We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
South Plains Financial (SPFI) Announces $15M Share Buyback Plan
Read MoreHide Full Article
South Plains Financial, Inc. (SPFI - Free Report) has announced a share repurchase program. The company’s board of directors has approved the repurchase of up to $15 million worth of SPFI’s outstanding common stock.
The new buyback plan will begin when the existing stock repurchase program (announced on Nov 1, 2021) expires due to the depletion of funds previously allocated to the company and will conclude on May 21, 2023, subject to earlier termination or extension.
In November 2021, the company’s board of directors authorized the repurchase of up to $10 million worth of the company’s outstanding common stock, with an expiration date of Nov 6, 2022. Currently, the existing plan has $1.6 million worth of shares remaining for repurchase.
Supported by its earnings strength and robust capital position, South Plains Financial has been enhancing shareholder value through efficient capital deployment activities. In addition to having a sustainable repurchase program, the company regularly pays dividends.
The latest dividend was announced on Apr 21, 2022, when the company declared a quarterly cash dividend of 11 cents per share. The dividend was paid out on May 16 to shareholders of record as of May 2.
On Jan 20, 2022, SPFI hiked its quarterly dividend by 22.2% to 11 cents per share from 9 cents. The dividend was paid out on Feb 14 to shareholders of record as of January 31.
So far this year, shares of SPFI have lost 17.1% compared with a 12.1% decline of the industry it belongs to.
A couple of days ago, Flushing Financial Corporation (FFIC - Free Report) announced that its board of directors approved the repurchase of up to 1 million shares of FFIC’s outstanding stock. The buyback program, effective immediately, has no expiration date and is in addition to the existing authorization. Under the existing plan, FFIC repurchased 0.4 million shares in the first quarter.
Valley National Bancorp (VLY - Free Report) announced a share repurchase plan. The company’s board of directors approved a stock repurchase program for up to 25 million shares of VLY. The authorization to repurchase will expire on Apr 25, 2024.
Notably, Valley National terminated its 2007 stock repurchase program.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
South Plains Financial (SPFI) Announces $15M Share Buyback Plan
South Plains Financial, Inc. (SPFI - Free Report) has announced a share repurchase program. The company’s board of directors has approved the repurchase of up to $15 million worth of SPFI’s outstanding common stock.
The new buyback plan will begin when the existing stock repurchase program (announced on Nov 1, 2021) expires due to the depletion of funds previously allocated to the company and will conclude on May 21, 2023, subject to earlier termination or extension.
In November 2021, the company’s board of directors authorized the repurchase of up to $10 million worth of the company’s outstanding common stock, with an expiration date of Nov 6, 2022. Currently, the existing plan has $1.6 million worth of shares remaining for repurchase.
Supported by its earnings strength and robust capital position, South Plains Financial has been enhancing shareholder value through efficient capital deployment activities. In addition to having a sustainable repurchase program, the company regularly pays dividends.
The latest dividend was announced on Apr 21, 2022, when the company declared a quarterly cash dividend of 11 cents per share. The dividend was paid out on May 16 to shareholders of record as of May 2.
On Jan 20, 2022, SPFI hiked its quarterly dividend by 22.2% to 11 cents per share from 9 cents. The dividend was paid out on Feb 14 to shareholders of record as of January 31.
So far this year, shares of SPFI have lost 17.1% compared with a 12.1% decline of the industry it belongs to.
Image Source: Zacks Investment Research
Currently, South Plains Financial 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 Finance Companies
A couple of days ago, Flushing Financial Corporation (FFIC - Free Report) announced that its board of directors approved the repurchase of up to 1 million shares of FFIC’s outstanding stock. The buyback program, effective immediately, has no expiration date and is in addition to the existing authorization. Under the existing plan, FFIC repurchased 0.4 million shares in the first quarter.
Valley National Bancorp (VLY - Free Report) announced a share repurchase plan. The company’s board of directors approved a stock repurchase program for up to 25 million shares of VLY. The authorization to repurchase will expire on Apr 25, 2024.
Notably, Valley National terminated its 2007 stock repurchase program.