Small Cap Companies in Focus: Stock Buybacks Surge in Q2 2023, Boosting Shareholder Value

Gevo authorized a $25 million stock buyback program last quarter and these 19 other small-cap companies announced similar plans



Industry: Specialty Chemicals

Gevo, Inc. has recently announced the authorization of a stock repurchase program, allowing Gevo, Inc. to buy back up to $25 million of its common stock. The main objective of this program is to give GEVO the opportunity to repurchase shares strategically, while still maintaining the necessary funding for GEVO's ongoing development projects.

Dr. Patrick R. Gruber, Gevo's Chief Executive Officer, expressed confidence in the future of GEVO, INC., considering its current common stock as undervalued. The stock repurchase program is seen as a valuable tool that could potentially enhance GEVO, INC.'s value in the coming years, reflecting management's and the Board's belief in GEVO, INC.'s strategic path towards sustained profitability and growth.

Headquartered in Englewood, Colorado, GEVO, INC. is a leading renewable chemicals and biofuels company specializing in sustainable alternatives to petroleum-based products. With a team of 52 full-time employees, GEVO, INC. employs advanced technologies like synthetic biology, metabolic engineering, chemistry, and chemical engineering to focus primarily on producing isobutanol and related products from renewable feedstock. GEVO, INC. operates in two segments: GEVO, INC. handles research and development activities for future isobutanol production, including biocatalyst development, biojet fuel sales, Retrofit process, and next-generation biofuels and chemicals based on isobutanol technology. Meanwhile, the Gevo Development/Agri-Energy segment oversees the operation of its Agri-Energy Facility and the production of ethanol, isobutanol, and associated products.


Industry: Apparel Retail

Designer Brands Inc. has recently authorized a stock buyback program to repurchase up to $100 million of its Class A common shares. The company plans to carry out the buyback through a "Dutch Auction" tender offer, wherein shareholders can tender their shares at a price between $7.00 and $8.00 per share. This represents approximately 25% of its currently outstanding Class A common shares. The decision to undertake this buyback is aimed at optimizing shareholder value and demonstrating DESIGNER BRANDS INC.'s confidence in its financial position.

The tender offer, scheduled to expire on July 7, 2023, provides shareholders with the opportunity to tender some or all of their Class A common shares at the specified price range. The company will determine the lowest price per share that enables it to buy up to the $100 million worth of shares or a lower amount if the offer is not fully subscribed. In addition, DESIGNER BRANDS INC. reserves the right to purchase up to an additional 2% of its outstanding Class A common shares without amending or extending the tender offer, in accordance with SEC rules.

DESIGNER BRANDS INC. plans to secure a term loan agreement of $135 million to fund the tender offer, with the remaining funds allocated to general corporate purposes. The buyback is not contingent on any minimum number of shares being tendered, but it is subject to certain conditions specified in the offer, including the Financing Contingency.

The management, board members, and executive officers, including Jay L. Schottenstein, the Executive Chairman, have stated their non-participation in the tender offer. This ensures an unbiased process and allows shareholders to make their individual decisions.

DESIGNER BRANDS INC., together with its subsidiaries, designs, manufactures, and retails footwear and accessories for women, men, and kids primarily in North America. It operates through three segments: U.S. Retail, Canada Retail, and Brand Portfolio. The company also provides dress, casual, and athletic footwear; and handbags, hosiery, jewelry, and other accessories. The company offers its products under the Vince Camuto, Louise et Cie, Sole Society, CC Corso Como, Jessica Simpson, Lucky, Max Studio, and other brands. It operates and e-commerce sites. The company operates a portfolio of retail concepts in approximately 1000 locations under the DSW Designer Shoe Warehouse, The Shoe Company, and Shoe Warehouse banners. As of February 1, 2020, it operated 666 stores. DESIGNER BRANDS INC. is based in Columbus, Ohio.


Industry: Oil & Gas Midstream

Overseas Shipholding Group, Inc. has recently authorized a stock buyback program to repurchase its common stock, with the Board of Directors approving an increase of $10 million, bringing the total value of the program to $20 million. This decision comes as Overseas Shipholding Group, Inc.'s President and CEO, Sam Norton, emphasizes the Board's dedication to evaluating opportunities for the use of available cash and addressing the interests of OSG's stockholders.

