Equity Commonwealth Discloses Additional $150M Share Buyback Program
Portfolio Pulse from Lekha Gupta
Equity Commonwealth (NYSE:EQC) has disclosed a new share repurchase authorization of up to $150 million from July 1, 2023, through June 30, 2024. The company has $120 million worth of shares remaining under its previous buyback authorization, expiring on June 30, 2023. EQC reported Q1 2023 revenues of $15.576 million, beating the consensus of $15.01 million.
June 14, 2023 | 12:09 pm
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Equity Commonwealth announced a $150 million share buyback program from July 2023 to June 2024. The company's Q1 2023 revenues beat consensus estimates.
The announcement of a new share buyback program indicates the company's confidence in its financial position and future prospects. Additionally, the Q1 2023 revenues beating consensus estimates show strong financial performance. Both factors are likely to have a positive short-term impact on EQC's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100