PCB Bancorp Announces Stock Repurchase Program Of Up To 720K Shares Of Common Stock, ~7% Expiring On August 2, 2024
Portfolio Pulse from Benzinga Newsdesk
PCB Bancorp (NASDAQ:PCB) has announced a stock repurchase program authorizing the repurchase of up to 720,000 shares of the company's outstanding common stock, approximately 5% of the outstanding shares. The program, which begins on August 8, 2023, and expires on August 2, 2024, will be conducted through various means such as open market transactions and privately negotiated transactions. The company also intends to enter into a 10b5-1 trading plan to permit common stock repurchase at times when it might otherwise be precluded due to insider trading laws or self-imposed trading restrictions.
August 04, 2023 | 2:37 pm
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PCB Bancorp's stock repurchase program may lead to a short-term increase in the company's stock price due to the reduction in the number of outstanding shares.
Stock repurchase programs often lead to an increase in the stock price as they reduce the number of outstanding shares, thereby increasing earnings per share. This can make the stock more attractive to investors, potentially driving up the price.
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