In an effort to reward shareholders with enhanced capital deployment activities, Amerant Bancorp Inc. (AMTB - Free Report) recently announced a new share repurchase program authorizing $40 million worth of its Class B common stock.
Since this announcement last week, shares of Amerant Bancorp have lost1.1%.
Amerant Bancorp’s repurchase is in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 or under Repurchase Program, which may be made in the open market, by block purchase, in privately negotiated transactions.
Gerald P. Plush, executive vice chairman and incoming CEO of Amerant Bancorp, said, “The Board’s stock repurchase authorization of our Class B Stock underscores the confidence we have in our future performance, and having the Repurchase Program in place will enhance our ability to efficiently manage capital while increasing total return to shareholders.”
Earlier, in December 2020, the company announced the success of modified “Dutch auction” tender offer to repurchase up to $50.0 million worth of its Class B common stock at a price neither greater than $12.55 nor less than $11.05 per share.
Over the past six months, shares of Amerant Bancorp have gained 63.5%, compared with the industry’s rally of 92.3%.
Amerant Bancorp currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks That Took Similar Action
Several banks have announced new share repurchase program in the recent months, which include The Bank of Princeton (BPRN - Free Report) , TriCo Bancshares (TCBK - Free Report) and FB Financial Corporation (FBK - Free Report) .
The Bank of Princeton’s board of directors authorized repurchase of 339,788 shares worth up to $10.4 million this year. TriCo Bancshares’ board of directors has authorized the repurchase of 2 million shares.
Further, FB Financial has announced a new share-repurchase plan, under which its board of directors has authorized a buyback of up to $100 million of the outstanding common stock.
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In an effort to reward shareholders with enhanced capital deployment activities, Amerant Bancorp Inc. (AMTB - Free Report) recently announced a new share repurchase program authorizing $40 million worth of its Class B common stock.
Since this announcement last week, shares of Amerant Bancorp have lost1.1%.
Amerant Bancorp’s repurchase is in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 or under Repurchase Program, which may be made in the open market, by block purchase, in privately negotiated transactions.
Gerald P. Plush, executive vice chairman and incoming CEO of Amerant Bancorp, said, “The Board’s stock repurchase authorization of our Class B Stock underscores the confidence we have in our future performance, and having the Repurchase Program in place will enhance our ability to efficiently manage capital while increasing total return to shareholders.”
Earlier, in December 2020, the company announced the success of modified “Dutch auction” tender offer to repurchase up to $50.0 million worth of its Class B common stock at a price neither greater than $12.55 nor less than $11.05 per share.
Over the past six months, shares of Amerant Bancorp have gained 63.5%, compared with the industry’s rally of 92.3%.
Amerant Bancorp currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks That Took Similar Action
Several banks have announced new share repurchase program in the recent months, which include The Bank of Princeton (BPRN - Free Report) , TriCo Bancshares (TCBK - Free Report) and FB Financial Corporation (FBK - Free Report) .
The Bank of Princeton’s board of directors authorized repurchase of 339,788 shares worth up to $10.4 million this year. TriCo Bancshares’ board of directors has authorized the repurchase of 2 million shares.
Further, FB Financial has announced a new share-repurchase plan, under which its board of directors has authorized a buyback of up to $100 million of the outstanding common stock.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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