First Financial Bankshares Announces Renewal Of Stock Repurchase Plan; Co May Repurchase Up To 5M Shares Of Its Common Stock From July 25, 2023, Through July 31, 2024
Portfolio Pulse from Happy Mohamed
First Financial Bankshares, Inc. (NASDAQ:FFIN) has announced the renewal of its existing stock repurchase plan. The company may repurchase up to 5 million shares of its common stock from July 25, 2023, through July 31, 2024. This represents approximately 3.5% of the company's outstanding shares. The repurchase will be made through the open market, block trades, or privately negotiated transactions.
July 31, 2023 | 3:31 pm
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First Financial's renewal of its stock repurchase plan may lead to a short-term increase in its stock price due to the potential reduction in the number of outstanding shares.
Stock repurchase plans often lead to an increase in the stock price as they reduce the number of outstanding shares, thereby increasing earnings per share. This announcement shows First Financial's confidence in its future, which may positively influence investor sentiment.
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