The stock repurchase program allows OSG to buy back its shares either through open market transactions or privately negotiated deals, based on market conditions and other relevant factors, such as stock price, in compliance with applicable laws. Importantly, the program has no set timeframe and can be suspended, modified, or discontinued at any time, offering flexibility to Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc., together with its subsidiaries, owns and operates a fleet of oceangoing vessels. Its vessels are engaged in the transportation of crude oil and petroleum products in the United States flag trades. As of December 31, 2019, the company owned or operated a fleet of 21 vessels totaling an aggregate of approximately 1 million deadweight tons. It serves independent oil traders, refinery operators, and the United States and international government entities. The company was founded in 1948 and is headquartered in Tampa, Florida.


Industry: Oil & Gas E&P

SandRidge Energy, Inc. recently made significant strategic moves aimed at enhancing shareholder value and optimizing its financial position. The company's Board of Directors declared a one-time dividend of $2.00 per share, resulting in a total payout of around $74 million. Shareholders of record as of May 24, 2023, can expect to receive this dividend on June 7, 2023.

Additionally, SandRidge Energy is planning an ongoing quarterly dividend of $0.10 per share, set to commence after the second quarter of 2023, with the first payment expected in August 2023. This quarterly dividend will continue to be distributed to shareholders on a regular basis.

Moreover, the company has authorized a stock buyback program of up to $75 million. This move demonstrates the company's confidence in its financial position and future prospects, as they plan to purchase shares on the open market using cash on hand.

SandRidge Energy, Inc. engages in the exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Mid-Continent and North Park Basin of the United States. As of December 31, 2019, it had 1,013 net producing wells; and approximately 511,000 net acres under lease, as well as total estimated proved reserves of 89.9 million barrels of oil equivalent. The company is headquartered in Oklahoma City, Oklahoma. On May 16, 2016, SandRidge Energy, Inc. and its direct and indirect subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.


Industry: Medical Devices

Zynex Inc, recently authorized a share buyback program, signaling its confidence in Zynex, Inc.'s future prospects. The buyback program, amounting to $10.0 million of common stock, is set to begin on June 14, 2023, and is scheduled to conclude on June 13, 2024, or when the buyback limit is reached.

The decision to authorize the stock buyback stems from Zynex's strong financial position. As of June 13, 2023, Zynex, Inc. had around 41.6 million shares issued and 36.4 million shares outstanding. Moreover, in the first quarter of 2023, Zynex successfully completed the repurchase of shares worth $3.4 million, further highlighting its commitment to returning value to shareholders.

The company plans to finance the stock purchases using its existing cash balances, which stood at $16.8 million as of March 31, 2023. Given the operating cash flow of $1.9 million in the quarter, Zynex's capital levels are expected to remain stable despite the buyback.

Zynex, Inc. and its subsidiaries specialize in designing, manufacturing, and marketing medical devices for pain management, muscle activation, and rehabilitation through electrical stimulation. Their product range includes NexWave, a versatile device offering various electrical stimulation modalities; NeuroMove, an electromyography triggered stimulation device; InWave, designed for female urinary incontinence treatment; and TENSWave, a dual-channel TENS device. Additionally, the company supplies electrodes and batteries for electrotherapy products, along with distributing Comfortrac, JetStream, and LSO Back Braces. They also offer a non-invasive blood volume monitor for monitoring central blood volume during surgery and recovery. Headquartered in Englewood, Colorado, Zynex primarily sells its products in the United States, serving pain management, stroke, and spinal cord injury rehabilitation needs since its establishment in 1996.


Industry: Education & Training Services

Vitru Limited has recently authorized a share buyback program, which allows Vitru Limited to repurchase up to 500,000 of its common shares by May 15, 2024. The buybacks may occur either through open market purchases or negotiated transactions, complying with relevant regulations under the Securities Exchange Act of 1934. The decision to authorize the stock buyback is backed by Vitru Limited's confidence in its long-term growth prospects and its commitment to enhancing shareholder value.

The company plans to finance the stock buybacks using its own cash balances derived from retained and future earnings. At the current share price (as of May 10, 2023), the program would amount to approximately R$37.5 million in total, representing about 18.3% of the consolidated Adjusted Net Income of 2022 (R$204.9 million).

