Strawberry Fields REIT Inc. Announces Board Of Directors Has Authorized The Repurchase Of Up To $5M Of The Company's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Strawberry Fields REIT, Inc. (NYSE:STRW) has announced a share repurchase program authorized by its Board of Directors to buy back up to $5 million of its common stock. The company's CEO, Moishe Gubin, expressed that the current share price does not reflect the true value of the shares and emphasized the company's strong balance sheet, cash flow, and commitment to shareholder returns. The repurchases will be made based on market conditions and business outlook, with no set time limit for the program.
November 14, 2023 | 2:09 pm
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Strawberry Fields REIT, Inc. has initiated a $5 million stock repurchase program, indicating management's belief that the shares are undervalued and demonstrating a commitment to shareholder value.
Stock repurchase programs often lead to a positive short-term impact on the stock price as they can reduce the number of shares outstanding, potentially increase earnings per share, and signal management's confidence in the company's fundamentals. Given the CEO's statement regarding the undervaluation of the stock and the company's strong cash flow, this buyback program is likely to be viewed positively by investors.
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