Discover the financial services stocks with the biggest stock buyback authorizations last month, May
Buybacks
June 18, 2023
Ponce Financial Group, Inc. (PDLB) recently authorized a share repurchase program aimed at enhancing shareholder value. The program allows Ponce Financial to repurchase up to 1,235,000 shares of its common stock, approximately 5% of the total outstanding shares. The repurchases will be executed through a pre-arranged stock repurchase plan in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934. Additionally, Ponce Financial may conduct privately negotiated transactions based on prevailing market prices, considering market conditions. The repurchased shares will be held as treasury shares and can be utilized for funding restricted stock units and option grants under the existing or future equity plans. Ponce Financial reserves the right to extend, suspend, or terminate the program at any time without prior notice, and it is set to expire on May 15, 2024.
William Penn Bancorporation, the parent company of William Penn Bank, has authorized a new stock repurchase program to acquire up to 1,281,019 shares, or approximately 10.0%, of its currently issued and outstanding common stock. The decision to authorize the stock buyback was made in consultation with the Federal Reserve Bank of Philadelphia. William Penn's CEO, Kenneth J. Stephon, expressed satisfaction with the approved repurchase plan, highlighting its potential to generate value for shareholders. The program follows the completion of William Penn's previous stock repurchase programs, with the most recent program having repurchased 570,067 shares at a cost of $6,019,836, leaving 128,245 shares remaining. The repurchases will be executed through open market purchases and privately negotiated transactions, dependent on various factors such as market conditions and corporate requirements.
Stock Yards Bancorp, Inc. (SYBT), the parent company of Stock Yards Bank & Trust Company, has authorized a stock buyback program, extending the expiration date of its Stock Repurchase Plan to May 22, 2025. The Plan, which was initially implemented on May 22, 2019, allows for the repurchase of one million shares. So far, Stock Yards Bancorp has repurchased approximately 259,000 shares at an average cost of $35.41 per share, leaving around 741,000 shares eligible for repurchase. The buybacks will be conducted through various methods, including open market purchases, block trades, privately negotiated transactions, or in compliance with Rule 10b5-1, subject to applicable securities law. The decision to authorize the stock buyback was likely influenced by Stock Yards Bancorp's financial position and recent developments. Stock Yards Bancorp's quarterly cash dividend of $0.29 per common share, maintained from the prior quarter, reflects its commitment to returning value to shareholders. With the extension of the Plan, Stock Yards Bancorp, Inc. aims to enhance shareholder value by capitalizing on favorable market conditions and potential investment opportunities. Stock Yards Bancorp's selected broker will execute the repurchases in accordance with the terms and limitations of the Plan, providing Stock Yards Bancorp with flexibility in determining the timing, manner, and amount of the repurchases.
1895 Bancorp of Wisconsin, Inc. (NASDAQ: BCOW), the holding company for PyraMax Bank, FSB, recently announced the adoption of its second stock repurchase program. This new program, subject to regulatory non-objection, allows BCOW to repurchase up to 10% of its outstanding shares. The decision to authorize a stock buyback reflects BCOW's confidence in its financial performance and a commitment to creating value for its stockholders. The program will commence once the existing stock repurchase program is completed, with 9,945 shares remaining to be repurchased. The repurchases can be executed through various methods, including open market or private transactions, block trades, or pursuant to a trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The program has no expiration date, and repurchases will be made at management's discretion, considering factors such as stock availability, market conditions, trading price, capital allocation options, and the best interests of BCOW and its stockholders. BCOW retains the flexibility to suspend, terminate, or modify the timing and amount of share repurchases based on factors like market conditions, repurchase costs, alternative investment opportunities, liquidity, and other relevant considerations.
FlexShopper, Inc. (FPAY) recently authorized a share repurchase program, allowing them to acquire up to $2 million of their common stock. As a prominent online lease-to-own retailer and financing solutions provider, FlexShopper aims to cater to underserved consumers. The decision to authorize the stock buyback is likely driven by various factors, such as FlexShopper's strong financial position and confidence in its future prospects. The repurchases can occur through open market transactions, privately negotiated deals, or other approved methods, ensuring compliance with relevant securities laws. FlexShopper's stock buyback program, with a duration of eighteen months, remains flexible and subject to suspension or discontinuation. As of May 22, 2023, FlexShopper had approximately 21.8 million shares of common stock outstanding. Stay updated on FlexShopper's progress for further insights into its stock buyback prospects.
Texas Community Bancshares, Inc. (TCBS), the parent company of Mineola Community Bank, S.S.B., recently authorized a stock buyback program, allowing them to repurchase up to 164,842 shares of their common stock, which represents approximately 5.0% of the currently outstanding shares. The decision to authorize this buyback stems from Texas Community Bancshares' strategic goals and a careful evaluation of market conditions. By implementing this stock repurchase program, TCBS aims to optimize its capital structure and enhance shareholder value. Texas Community Bancshares plans to execute the repurchases through open market purchases or privately negotiated transactions, in accordance with SEC Rule 10b5-1, taking into consideration market conditions and other relevant factors. Although the exact number of shares to be repurchased is uncertain, this initiative reflects Texas Community Bancshares' confidence in its financial position and growth prospects. Investors and market observers are eagerly anticipating the outcome of this stock buyback and its potential impact on TCBS's stock performance.
ING Groep N.V. recently announced its share buyback program, authorizing the repurchase of ordinary shares for a total amount of up to €1.5 billion. The purpose of this program is to reduce Texas Community Bancshares' share capital and further align its CET1 ratio with the target of approximately 12.5% by 2025, as communicated during the Investor Update in June 2022. As of the end of the first quarter of 2023, ING Group's CET1 ratio stood at a robust 14.8%, well above the required ratio of 10.73%. The buyback program is estimated to impact the CET1 ratio by approximately 46 basis points. Commencing on May 12, 2023, the program is expected to conclude no later than October 18, 2023. The European Central Bank has approved this initiative, ensuring compliance with the Market Abuse Regulation and ING Groep's existing authority to acquire a maximum of 10% of the issued shares, as granted by the general meeting of shareholders on April 24, 2023. ING has also engaged a financial intermediary under a non-discretionary arrangement to execute the buyback. These recent developments underline ING Groep's commitment to optimizing its capital structure and enhancing shareholder value.
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