Mr. Carlos Freitas, Vitru Limited's Chief Financial and Investor Relations Officer, expressed the company's optimism about its future growth and commitment to creating value for shareholders through this buyback initiative.

Vitru Limited operates as a distance learning education company in the postsecondary digital education market in Brazil. The company offers distance learning undergraduate courses in a hybrid methodology, which consists of weekly in-person meetings with on-site tutors. Its courses comprise primarily of pedagogy, business administration, accounting, physical education, vocational, engineering, and health-related courses. The company also offers continuing education courses primarily in pedagogy, finance and business, as well as in other subjects, such as law, engineering, IT, and health-related courses through a hybrid model, online, and on-campus. In addition, it operates 10 campuses that offer traditional on-campus undergraduate courses, including business administration, accounting, physical education, vocational, engineering, law, and health-related courses. The company was founded in 2014 and is based in Florianópolis, Brazil.


Industry: Farm & Heavy Construction Machinery

REV Group, Inc. recently reported strong financial results for the second quarter of 2023, with consolidated net sales reaching $681.2 million, a notable 18.2% increase compared to the same period last year. This growth was primarily attributed to higher net sales across all segments, driven by increased demand, favorable pricing, and improved operational efficiency.

In light of REV Group, Inc.'s positive performance and optimistic outlook, the board of directors authorized a stock buyback program of up to $175.0 million on June 1, 2023. This new authorization replaced a previous $150.0 million repurchase program that had been terminated. The stock buyback program allows REV Group, Inc. to repurchase its own outstanding common stock over the next 24 months, providing management with the flexibility to decide when and under what conditions the shares will be purchased.

The company's financial standing is robust, with cash and cash equivalents amounting to $9.0 million as of April 31, 2023, and a net debt of $221.0 million. REV Group, Inc.'s strong liquidity and capital allocation position support the stock buyback decision and demonstrate the company's confidence in its growth prospects.

REV Group, Inc. is a leading specialty vehicle manufacturer with a global presence. Operating through three segments – Fire & Emergency, Commercial, and Recreation – REV Group, Inc. designs and distributes a wide range of vehicles, including fire apparatus, ambulances, transit and shuttle buses, school buses, luxury coaches, and more. They serve various markets, including municipalities, governmental bodies, transit, and recreational vehicle enthusiasts. Headquartered in Milwaukee, Wisconsin, the company also offers aftermarket parts and services. Formerly known as Allied Specialty Vehicles, Inc., it adopted the name REV Group, Inc. in November 2015.


Industry: Chemicals

LSB Industries, Inc. recently announced that its Board of Directors has authorized a stock repurchase program, allowing LSB Industries, Inc. to buy back up to $150 million of its outstanding common stock. The decision was motivated by the belief that LSB Industries, Inc.'s stock is currently undervalued, presenting an attractive investment opportunity. Mark Behrman, President, and CEO of LSB Industries expressed confidence in the company's future profitability and cash flow, despite nitrogen selling prices coming off multi-year highs. The stock buyback is part of LSB Industries' commitment to creating shareholder value through operational improvement, organic growth opportunities, potential debt reduction, and repurchasing common stock


The repurchase program offers flexibility, permitting LSB Industries, Inc. to buy back shares either in the open market or through private transactions, while adhering to all applicable securities laws and regulations. The timing and amount of shares repurchased will depend on various factors, including stock availability, market conditions, trading price, alternative capital uses, and LSB Industries' financial performance. The company retains the discretion to suspend, terminate, or modify the repurchase program as needed, based on market conditions and other relevant factors.

LSB Industries, Inc. is a US-based chemical company founded in 1968. Specializing in nitrogen-based fertilizers, the company manufactures and sells ammonia, ammonium nitrate, urea ammonia nitrate, and NPK fertilizer blends for various crops. They also offer a wide range of chemical products, including ammonia, sulfuric acids, carbon dioxide, and diesel exhaust fluids, catering to diverse industries like semiconductors, water treatment, metals processing, and more. Operating from its headquarters in Oklahoma City, Oklahoma, LSB Industries, Inc. sells its products through distributors and directly to end customers, serving a broad market reach.


