Discover last week's biggest stock buyback announcements, May 22
Buybacks
May 31, 2023
May 30, 2023
Navigator Holdings Ltd. (NYSE: NVGS) recently reported operating revenue of $136.0 million for Q1 2023, showing a significant increase compared to the same period in 2022. Despite a slight decrease in net income, Navigator's adjusted EBITDA reached a record $69.0 million, indicating strong financial performance. To optimize shareholder value, Navigator authorized a stock buyback program. The completion of the previous $50.0 million share repurchase plan in May 2023, where 3,809,947 common shares were repurchased and cancelled, demonstrated Navigator's commitment to returning capital to shareholders. Now, Navigator has introduced a new return of capital policy, allowing for an additional share repurchase plan of up to $25.0 million, along with a quarterly cash dividend of $0.05 per share. These strategic initiatives reflect Navigator's confidence in its future prospects and aim to enhance shareholder returns. The timing and extent of future repurchases and dividends will depend on various factors, including market conditions and financial performance, with decisions subject to the approval of Navigator's Board of Directors.
Synopsys, Inc. (SNPS) recently authorized a stock buyback program, signifying Synopsys's confidence in its financial position and growth prospects. Synopsys has entered into an accelerated share repurchase agreement (ASR) with Mizuho Markets Americas LLC to repurchase an aggregate of $300 million of Synopsys stock. As part of the agreement, Synopsys will initially receive approximately 645,000 shares, with the remaining shares, if any, to be settled by August 11, 2023. The final number of shares repurchased will be determined based on Synopsys' average daily volume-weighted average share prices during the repurchase period, adjusted with a discount. This move by Synopsys highlights their commitment to maximizing shareholder value and capitalizing on potential market opportunities. It also reflects Synopsys's strong financial position and positive outlook for future growth. Investors and analysts will closely monitor the stock buyback program and its impact on Synopsys's stock performance, as it may contribute to increased shareholder returns and potentially boost investor confidence in Synopsys.
Asbury Automotive Group, Inc. (ABG), one of the leading automotive retail and service companies in the U.S., recently authorized a stock buyback program, allowing for the repurchase of up to $250 million worth of the company's common stock. This decision reflects Asbury's commitment to optimizing its capital allocation strategy and generating long-term returns for its shareholders. Under the program, Asbury may repurchase shares through open market transactions, privately negotiated deals, or other methods as permitted by securities laws and contractual requirements. The timing and extent of these repurchases will depend on factors such as the stock price, market conditions, impact on capital structure, potential returns from alternative investments, and other considerations. It's worth noting that Asbury has already repurchased approximately 1.1 million shares for around $211 million in 2023.
FlexShopper, Inc. (FPAY), a leading national online lease-to-own retailer and financing solutions provider for underserved consumers, recently announced that its board of directors has authorized a share repurchase program to acquire up to $2 million of FlexShopper's common stock. This decision reflects FlexShopper's commitment to enhancing shareholder value and capitalizing on favorable market conditions. The share repurchase program, which will last for eighteen (18) months, allows FlexShopper to buy back its own stock either through open market purchases, privately negotiated transactions, or other approved means. The timing and amount of stock repurchases will be influenced by various factors, such as business performance, prevailing stock prices, and regulatory requirements. It is important to note that FlexShopper is not obligated to acquire any specific amount of common stock, and the program may be suspended or discontinued at any time. As of May 22, 2023, FlexShopper had approximately 21.8 million shares of common stock outstanding. Investors and market watchers will keenly monitor the stock buyback prospects, as it could potentially impact FlexShopper's financial standing and shareholder confidence.
TEGNA Inc., a leading broadcasting and digital media company, announced an accelerated share repurchase (ASR) program worth $300 million and a 20 percent increase in its quarterly dividend. These actions are part of TEGNA's commitment to return excess capital to shareholders, following the termination of its merger agreement with an affiliate of Standard General L.P. Tegna's Board of Directors and management team are actively reviewing the return of additional excess capital accumulated during the pending merger. TEGNA's strong financial position, driven by robust free cash flow from operations and significant financial flexibility, positions it well to create long-term shareholder value. The ASR program, funded through cash on hand, is expected to be completed by the end of the third quarter of 2023. The increased dividend, which brings TEGNA's total dividend payout growth to 63 percent since March 2021, will be effective in future regular quarterly dividend payments, subject to the Board's declaration.
American Vanguard Corporation (NYSE: AVD) recently announced that its Board of Directors has authorized a stock buyback program, allowing the repurchase of up to $15 million of common stock over the next twelve months in compliance with Exchange Act Rule 10b-18. The program is set to commence in early June 2023. According to Eric Wintemute, the Chairman and CEO of American Vanguard, this decision reflects the board's confidence in AVD's core business strength and strategic growth initiatives. AVD's focus on innovative biological crop protection and nutrition products in the Green Solutions portfolio, along with SIMPAS/Ultimus prescription application technologies, is transforming American Vanguard into a technology-driven enterprise.
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