Janus Parent Touts Value in Own Stock

The parent of the Janus mutual fund group thinks it has found a very attractive stock: Its own.

Stilwell Financial (ticker symbol: SV) said Tuesday it will buy back as much as $1 billion of its common stock on the open market over the next two years.

At the current price, the company could repurchase as much as 9% of its 223 million shares of common stock outstanding, Kansas City, Mo.-based Stilwell said.

Stilwell announced the buyback even though the stock has risen about 30% since the company was spun off from railroad operator Kansas City Southern Industries recently.

The stock “represents a very attractive investment opportunity,” Stilwell Chairman Landon H. Rowland said in a statement.

The buyback was announced after the market closed. The stock had slipped 19 cents to $49.81on the New York Stock Exchange before the announcement.