Industry: Information Technology Services

Conduent Incorporated has recently authorized a stock buyback program of up to $75 million of the Company's common stock over the next three years. This decision reflects Conduent Incorporated's confidence in its business strategy and long-term growth prospects, as stated by Cliff Skelton, Conduent Incorporated's President, and CEO. The buyback program aligns with Conduent Incorporated's commitment to delivering long-term value to shareholders through a balanced capital allocation strategy, taking into consideration its cash flow trajectory, strong balance sheet, and portfolio rationalization program.

The buyback program allows Conduent Incorporated to repurchase shares at its discretion, utilizing open market transactions and, if necessary, Rule 10b5-1 trading plans, while complying with all relevant legal requirements. The Company intends to fund the repurchases using its available cash on hand. It's important to note that this stock buyback program does not create an obligation for the Company to acquire any specific number of shares, and Conduent Incorporated reserves the right to modify, suspend, or discontinue the program at any time without prior notice.

Conduent Incorporated is a global provider of business process services, specializing in transaction-intensive processing, analytics, and automation. With operations in the United States, Europe, and internationally, the company operates through three segments: Commercial Industries, Government Services, and Transportation. Their offerings include customized solutions for various industries, government-centric services for federal, state, local, and foreign governments, as well as mission-critical mobility and payment solutions for government clients. Additionally, Conduent Incorporated provides a wide range of services, such as end-user customer experience, healthcare, human resources, learning services, tolling, transit, and parking solutions. Headquartered in Florham Park, New Jersey, Conduent Incorporated is dedicated to delivering efficient and innovative business solutions worldwide.


Industry: Apparel Retail

Genesco Inc. recently announced an increase of $50 million to its existing stock repurchase authorization, now totaling $200 million. This move signifies Genesco Inc.'s commitment to return value to its shareholders and reflects its confidence in its future growth prospects.

The company has been actively repurchasing shares since September 2019, with approximately 3.9 million shares bought back at a total cost of about $189.5 million. This has significantly reduced the number of outstanding shares, with 9.2 million shares repurchased since December 2018, representing over 46% of the shares outstanding at that time.

The decision to authorize a stock buyback may have been influenced by a variety of factors. It's possible that Genesco Inc.'s management sees the company's stock as undervalued, making the buyback an attractive use of capital. Additionally, strong financial performance and positive market conditions could also be contributing to this decision.

As mentioned, the company has the flexibility to implement the repurchase program through various methods, including open market purchases, private transactions, block trades, or a combination of these options, following SEC and other legal requirements. This allows Genesco Inc. to adapt its approach based on prevailing stock prices, market conditions, and other considerations, providing a prudent and strategic approach to share repurchasing.

Genesco Inc. is a renowned retailer and wholesaler specializing in footwear, apparel, and accessories. It operates through four distinct segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group serves young men, women, and children through retail chains, e-commerce, and catalogs. The Schuh Group focuses on casual and athletic footwear for men and women, available through retail stores and e-commerce. The Johnston & Murphy Group offers a range of men's footwear, apparel, and accessories through various channels. Lastly, the Licensed Brands segment markets Dockers brand casual footwear for men. Founded in 1924 and based in Nashville, Tennessee, Genesco Inc. operates approximately 1,490 retail stores across the United States, Canada, the United Kingdom, and the Republic of Ireland, while also maintaining an extensive online presence through various websites.


Industry: Grocery Stores

ARKO Corp. recently announced an increase in its stock buyback program by $50 million, bringing the total authorized amount to approximately $59 million. The decision was made by ARKO Corp.'s Board of Directors to utilize its capital resources effectively. Arie Kotler, Chairman, President, and CEO of ARKO Corp., expressed confidence in ARKO Corp.'s success of their merchandise and fuel strategy, which has contributed to strong in-store performance and robust quarterly results.

The company believes that repurchasing its shares is a compelling way to utilize capital and maximize gross profit dollars. The increase in the repurchase program is part of ARKO Corp.'s capital allocation framework, which aims to create value for stockholders. This move aligns with ARKO Corp.'s commitment to return capital to stockholders alongside growth through mergers and acquisitions and organic initiatives.

The stock buyback program remains open-ended, without a specified expiration date. ARKO Corp. may conduct repurchases from time to time through various methods, including open market purchases, private negotiations, or accelerated stock buyback agreements.

