Why Shares of Hilltop Holdings Are Surging Today
Shares of Dallas-based bank Hilltop Holdings (NYSE: HTH) had shot up roughly 17.7% at 10:18 a.m. ET today after the company announced a modified Dutch auction tender offer to repurchase shares. In the offering, Hilltop plans to purchase up to $400 million of common stock at a price between $28 and $32 per share. If the offering is fully subscribed, Hilltop will repurchase between 12.5 million and 14.28 million shares, which equates to between roughly 15.7% and 18% of Hilltop's common stock.