Blue Foundry Bancorp Adopts Stock Repurchase Program To Repurchase Up To 1.26M Shares, Which Is 5% Of Its Outstanding Common Stock
Portfolio Pulse from Benzinga Newsdesk
Blue Foundry Bancorp has adopted a stock repurchase program to buy back up to 1.26 million shares, representing 5% of its outstanding common stock. This is the company's third repurchase program since its mutual-to-stock conversion and related stock offering in July 2021.
August 17, 2023 | 8:38 pm
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Blue Foundry Bancorp's new 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 is the third such program for Blue Foundry Bancorp since July 2021, indicating a consistent strategy to boost shareholder value.
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