By Stephen Nakrosis

Rocket Cos. Inc. on Tuesday said its board of directors approved a share repurchase program, under which the company may buy up to $1 billion of its common stock.

Rocket said the new program will be in effect for two years.

The mortgage and financial services company has a market capitalization of $42.55 billion, 100.37 million shares outstanding and a public float of 87.39 million shares.

Rocket shares closed the day's regular-trading session with a 0.7% gain, reaching $21.60. After-hours, shares had moved lower. At 4:46 p.m. EST, the stock was trading 2.22% lower, at $21.12.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 10, 2020 17:22 ET (22:22 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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