Matson, Inc. (NYSE: MATX) has approved an additional three million shares to its existing nine million share repurchase program and declared a Q2 dividend of $0.31 per common share
Buybacks
April 28, 2023
April 27, 2023
Matson, Inc. (NYSE: MATX), a leading carrier in the Pacific, recently announced that its Board of Directors has approved an additional three million shares to its existing nine million share repurchase program. The program has also been extended to December 31, 2025. This news comes as the existing share repurchase program had approximately 0.7 million shares remaining as of April 26, 2023. Alongside the stock buyback program, the Board of Directors also declared a second quarter dividend of $0.31 per common share.
Since Matson's share repurchase program commenced in August 2021, approximately 8.3 million shares have been repurchased, totaling nearly $650 million. Matson plans to remain disciplined and opportunistic in its capital allocation while remaining committed to returning excess cash to shareholders to create additional shareholder value over the long-term.
The shares will be repurchased in the open market from time to time, based on ongoing assessments of the capital needs of the business, the market price of its common shares, and general market conditions. Matson may enter into Rule 10b5-1 plans to facilitate purchases under the program. The repurchase program may be suspended or discontinued at any time.
Matson's Board of Directors declared a second quarter dividend of $0.31 per common share. The dividend will be paid on June 1, 2023, to all shareholders of record as of the close of business on May 11, 2023.
According to Matt Cox, Matson's Chairman and Chief Executive Officer, "We are pleased to announce an additional three million shares to our existing share repurchase program. Going forward, we will continue to be both disciplined and opportunistic in our capital allocation, and we remain committed to returning excess cash to shareholders to create additional shareholder value over the long-term."
Members of LevelFields received the alert of this event on April 27, 5:25 PM ET
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