American National to Repurchase Shares
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Hoping to revive its sagging stock, Irvine-based American National Financial Inc. said Thursday that its board has authorized the repurchase of up to 500,000 shares of common stock. In addition, the title company will lend up to $2 million to senior managers and directors solely to buy company stock.
Officials said the steps were designed to show the company’s confidence in its long-term prospects.
American National, an offshoot of Fidelity National Financial, has watched its stock drop by more than 50% since its initial public offering this spring. The company’s stock closed Thursday at $3.38, unchanged in Nasdaq trading.
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