Provident Financial Holdings Announces Extension of September 2023 Stock Repurchase Plan
Provident Financial Holdings (NASDAQ: PROV) has announced an extension of its September 28, 2023 Stock Repurchase Plan. The company's Board of Directors has authorized the extension for one year or until completion, whichever comes first. Currently, 99,968 shares are available for purchase under the Plan.
The plans to acquire these shares through open market purchases or privately negotiated transactions. The timing and volume of purchases will depend on various factors, including market conditions, capital requirements, and available cash allocated to the stock repurchase program.
Provident Financial Holdings (NASDAQ: PROV) ha annunciato un'estensione del suo Piano di Riacquisto Azionario del 28 settembre 2023. Il Consiglio di Amministrazione dell'azienda ha autorizzato l'estensione per un anno o fino al completamento, a seconda di quale evento si verifichi per primo. Attualmente, 99.968 azioni sono disponibili per l'acquisto secondo il Piano.
I piani prevedono di acquisire queste azioni attraverso acquisti sul mercato aperto o transazioni privatamente negoziate. Il momento e il volume degli acquisti dipenderanno da vari fattori, inclusi le condizioni di mercato, i requisiti di capitale e la liquidità disponibile destinata al programma di riacquisto azionario.
Provident Financial Holdings (NASDAQ: PROV) ha anunciado una extensión de su Plan de Recompra de Acciones del 28 de septiembre de 2023. La Junta Directiva de la compañía ha autorizado la extensión por un año o hasta completar, lo que ocurra primero. Actualmente, 99,968 acciones están disponibles para compra bajo el Plan.
Los planes son adquirir estas acciones a través de compras en el mercado abierto o transacciones negociadas privadamente. El momento y el volumen de las compras dependerán de varios factores, incluidos las condiciones del mercado, los requisitos de capital y el efectivo disponible asignado al programa de recompra de acciones.
프리비던트 파이낸셜 홀딩스 (NASDAQ: PROV)는 2023년 9월 28일 주식 재매입 계획의 연장을 발표했습니다. 회사의 이사회는 1년 또는 완료될 때까지 연장을 승인했습니다. 현재 99,968주가 계획에 따라 구매 가능합니다.
이러한 주식은 주식 시장에서의 공개 구매 또는 비공식적으로 협상된 거래를 통해 인수할 계획입니다. 구매의 시기와 양은 시장 조건, 자본 요구 사항 및 재매입 프로그램에 할당된 가용 자금 등 여러 요인에 따라 달라질 것입니다.
Provident Financial Holdings (NASDAQ: PROV) a annoncé une extension de son Plan de Rachat d'Actions du 28 septembre 2023. Le Conseil d'Administration de l'entreprise a autorisé l'extension pour un an ou jusqu'à achèvement, selon la première éventualité. Actuellement, 99 968 actions sont disponibles à l'achat dans le cadre du Plan.
Les plans prévoient d'acquérir ces actions par des achats sur le marché ouvert ou des transactions négociées de manière privée. Le moment et le volume des achats dépendront de plusieurs facteurs, y compris les conditions du marché, les exigences en capital et la liquidité disponible allouée au programme de rachat d'actions.
Provident Financial Holdings (NASDAQ: PROV) hat eine Verlängerung seines Aktienrückkaufplans vom 28. September 2023 angekündigt. Der Vorstand des Unternehmens hat die Verlängerung für ein Jahr oder bis zur Vollziehung genehmigt, je nachdem, was zuerst eintritt. Derzeit sind 99.968 Aktien im Rahmen des Plans zum Kauf verfügbar.
Die Pläne sehen vor, diese Aktien durch Offenmarktkäufe oder privat ausgehandelte Transaktionen zu erwerben. Der Zeitpunkt und das Volumen der Käufe hängen von verschiedenen Faktoren ab, einschließlich Marktbedingungen, Kapitalanforderungen und verfügbaren Mitteln, die für das Aktienrückkaufprogramm vorgesehen sind.
- Extension of stock repurchase plan indicates confidence in company's financial position
- Potential to increase shareholder value through reduction of outstanding shares
- Flexibility in repurchase method allows for optimal execution based on market conditions
- Allocation of cash to share repurchases may limit funds available for other investments or growth opportunities
Insights
This stock repurchase plan extension is a positive signal for investors. By continuing to buy back shares, Provident Financial Holdings is demonstrating confidence in its financial position and potentially enhancing shareholder value. The authorization to repurchase 99,968 shares represents approximately
Stock buybacks can have several benefits:
- Increase earnings per share by reducing the number of outstanding shares
- Potentially boost stock price due to increased demand
- Signal management's belief that the stock is undervalued
However, investors should note that the actual impact will depend on the execution of the plan and market conditions. The flexible nature of the plan, allowing purchases "from time to time" and considering market conditions, suggests a prudent approach to capital allocation. For a smaller bank like Provident, with a market cap of
RIVERSIDE, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company’s Board of Directors authorized an extension of the September 28, 2023 Stock Repurchase Plan (“Plan”) for a period of one year or until completed, whichever occurs first. There are 99,968 shares currently available to be purchased under the Plan. The Corporation will purchase the shares from time to time in the open market or through privately negotiated transactions depending on market conditions, the capital requirements of the Corporation, and available cash that can be allocated to the stock repurchase program, among other considerations.
Safe-Harbor Statement
Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
| Contacts: | Donavon P. Ternes President and Chief Executive Officer (951) 686-6060 | TamHao B. Nguyen Senior Vice President and Chief Financial Officer (951) 686-6060 |
FAQ
How many shares are available for repurchase under Provident Financial Holdings' extended stock repurchase plan?
When does Provident Financial Holdings' (PROV) extended stock repurchase plan expire?
How will Provident Financial Holdings (PROV) execute its stock repurchase plan?
What factors will influence Provident Financial Holdings' (PROV) stock repurchases under the extended plan?
