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Bridgewater Bancshares (BWB) Announces New Share Buyback Plan
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Bridgewater Bancshares, Inc.’s (BWB - Free Report) board of directors has announced a new stock repurchase program. Under this plan, the company is authorized to repurchase up to $25 million worth of its common stock. The program will expire on Aug 16, 2024.
The new share repurchase program is part of the company’s strategic decision to enhance shareholders’ value. It executes a stock repurchase program based on various factors like valuation, capital levels and other uses of capital.
Prior to this program, in January 2019, Bridgewater Bancshares adopted a stock repurchase program, which authorized up to $15 million worth of its common stock effective from Jan 22, 2019. This program has been changed twice to increase the buyback authorization to up to $40 million shares in 2020.
In the first half of 2022, BWB repurchased 563,455 shares for $9.2 million. In addition, the company repurchased nearly $1.6 million worth of shares under its old plan (scheduled to expire in October 2022) in the third quarter of 2022.
Thus, the company’s steady share buyback plan reflects its enhanced capital deployment activities. BWB has a strong capital position with substantial cash balances to sustain such activities.
Over the past three months, shares of BWB have gained 15.6% outperforming 4.4% growth of the industry it belongs to.
M&T Bank Corporation (MTB - Free Report) announced the authorization to repurchase up to $3.0 billion of common stock on the open market or in privately negotiated transactions in July 2022.
MTB also shared that this authorization replaced the prior $800 million repurchase plan authorized by the board of directors in January 2021 and reauthorized this February.
Charles Schwab Corporation (SCHW - Free Report) announced that it has purchased approximately 15 million shares of its nonvoting common stock directly from TD Bank Group for $1 billion.The shares were purchased under SCHW’s recent repurchase authorization.
In July, SCHW announced a new share repurchase program worth up to $15 billion. This replaces the prior plan, which had $1.8 billion authorization remaining as of Jun 30, 2022.
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Bridgewater Bancshares (BWB) Announces New Share Buyback Plan
Bridgewater Bancshares, Inc.’s (BWB - Free Report) board of directors has announced a new stock repurchase program. Under this plan, the company is authorized to repurchase up to $25 million worth of its common stock. The program will expire on Aug 16, 2024.
The new share repurchase program is part of the company’s strategic decision to enhance shareholders’ value. It executes a stock repurchase program based on various factors like valuation, capital levels and other uses of capital.
Prior to this program, in January 2019, Bridgewater Bancshares adopted a stock repurchase program, which authorized up to $15 million worth of its common stock effective from Jan 22, 2019. This program has been changed twice to increase the buyback authorization to up to $40 million shares in 2020.
In the first half of 2022, BWB repurchased 563,455 shares for $9.2 million. In addition, the company repurchased nearly $1.6 million worth of shares under its old plan (scheduled to expire in October 2022) in the third quarter of 2022.
Thus, the company’s steady share buyback plan reflects its enhanced capital deployment activities. BWB has a strong capital position with substantial cash balances to sustain such activities.
Over the past three months, shares of BWB have gained 15.6% outperforming 4.4% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Bridgewater Bancshares currently carries 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
M&T Bank Corporation (MTB - Free Report) announced the authorization to repurchase up to $3.0 billion of common stock on the open market or in privately negotiated transactions in July 2022.
MTB also shared that this authorization replaced the prior $800 million repurchase plan authorized by the board of directors in January 2021 and reauthorized this February.
Charles Schwab Corporation (SCHW - Free Report) announced that it has purchased approximately 15 million shares of its nonvoting common stock directly from TD Bank Group for $1 billion.The shares were purchased under SCHW’s recent repurchase authorization.
In July, SCHW announced a new share repurchase program worth up to $15 billion. This replaces the prior plan, which had $1.8 billion authorization remaining as of Jun 30, 2022.