ARKO Corp. operates convenience stores in the United States. It operates through three segments: Retail, Wholesale, and GPM Petroleum. The Retail segment engages in the sale of fuel and merchandise to retail consumers. The Wholesale segment supplies fuel to third-party dealers and consignment agents. The GPM Petroleum segment supplies fuel to sub-wholesalers and bulk purchasers. The company operates approximately 2,950 locations comprising approximately 1,350 company-operated stores and approximately 1,600 dealer sites. ARKO Corp. is based in Richmond, Virginia.


Industry: Communication Equipment

Silicom Ltd. recently reported robust financial results for the first quarter of 2023. Revenues for the quarter reached $37.2 million, showing a substantial 16% increase compared to the same period in the previous year. SILC's net income also surged, reaching $3.5 million, or $0.52 per share, marking an impressive 63% rise year-over-year.

Based on the strong financial performance and positive growth projections, SILC's Board of Directors authorized a new one-year stock buyback plan. The plan allows SILC to invest up to $15 million in repurchasing its ordinary shares. The decision reflects management's confidence in SILC's business strategy and commitment to creating value for its shareholders.

SILC's President and CEO, Liron Eizenman, emphasized the company's leverage business model and ongoing profitability. He highlighted the increasing demand for SILC's unique Edge Networking solutions, with strategic design wins from prominent players in the industry. This positions SILC as the preferred Edge Platform Provider in the market. Additionally, recent NIC design wins from a cyber security giant further underscore the strength of SILC's traditional product lines.

Silicom Ltd., together with its subsidiaries, designs, manufactures, markets, and supports networking and data infrastructure solutions for a range of servers, server-based systems, and communications devices in North America, Europe, and the Asia Pacific. The company offers server network interface cards; and smart Card products include smart server adapters, such as redirector and switching cards, encryption and data compression hardware acceleration cards, and field-programmable gate array-based packet processing cards. The company also offers virtualized and universal customer premise equipment edge networking devices for SD-WAN and NFV deployments; networking targeted appliances; and bypass switches and intelligent bypass switches. It serves original equipment manufacturing, cloud, telco, and service provider customers. The company was founded in 1987 and is headquartered in Kfar Sava, Israel.


Industry: Electronic Gaming & Multimedia

SciPlay Corporation recently reported its first-quarter results for 2023, showcasing robust performance and growth in the social casino market. The company achieved an 18% year-over-year revenue increase, setting a new quarterly record. This growth was primarily driven by increased social casino payer engagement and a record high number of average monthly paying users. Additionally, both Net income and AEBITDA saw significant growth rates of 31% and 21%, respectively, outpacing revenue growth.

With such strong financial results, SciPlay Corporation authorized a stock buyback program. The company returned $60 million of capital to shareholders through the repurchase of Class A common stock, completing the share purchase program authorization that began on May 9, 2022, and concluded on May 9, 2023. The decision to authorize a stock buyback signifies management's confidence in SciPlay Corporation's performance and financial health.

The strong performance can be attributed to SciPlay Corporation's investments in key growth drivers, proprietary tools, and systems, resulting in engaging entertainment experiences for players, increased monetization per player, and sustainable and profitable growth. The Board's approval of a new $60 million stock buyback authorization further reflects the company's commitment to shareholder value and growth prospects.

SciPlay Corporation develops and publishes digital games on mobile and Web platforms worldwide. The company offers seven games, which include social casino games, such as Jackpot Party Casino, Gold Fish Casino, Hot Shot Casino, and Quick Hit Slots, as well as casual games comprising MONOPOLY Slots, Bingo Showdown, and 88 Fortunes Slots. Its social casino games include slots-style gameplay, as well as table games-style gameplay; and casual games blend slots-style or bingo gameplay with adventure game features. The company was formerly known as SG Social Games Corporation and changed its name to SciPlay Corporation in March 2019. SciPlay Corporation was founded in 1997 and is based in Las Vegas, Nevada. SciPlay Corporation is a subsidiary of Scientific Games Corporation.


