ProAssurance Board Suspends Quarterly Cash Dividend; Co. Says It 'intends to utilize its existing share repurchase authorization to return capital to shareholders.'
Portfolio Pulse from Benzinga Newsdesk
ProAssurance's board has suspended its quarterly cash dividend and plans to use its existing share repurchase authorization to return capital to shareholders.
May 26, 2023 | 1:20 pm
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NEGATIVE IMPACT
ProAssurance suspends its quarterly cash dividend and will use its share repurchase authorization to return capital to shareholders.
The suspension of the quarterly cash dividend may be seen as a negative signal by income-focused investors, potentially leading to a short-term decline in the stock price. However, the company's decision to use its share repurchase authorization to return capital to shareholders may partially offset this negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100