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Salisbury Bancorp (SAL) Extends Share Repurchase Program
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Salisbury Bancorp, Inc. announced that its board of directors approved the renewal of its share repurchase program for another year. The share repurchase program permits the buyback of up to 5% of the company’s outstanding shares through privately negotiated transactions and/or market purchases.
Markedly, on Mar 24, 2021, Salisbury Bancorp adopted the above-mentioned share repurchase plan with a 1-year expiry. SAL did not repurchase any shares in 2021.
Share buybacks aside, SAL has been regularly raising dividends and enhancing shareholder value.
On Jan 26, 2022, the company announced a 3.2% increase in its quarterly dividend to 32 cents. The dividend was paid out on Feb 25 to shareholders of record as of Feb 11, 2022.
Based on last day’s closing price of $57.79, the company’s dividend yield currently stands at 2.21%, which is impressive compared with the industry’s yield of 2.09%.
Its past performance depicts a robust earnings picture. SAL recorded an earnings growth rate of 20.13% over the last three to five years, higher than the industry average of 13.64%. The momentum is expected to continue in the upcoming period, with the company’s earnings projected to grow 6.3% and 10.2% year over year for 2022 and 2023, respectively.
Also, the recent interest rate hike of 25 basis points by the Fed will help drive net interest income and revenues of the company. Supported by its strong organic growth, driven by higher loans and deposits, SAL is expected to continue with efficient capital deployment activities. This will drive investor confidence in the stock.
Over the past three months, shares of Salisbury Bancorp have rallied 8%, outperforming 0.7% growth of the industry it belongs to.
Southside Bancshares, Inc. (SBSI - Free Report) announced a share repurchase plan on Mar 4, 2022. The board of directors approved the repurchase of up to 1 million of SBSI’s outstanding shares. The new share buyback authorization comes with no expiration date.
The new repurchase plan replaces the previous one. On Mar 12, 2020, Southside Bancshares’ board of directors increased the authorization under the previous stock repurchase plan of September 2019 by an additional 1 million shares to buy back up to 2 million shares.
Fulton Financial Corporation (FULT - Free Report) announced a share repurchase plan. The board of directors approved the repurchase of up to $75 million worth of shares of FULT’s outstanding stock. The program will commence from Apr 1 and is valid until Dec 31, 2022.
The new repurchase plan will replace the previous one (set to expire on Mar 31), which authorized Fulton Financial to buyback up to $75 million worth of shares and was announced in February 2021.
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Salisbury Bancorp (SAL) Extends Share Repurchase Program
Salisbury Bancorp, Inc. announced that its board of directors approved the renewal of its share repurchase program for another year. The share repurchase program permits the buyback of up to 5% of the company’s outstanding shares through privately negotiated transactions and/or market purchases.
Markedly, on Mar 24, 2021, Salisbury Bancorp adopted the above-mentioned share repurchase plan with a 1-year expiry. SAL did not repurchase any shares in 2021.
Share buybacks aside, SAL has been regularly raising dividends and enhancing shareholder value.
On Jan 26, 2022, the company announced a 3.2% increase in its quarterly dividend to 32 cents. The dividend was paid out on Feb 25 to shareholders of record as of Feb 11, 2022.
Based on last day’s closing price of $57.79, the company’s dividend yield currently stands at 2.21%, which is impressive compared with the industry’s yield of 2.09%.
Its past performance depicts a robust earnings picture. SAL recorded an earnings growth rate of 20.13% over the last three to five years, higher than the industry average of 13.64%. The momentum is expected to continue in the upcoming period, with the company’s earnings projected to grow 6.3% and 10.2% year over year for 2022 and 2023, respectively.
Also, the recent interest rate hike of 25 basis points by the Fed will help drive net interest income and revenues of the company. Supported by its strong organic growth, driven by higher loans and deposits, SAL is expected to continue with efficient capital deployment activities. This will drive investor confidence in the stock.
Over the past three months, shares of Salisbury Bancorp have rallied 8%, outperforming 0.7% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #2 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Other Banks That Took Similar Action
Southside Bancshares, Inc. (SBSI - Free Report) announced a share repurchase plan on Mar 4, 2022. The board of directors approved the repurchase of up to 1 million of SBSI’s outstanding shares. The new share buyback authorization comes with no expiration date.
The new repurchase plan replaces the previous one. On Mar 12, 2020, Southside Bancshares’ board of directors increased the authorization under the previous stock repurchase plan of September 2019 by an additional 1 million shares to buy back up to 2 million shares.
Fulton Financial Corporation (FULT - Free Report) announced a share repurchase plan. The board of directors approved the repurchase of up to $75 million worth of shares of FULT’s outstanding stock. The program will commence from Apr 1 and is valid until Dec 31, 2022.
The new repurchase plan will replace the previous one (set to expire on Mar 31), which authorized Fulton Financial to buyback up to $75 million worth of shares and was announced in February 2021.