Cherry Hill Mortgage Investment Corporation Authorizes $50M Preferred Stock Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) has announced a new repurchase program authorizing up to $50 million of its preferred stock, including 8.20% Series A and 8.250% Series B. The repurchases will be made through open market or privately negotiated transactions, subject to market conditions and SEC rules, without a set expiration date.

December 19, 2023 | 1:40 pm
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CHMI's new $50M preferred stock repurchase program may signal confidence by management in the company's financial stability and a commitment to delivering shareholder value, potentially leading to a positive short-term impact on the stock's price.
Stock repurchase programs often lead to a positive market reaction as they can indicate that a company believes its stock is undervalued and that it has sufficient cash on hand. This can lead to an increase in the stock price in the short term due to the perceived increase in shareholder value and the reduction in the number of shares outstanding, which increases earnings per share. However, the actual impact will depend on market conditions and the execution of the repurchase program.
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