Discover the financial services stocks with the biggest stock buybacks last quarter, Q1 2023
Berkshire Hills Bancorp, Inc. (BHLB) recently announced that its Board of Directors has authorized a share repurchase program, allowing Berkshire Hills to buy back shares of its common stock with a total cost of up to $50 million until December 31, 2023. This represents approximately 4% of outstanding shares based on the current share price. The decision to initiate the stock buyback comes as Berkshire's balance sheet and capital ratios remain strong, well above regulatory thresholds for well-capitalized banks. Berkshire Hills aims to use a balanced approach to deploy capital generated by its operations, supporting growth, financial soundness, and distributing capital to shareholders through dividends and stock repurchases. This repurchase program aligns with Berkshire's ongoing quarterly shareholder dividend, which was increased by 50% last quarter. Berkshire CEO Nitin Mhatre emphasized Berkshire Hills's strategic transformation plan, known as BEST, which aims to enhance profitability, shareholder returns, and overall value for stakeholders. The Board's authorization of the repurchase program reflects Berkshire Hills's significant progress towards achieving its purpose-driven and performance objectives. Berkshire Hills may execute the repurchases through various methods, including open market purchases, block trades, negotiated transactions, or in accordance with SEC regulations. This stock buyback authorization does not signify a firm commitment to repurchase shares but provides flexibility for Berkshire to optimize its capital allocation strategy.
Cambridge Bancorp, the parent company of Cambridge Trust Company, recently announced that its 2023 annual meeting of shareholders will take place on May 15, 2023, at the Harvard Faculty Club in Cambridge, MA. Only shareholders who held their shares as of March 13, 2023, are eligible to vote at the meeting. In addition to this announcement, Cambridge Bancorp's board of directors authorized a stock repurchase program, allowing for the acquisition of up to 5.0% of the total outstanding shares of Cambridge Bancorp's common stock. These repurchases are scheduled to take place before March 13, 2024.
Central Pacific Financial Corp., the parent company of Central Pacific Bank (CPB), reported a successful 2022 year-end with strong growth in loans, deposits, and net interest income. Central Pacific Financial believes that Hawaii's resilient economy, driven by robust housing and tourism markets as well as a significant military presence, will outperform the rest of the country. The Board of Directors authorized a stock buyback of up to $25 million, replacing the previous program, as a means to return capital to shareholders. This decision follows Central Pacific Financial's repurchase of 241,203 shares of common stock during the fourth quarter of 2022. Recent key highlights include the promotion of Arnold Martines to President & CEO, recognition by Newsweek as one of the Best Banks in Hawaii, the appointment of Jason Fujimoto to the boards of CPB and CPF, and the Central Pacific Bank Foundation's generous donations of $1.3 million to the local community. In addition, the bank launched a significant small business marketing campaign focused on a strategic customer segment.
Hippo Holdings Inc. (HIPO), the proactive home protection-focused home insurance group, has recently announced the authorization of a stock repurchase program. Under this program, Hippo's board of directors has authorized the repurchase of up to $50 million worth of its common stock, effective immediately. Hippo Holdings has the flexibility to conduct repurchases through various channels, including open market transactions and privately negotiated deals, based on market conditions and corporate requirements. Hippo intends to comply with relevant federal securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, when executing open market repurchases. Additionally, Hippo Holdings may employ Rule 10b5-1 plans to facilitate share repurchases as per the authorized program. It's important to note that this stock buyback program doesn't impose any obligation on Hippo to acquire a specific amount of its common stock, and it can be adjusted, halted, or concluded at Hippo Holdings’ discretion. The recent developments and news surrounding Hippo likely contributed to the decision to authorize the stock buyback, demonstrating Hippo Holdings’ commitment to enhancing shareholder value and capitalizing on favorable market conditions.
Banc of California, Inc. recently announced an increased quarterly cash dividend of $0.10 per share, indicating a substantial 66.7% increase compared to the previous quarter. The dividend will be paid on April 3, 2023, to stockholders on record as of March 15, 2023. In addition to the dividend increase, Banc of California's Board of Directors has authorized a stock buyback program of up to $35 million of Banc of California's common stock. This decision was made due to Banc of California's strong financial and capital position, with a focus on enhancing shareholder value. The repurchase authorization is valid until February 2024 and allows for purchases through various means, including open-market transactions, block transactions, and privately negotiated transactions. The timing and volume of repurchases will depend on factors such as market conditions, trading volume, and regulatory requirements. Banc of California also offers a Dividend Reinvestment Plan (DRIP) that allows eligible stockholders to acquire shares at a 3% discount from the market price.
Perella Weinberg Partners (PWP) reported revenues of $631.5 million for the year ended December 31, 2022, a decrease of 21% compared to the previous year, primarily due to a reduction in mergers and acquisition activity. Despite the challenging economic environment, PWP continued to grow its partnership, expanded client relationships, and returned capital to shareholders. In light of these financial results and the need to optimize shareholder value Perella Weinberg Partners authorized a stock buyback of an undisclosed amount. Recent news and developments contributing to this decision include the firm's successful leadership transition and its focus on scaling the platform over the longer term. PWP is optimistic about the future and remains grateful for its clients, team, and the outstanding leadership provided by Peter Weinberg, the Founding Partner and Chairman.
First Hawaiian, Inc. (FHB) announced its solid fourth-quarter results for 2022, showcasing continued earnings growth driven by strong loan growth and excellent credit quality. First Hawaiian's Board of Directors declared a quarterly cash dividend of $0.26 per share, payable on March 3, 2023. Additionally, they authorized a stock repurchase program for up to $40 million of its outstanding common stock during 2023. This decision may have been influenced by First Hawaiian's robust financial performance and its desire to enhance shareholder value. The program allows for open-market purchases or privately negotiated transactions, subject to management's discretion and market conditions. The timing and exact amount of repurchases will be determined based on factors such as First Hawaiian's capital position, financial performance, and prevailing market conditions.
All data was sourced from LevelFields AI
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