Friedman, Billings, Ramsey board ups share repurchase program, eliminates dividend

By Lisa Kerner

Charlotte, N.C., Dec. 21 - Friedman, Billings, Ramsey Group, Inc.'s board of directors increased the number of class A common shares the company is authorized to repurchase to 100 million from 50 million.

Some 23.6 million shares have already been repurchased, according to a company news release.

The board has also decided not to pay a cash dividend this quarter, believing that the share repurchase is a better use of Friedman, Billings, Ramsey's financial resources.

Friedman, Billings, Ramsey provides investment banking, institutional brokerage, asset management and private wealth services through majority ownership of FBR Capital Markets Corp. The company is located in Arlington, Va.

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