Brookdale Senior Living Inc., an operator of assisted and independent living centers, said Wednesday it plans to repurchase up to $150 million of its common stock.
In order to help fund the buyback, the company has cut its quarterly dividend in half to 25 cents from 50 cents.
Given the current share price, Brookdale said, the switch is consistent with its responsibility to create long-term shareholder value.
The 25-cent dividend is payable on April 14 to shareholders of record as of March 31.
As of Feb. 22, the company had 101.9 million shares outstanding, according to a regulatory filing.
Brookdale shares rose 72 cents, or 3.2 percent, to close at $23.45. Shares slipped 11 cents to $23.34 in after-hours trading.
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