NEW YORK (AP) -- Annaly Capital Management Inc. on Tuesday said its board authorized the real estate investment trust to buy back as much as $1.5 billion worth of its outstanding common stock over a 12-month period.
The buybacks will be made from time to time on the open market or in privately negotiated transactions, the company said.
Annaly had nearly 975 million common shares outstanding as of Aug. 7, according to a regulatory filing by the company.
Shares of Annaly rose 15 cents, or about 1 percent, to close at $15.72.
Annaly, founded in 1997, is a New York-based real estate investment trust that manages assets for institutions and individuals worldwide.