Discover last week's biggest stock buyback authorizations - June 12
Buybacks
June 22, 2023
Zynex Inc (ZYXI) recently announced a new share buyback program authorizing the repurchase of up to $10.0 million of its common stock. The program commenced on June 14, 2023, and is set to conclude on June 13, 2024, or when the buyback limit is reached. With approximately 41.6 million shares issued and 36.4 million shares outstanding as of June 13, 2023, Zynex aims to optimize its capital structure by repurchasing shares. In Q1 2023, Zynex successfully completed a share repurchase of $3.4 million. This buyback is supported by Zynex's existing cash balances, which are expected to have an immaterial impact on its capital levels. With a operating cash flow of $1.9 million in the quarter and $16.8 million of cash as of March 31, 2023, Zynex aims to demonstrate its commitment to enhancing shareholder value through this stock buyback initiative.
AutoZone, Inc. announced today that its Board of Directors has authorized an additional $2.0 billion stock buyback as part of its ongoing share repurchase program. This decision reflects AutoZone's strong financial performance, commitment to shareholder value, and the desire to maintain investment grade credit ratings. With this latest authorization, AutoZone's total approved share repurchases amount to an impressive $35.7 billion since the program's inception in 1998. AutoZone's Chief Financial Officer and Executive Vice President, Jamere Jackson, highlighted their dedication to disciplined capital allocation to foster growth, boost shareholder returns, and ensure sufficient liquidity.
Universal Insurance Holdings, Inc. (UVE) recently announced that its Board of Directors has approved a stock buyback program, authorizing the repurchase of up to $20 million worth of its outstanding common stock by June 10, 2025. The share repurchases will be conducted through open market transactions, adhering to the prevailing market prices and in accordance with the Securities Exchange Act of 1934. Universal aims to execute these repurchases in compliance with Rule 10b-18 under the Exchange Act and Universal Insurance's insider trading policy.
AFC Gamma, Inc. (AFCG) recently declared a quarterly dividend of $0.48 per outstanding share of common stock for the quarter ending June 30, 2023. This dividend represents an annual run rate of $1.92 and is expected to be sustainable based on the current portfolio performance. AFC Gamma authorized a share repurchase program of up to $20 million of its outstanding common stock due to the current volatility in AFC Gamma's share price. Executives of AFC Gamma have already purchased approximately $2.9 million worth of AFC Gamma stock since the beginning of 2023. The share repurchase program allows for acquisition through various methods and is authorized until December 31, 2025. Recent developments include portfolio updates, including the sale of a credit facility, paydowns, and repayments from borrowers. The challenging cannabis environment and difficulties in deploying capital in traditional real estate contribute to potential cash drag. Despite quality deal flow, the bid-ask spread and economic uncertainties may extend the capital deployment timeline.
W. R. Berkley Corporation, a renowned insurance holding company, recently made financial decisions to enhance shareholder value. They have authorized an annual dividend increase of 10%, raising the regular cash dividend to 44 cents per share, with the first payout scheduled for June 30, 2023. This move demonstrates W. R. Berkley's commitment to rewarding its stockholders. Furthermore, the Board of Directors has approved a stock buyback program, allowing the repurchase of up to 15 million shares of common stock. This decision signifies W. R. Berkley's confidence in its financial position and future prospects. With the ability to repurchase shares in the open market or through privately negotiated transactions, subject to market conditions, W. R. Berkley aims to optimize its capital structure and potentially boost its stock's value.
Armada Hoffler (AHH) recently authorized a stock buyback of up to $50 million in a new share repurchase program. Armada Hoffler's Board of Directors made this decision to optimize its capital structure and enhance shareholder value. The authorized buyback allows Armada Hoffler to repurchase its common stock and Series A preferred stock through various methods, such as open market purchases, block transactions, privately negotiated deals, or trading plans under Rule 10b5-1. Armada Hoffler will adhere to legal requirements, including those of the Securities and Exchange Commission and the New York Stock Exchange, ensuring compliance throughout the process. Armada Hoffler's management will determine the timing, amount, and price (within maximum restrictions) of the repurchases, considering factors like market conditions, regulatory requirements, stock prices, capital allocation options, and other relevant considerations. It's important to note that the program can be suspended or discontinued at any time, and Armada Hoffler is not obligated to make any stock purchases.
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