Flushing Financial Corporation (Nasdaq-GS: FFIC) has authorized the purchase of an additional 1,000,000 shares of common stock
Flushing Financial Corporation (Nasdaq-GS: FFIC), the parent holding company for Flushing Bank, has made an announcement regarding an increase in its stock buyback program. The Board of Directors has authorized the purchase of an additional 1,000,000 shares of common stock. This move reflects the company's confidence in its strong liquidity and conservative business model. With a focus on real estate collateralized loans and a robust debt service coverage ratio, Flushing Financial Corporation aims to demonstrate its commitment to shareholders.
Flushing Financial Corporation has received authorization from its Board of Directors to expand its stock buyback program. Under this program, the company can repurchase its common stock from time to time, either through private transactions or in the open market, subject to prevailing market conditions. Importantly, there is no expiration or maximum dollar amount specified in this authorization, providing flexibility for future buyback activities.
From April 1, 2023, through May 25, 2023, Flushing Financial Corporation has already repurchased 270,338 shares at an average price of $11.47. This demonstrates the company's proactive approach to capital management. The successful completion of these repurchases indicates the management's confidence in the company's performance and long-term prospects. Notably, there are still 164,608 shares remaining under the previous authorization, which, when combined with the newly authorized shares, totals 1.2 million shares available for repurchase.
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