Industry: Oil & Gas Midstream

Teekay Corporation recently announced its authorization of a stock buyback program. The Company repurchased 4.40 million common shares, totaling $25.0 million, under its previously-announced $30 million stock buyback program. Since August 2022, Teekay has repurchased a significant 10.87 million common shares, amounting to 10.7% of outstanding shares prior to the initial buyback plan, at an average price of $5.06 per share.

The decision to authorize a new stock buyback program for up to $25 million of Teekay Corporation's outstanding common shares indicates a strong commitment to enhance shareholder value. This new program allows Teekay to repurchase shares through various means, including open market purchases and privately-negotiated transactions, taking into consideration market conditions and other relevant factors.

The recent stock buyback activities may have been influenced by several factors, such as Teekay Corporation's confidence in its financial performance, positive market sentiment towards the shipping and energy transportation industry, and potential undervaluation of the stock. By repurchasing shares at strategic prices, Teekay aims to consolidate ownership, signaling a positive outlook for the company and potentially boosting shareholder confidence.

Teekay Corporation provides oil and gas transportation services worldwide. It operates liquefied natural gas (LNG) carriers, floating production storage and offloading units, liquefied gas carriers, and conventional tankers. As of December 31, 2019, its fleet consisted of 154 vessels, which included chartered-in vessels. The company serves energy and utility companies, oil traders, large oil and LNG consumers, petroleum product producers, government agencies, and various other entities that depend upon marine transportation. Teekay Corporation was founded in 1973 and is headquartered in Vancouver, Canada.


Industry: Staffing & Employment Services

HireRight Holdings Corporation has recently authorized a new stock buyback program worth $25 million. This move reflects HireRight Holdings Corporation's commitment to enhancing shareholder value and signals confidence in its future growth prospects.

The buyback program allows HireRight Holdings Corporation to repurchase shares of its common stock through various methods, including open market repurchases and privately negotiated transactions. The decision to repurchase shares will be based on several factors, such as stock price, trading volume, market conditions, and overall business considerations. This flexibility gives HireRight Holdings Corporation the ability to adjust the program as needed, making it a strategic financial move.

The company's strong financial position is a significant contributor to this stock buyback authorization. With approximately $82.2 million in cash and cash equivalents as of June 20, 2023, HireRight Holdings Corporation is well-equipped to fund the repurchases. Moreover, this new buyback program comes after the completion of a previous $100 million stock buyback program in June 2023. During that initiative, HireRight Holdings Corporation successfully repurchased 9.3 million shares at an average estimated price of $10.80, further demonstrating its commitment to shareholder value and confidence in its stock.

HireRight Holdings Corporation provides technology-driven workforce risk management and compliance solutions worldwide. The company offers background screening, verification, identification, monitoring, and drug and health screening services for customers. It provides its services through software and data platforms that integrate into its customers' human capital management systems enabling workflows for workforce hiring, onboarding, and monitoring. The company was incorporated in 1990 and is based in Nashville, Tennessee.


Industry: Advertising Agencies

QuinStreet, Inc. has recently announced its plan to resume repurchasing shares of its common stock as part of a 10b5-1 trading plan. This move comes as no surprise, given QuinStreet, Inc.'s position as a leader in performance marketplaces and technologies for the financial services and home services industries. The company is known for its strong underlying business model and financial position, and this stock buyback authorization signals its confidence in the long-term outlook.

The decision to authorize a stock buyback is influenced by several factors. Firstly, QuinStreet, Inc. recognizes that the challenges faced by the insurance industry are expected to be transitory, implying that the company anticipates a return to growth and profitability in the future. Secondly, with approximately $20 million still available and authorized for stock repurchases from the previously announced $40 million share purchase program, QuinStreet, Inc. has ample resources to invest in its own stock. This reflects the management's belief that the stock is undervalued and represents an attractive investment opportunity.

QuinStreet, Inc., an online performance marketing company, provides customer acquisition services for its clients in the United States and internationally. The company offers online marketing services to its clients in the form of qualified clicks, leads, inquiries, calls, applications, customers, display advertisements, or impressions through its websites or third-party publishers. It provides its services in various verticals, such as financial services, education, home services, and business-to-business technology. The company was founded in 1999 and is headquartered in Foster City, California.


