Santa Ana-based First American Corp. said Thursday it doubled its stock buyback plan to $200 million.
The title insurer and data provider said it’s bought $63.9 million worth of its shares in the past year under the buyback plan, which previously was set at $100 million.
First American shares were up about 1% in trading Thursday to $38.08. First American has about 94.4 million shares outstanding.
The company’s shares took a hit when home refinancing slowed two years ago, but have been moving higher since then as the U.S. housing market remains strong.
“Given our current stock price and growth prospects, we firmly believe that the continued repurchase of our shares represents an excellent investment opportunity,” said Chief Executive Parker Kennedy, in a statement.
First American also said it plans to pay a quarterly dividend of 18 cents per share.
