Jul. 4 at 4:31 PM
$LU You do not have to tell me what happened to the stock after the IPO, but I will point out that during 2021 and 2022, LU authorized a total of
$1 billion in share repurchases and used that authorization to buy back
$877 million worth of shares. The repurchase program completed as of December 31, 2022, and has not been restarted it since given all the mess the last few years. Once the loan provisos losses are complete and the company starts printing cash, using less than 1% of tangible assets or cash to repurchase
$100 million of stock does not seem like a stretch, especially given the history that would have had Ping's blessing. Ping cannot go over 75% ownership so what happens with the convertabile bond shortly will tell us if it will be a future of buybacks or dividends.
