Discover the financial services stocks with the biggest stock buyback authorizations last quarter, Q2 FY 2023
Ponce Financial Group, Inc., the holding company for Ponce Bank, has authorized a share repurchase program aimed at enhancing shareholder value. The program allows for the repurchase of up to 1,235,000 shares of Ponce's common stock, equivalent to around 5% of the total shares outstanding. These repurchases will occur through a pre-arranged stock repurchase plan in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934. Additionally, Ponce may execute repurchases through privately negotiated transactions based on prevailing market prices and conditions. The repurchased shares will be held as treasury shares and may be utilized to support restricted stock units and option grants under the existing equity plan or future equity plans. It's important to note that the program can be modified, halted, or terminated at any time, and its expiration date is set for May 15, 2024.
William Penn Bancorporation, the parent company of William Penn Bank, recently authorized a new stock repurchase program to acquire up to 1,281,019 shares, representing approximately 10.0% of William Penn's common stock. This decision followed consultation with the Federal Reserve Bank of Philadelphia. Kenneth J. Stephon, the Chairman, President, and CEO of William Penn, expressed satisfaction with the approved plan, stating that it would significantly enhance their ongoing buyback program, ultimately benefiting shareholders. William Penn has been implementing multiple stock repurchase programs, with the latest one commencing after the completion of the previous program, indicating a continued commitment to creating value for investors. The repurchases are carried out through open market purchases and privately negotiated transactions, subject to market conditions and various corporate factors.
The Travelers Companies, Inc. reported strong first-quarter results with net income of $975 million and core income of $970 million. Despite elevated catastrophe losses of $535 million, Travelers achieved an excellent underlying combined ratio of 90.6% and a record net written premium of $9.396 billion, reflecting 12% growth compared to the prior year quarter. In light of these positive results and confidence in the business outlook, Travelers's Board of Directors authorized an additional $5.0 billion of share repurchases, on top of the $1.605 billion remaining from previous authorizations.
Stock Yards Bancorp, Inc. (SYBT), the parent company of Stock Yards Bank & Trust Company, has recently authorized a stock buyback as part of its financial strategy. The Board of Directors extended the Stock Repurchase Plan's expiration date to May 22, 2025, allowing the repurchase of up to one million shares. Stock Yards Bancorp has already repurchased approximately 259,000 shares, leaving around 741,000 shares eligible for repurchase. These repurchases may occur on the open market, through block trades, privately negotiated transactions, or pursuant to Rule 10b5-1, subject to applicable securities law. The exact number and timing of repurchases will be determined at Stock Yards Bancorp's discretion. This move demonstrates Stock Yards Bancorp's commitment to enhancing shareholder value and taking advantage of opportunities provided by Rule 10b5-1.
1895 Bancorp of Wisconsin, Inc. has announced the authorization of its second stock repurchase program. 1895 Bancorp of Wisconsin can repurchase up to 10% of its outstanding shares, subject to regulatory approval. Repurchases may occur through various methods, including open market or private transactions. The timing and amount of repurchases will be determined by management, considering factors such as stock availability, market conditions, and 1895 Bancorp of Wisconsin's financial performance. The program has no expiration date and can be modified or terminated at 1895 Bancorp of Wisconsin's discretion.
All data was sourced from LevelFields AI
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