Fiserv stock surges after adding $6.5 billion worth of stock to its repurchase program

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Shares of Fiserv Inc. surged 1.9% in premarket trading Thursday, after the payments and financial technology company said it boosted its share repurchase authorization by 60 million shares. Based on Wednesday’s stock closing price of $107.97, the shares could be valued at $6.48 billion, representing about 8.9% of Fiserv’s market capitalization of $72.39 billion. The company said the new authorization is in addition to the shares remaining under the existing authorization, which Fiserv disclosed last month to be 7.5 million shares as of Sept. 30. The stock has lost 6.6% year to date through Wednesday, while the S&P 500 has gained 10.4%.
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