Act of 1934, Prudential Financial said in a statement.
Also on Tuesday, Prudential Financial announced the election of Sandra Piantalo to the company's board. Piantalo served as the former president of the Federal Reserve of Cleveland, a position she held for more than 10 years until May, 2014.
"We are pleased to welcome Sandra to our board, and we anticipate that our company will benefit greatly from her insight and experience," CEO John Stangfeld said in a statement.
Piantalo, a former economist at the Board of Governors of the Federal Reserve System, joined the board of Eaton Corp. in July, 2014 and the board of J.M Smucker Co. last August.
In addition, the company announced on Tuesday that it will launch the Prudential (LONDON:PRU) Real Estate Income Fund, a real estate strategy driven primarily from investments in real estate investment trusts, more commonly known as REITs.
Shares in Prudential Financial gained 0.11 or 0.13% to 88.08 in after-hours.