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ACRES Commercial (ACR) Expands Share Buyback Program by $10M
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ACRES Commercial Realty Corp.’s (ACR - Free Report) board of directors authorized an additional $10 million of the outstanding shares of both its common and preferred stock under its existing share repurchase program.
In November 2021, the company was authorized to repurchase $20 million of the outstanding shares of its common stock. In the nine months ended Sep 30, 2023, ACR repurchased 298,000 shares for $2.7 million. It has $4.1 million of authorization remaining under this program.
Markedly, the company has been enhancing shareholder value on the back of share buybacks. In March 2016, ACRES Commercial was authorized with its securities repurchase program. In November 2020, the company was approved to repurchase up to $20 million of our outstanding shares of its common stock.
In July 2021, the authorized amount was fully used. Consequently, in November 2021, the company was authorized with the current $20-million program.
Since it repurchases its common stock at significant discounts to book value, these buybacks have been accretive to book value per share since the inception of the program. As of Sep 30, 2023, book value per share increased 2.3% sequentially to $25.07, with repurchases accounting for 15 cents of this increase.
The company’s share repurchase activities seem sustainable and might stoke investors’ confidence in the stock, with $104 million in total liquidity as of the third-quarter end, a record of buybacks and decent earnings strength.
In the past six months month, ACR shares have declined 10.5% against the industry's rise of 0.3%.
Provident Financial Holdings, Inc. (PROV - Free Report) announced a share repurchase plan to buy back up to 350,353 shares or nearly 5% of its outstanding shares.
This new repurchase plan replaced the previous program, which was announced in April 2022, wherein PROV was set to buy back approximately 364,259 shares. In April 2023, PROV announced an extension of the program for a year or until it is completed, whichever is earlier.
Hanover Bancorp, Inc. (HNVR - Free Report) announced a share buyback program. Under the plan, for which it has received the board’s approval, the company is set to buy back approximately 366,050 or nearly 5% of its outstanding shares.
HNVR maintains strong liquidity and a robust capital position, indicating that it will be able to sustain such capital distribution activities, thereby enhancing shareholder value.
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ACRES Commercial (ACR) Expands Share Buyback Program by $10M
ACRES Commercial Realty Corp.’s (ACR - Free Report) board of directors authorized an additional $10 million of the outstanding shares of both its common and preferred stock under its existing share repurchase program.
In November 2021, the company was authorized to repurchase $20 million of the outstanding shares of its common stock. In the nine months ended Sep 30, 2023, ACR repurchased 298,000 shares for $2.7 million. It has $4.1 million of authorization remaining under this program.
Markedly, the company has been enhancing shareholder value on the back of share buybacks. In March 2016, ACRES Commercial was authorized with its securities repurchase program. In November 2020, the company was approved to repurchase up to $20 million of our outstanding shares of its common stock.
In July 2021, the authorized amount was fully used. Consequently, in November 2021, the company was authorized with the current $20-million program.
Since it repurchases its common stock at significant discounts to book value, these buybacks have been accretive to book value per share since the inception of the program. As of Sep 30, 2023, book value per share increased 2.3% sequentially to $25.07, with repurchases accounting for 15 cents of this increase.
The company’s share repurchase activities seem sustainable and might stoke investors’ confidence in the stock, with $104 million in total liquidity as of the third-quarter end, a record of buybacks and decent earnings strength.
In the past six months month, ACR shares have declined 10.5% against the industry's rise of 0.3%.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Share Buyback Plans of Other Companies
Provident Financial Holdings, Inc. (PROV - Free Report) announced a share repurchase plan to buy back up to 350,353 shares or nearly 5% of its outstanding shares.
This new repurchase plan replaced the previous program, which was announced in April 2022, wherein PROV was set to buy back approximately 364,259 shares. In April 2023, PROV announced an extension of the program for a year or until it is completed, whichever is earlier.
Hanover Bancorp, Inc. (HNVR - Free Report) announced a share buyback program. Under the plan, for which it has received the board’s approval, the company is set to buy back approximately 366,050 or nearly 5% of its outstanding shares.
HNVR maintains strong liquidity and a robust capital position, indicating that it will be able to sustain such capital distribution activities, thereby enhancing shareholder value.