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HomeStreet Announces a $20 Million Expansion of Our Share Repurchase Program and Common Stock Dividend of $0.25 Per Share
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
buybackdividends
Rhea-AI Summary
HomeStreet (Nasdaq: HMST) announced an expansion of its share repurchase program, allowing for the repurchase of up to $20 million in common stock, pending regulatory approval. The Board also declared a quarterly dividend of $0.25 per share, payable on November 23, 2021 to shareholders of record by November 9, 2021. This buyback initiative aims to enhance shareholder value and reflects the company's confidence in its financial health.
Positive
Approval of a share repurchase program for up to $20 million, enhancing shareholder value.
Quarterly dividend of $0.25 per share, demonstrating strong financial performance.
Negative
None.
SEATTLE--(BUSINESS WIRE)--
HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), today announced that the Board of Directors has approved an expansion of our share repurchase program, subject to the approval or nonobjection of its regulators, and a $0.25 per share quarterly dividend.
The approved expansion of our share repurchase program allows for the additional repurchase of up to $20 million in aggregate amount of shares of the Company’s common stock. Under this program, the Company may repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be terminated, modified or suspended at any time at the Company's discretion.
The Board of Directors also approved a dividend of $0.25 per common share. The dividend is payable on November 23, 2021 to shareholders of record at the close of business on November 9, 2021.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. HomeStreet Bank is the winner of the 2022 "Best Small Bank" in WashingtonNewsweek magazine award. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.
What is the purpose of HomeStreet's $20 million share repurchase program?
The share repurchase program aims to enhance shareholder value and reflects the company's financial health and confidence in future performance.
When will the quarterly dividend of $0.25 per share be paid?
The quarterly dividend of $0.25 per share will be payable on November 23, 2021, to shareholders of record at the close of business on November 9, 2021.
How does the share repurchase program impact HomeStreet's stock price?
The share repurchase program can potentially increase the stock price by reducing the number of shares outstanding, thereby increasing earnings per share and overall shareholder value.
