Taylor Morrison Home Corp. (NYS:TMHC) announced Tuesday that it will double the authorization for its stock repurchase program to $500 million from $250 million. The new program represents about 14.5% of the homebuilder's market capitalization of $3.45 billion as of Friday's stock closing price. The company said the program runs through Dec. 31, 2023. "The increase in our share repurchase authorization provides us with enhanced flexibility to create value for our shareholders and reinforces the meaningful opportunity we see in our equity," said Chief Executive Sheryl Palmer. The stock, which is still inactive in premarket trading, has shed 17.5% year to date, while the iShares U.S. Home Construction ETF (BATS:ITB) has tumbled 26.5% and the S&P 500 (S&P:SPX) has lost 12.8%.
May 31, 2022, 7:10 a.m. EDT