Industry: Banks—Regional

Blue Foundry Bancorp recently announced its second stock repurchase program, allowing the repurchase of up to 1,335,126 shares of its common stock, approximately 5% of outstanding common stock. This program comes after the completion of the Company's initial stock repurchase program, which was initiated in July 2022, authorizing the purchase of up to 2,852,250 shares. By April 2023, the Company had already repurchased 2,723,979 shares at a cost of $30,240,939, leaving 128,271 shares to be repurchased under the existing program.

The decision to authorize the stock buyback may have been influenced by various factors, including the availability of stock, prevailing market conditions, the stock's trading price, alternative uses for capital, and the Company's financial performance. The President and CEO, James D. Nesci, expressed his satisfaction with the second repurchase program, as they are close to completing the first one. He believes thatstock buybacks are a prudent way to utilize capital, and the Company's strong financial position allows them to participate actively in the market for repurchasing their own shares.

Blue Foundry Bancorp operates as a bank holding company for Blue Foundry Bank, a savings bank that offers various banking products and services for individuals and businesses. It offers deposits; and loans, such as one-to-four family residential property, home equity, commercial real estate, multi-family, construction, commercial and industrial, and other consumer loans, as well as home equity lines of credit. It operates 16 branches in Bergen, Morris, Essex, and Passaic Counties, New Jersey. The company was formerly known as Boiling Springs Bancorp and changed its name to Blue Foundry Bancorp in July 2019. Blue Foundry Bancorp was founded in 1939 and is based in Rutherford, New Jersey.


Industry: Insurance—Property & Casualty

Universal Insurance Holdings, Inc. recently made a strategic move by authorizing a stock buyback program, allowing them to repurchase up to $20 million of their outstanding common shares through June 10, 2025. The decision to embark on this stock buyback initiative was likely driven by several factors. Firstly, buybacks are often seen as an attractive way for companies to signal confidence in their financial health and future prospects. By reducing the number of outstanding shares, the earnings per share (EPS) can be increased, potentially bolstering investor confidence and attracting new shareholders.

Universal Insurance Holdings, Inc. is an integrated insurance holding company operating in the US. It specializes in developing, marketing, and underwriting insurance products for personal residential homeowner's insurance, offering coverage for homeowners, renters, condo unit owners, dwelling/fire, and more. The company also provides policy and claims administration, reinsurance intermediary services, and operates Universal Direct, an online platform for direct-to-consumer home insurance purchases. Founded in 1990 as Universal Heights, Inc., it is headquartered in Fort Lauderdale, Florida.


Industry: Reit—Specialty

AFC Gamma, Inc recently provided a business update. Firstly, the company declared a quarterly dividend of $0.48 per outstanding share of common stock, payable on July 14, 2023, to its common stockholders. Management believes this dividend represents a sustainable level based on the current portfolio, considering recent repayments and cash drag from liquidity on the balance sheet. AFC Gamma's policy is to pay dividends between 85% and 100% of ordinary income annually, with the possibility of a special dividend if earnings exceed the stated range.

Secondly, certain executives purchased approximately $2.9 million worth of AFC Gamma stock since the beginning of 2023. In response to the current volatility in their share price, the Board of Directors approved a stock buyback program, authorizing the repurchase of up to $20 million of outstanding common stock. The program allows the company to buy back shares in the open market or through privately negotiated transactions, adhering to relevant legal requirements. The timing and amount of repurchases will depend on various factors, including stock performance and market conditions. The stock buyback program is authorized until December 31, 2025, and subject to potential suspension, modification, or discontinuation.

Founded in July 2020, AFC Gamma, Inc. is a leading commercial real estate finance company specializing in providing financing solutions to established companies in the cannabis industry. With a team of seasoned investment professionals, we originate and manage senior secured loans and other types of loans for cannabis businesses operating in states with legalized medicinal and/or adult-use cannabis. As the cannabis market faces capital constraints and limited access to traditional bank financing and equity markets, AFC Gamma aims to fill this void by offering prudent financing options with stringent underwriting criteria, sizable operations, and institutional infrastructure. Our objective is to deliver attractive risk-adjusted returns through cash distributions and capital appreciation by providing loans to state law-compliant cannabis companies, primarily structured as senior loans secured by relevant assets within permissible legal and regulatory frameworks.

All data was sourced from LevelFields AI

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