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Prudential Financial approves $1B stock buyback

NEWARK, N.J. (AP) -- Insurer Prudential Financial Inc. said Tuesday its board approved the repurchase of up to $1 billion in company stock.

The company can repurchase up to $1 billion in shares between July 1 and June 30, 2014.

Prudential approved a $1 billion stock repurchase in June 2012, and as of March 31 it had bought back $150 million in shares under that authorization, which expires June 30. The company had 464 million shares on the market as of April 30.

Shares of Prudential fell 2 percent to $70.93 Tuesday. It hit $73.56 on Monday, its highest price since the global financial crisis began in September 2008.