Peoples Bancorp Announces Authorization Of An Updated Stock Repurchase Program, Whereby Up To An Additional $2M Will Be Allocated To Repurchase The Co's Common Stock, Which Increases The Total Amount Authorized In 2023 To $4M
Portfolio Pulse from Benzinga Newsdesk
Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) has announced an updated stock repurchase program, authorizing an additional $2 million for repurchasing its common stock, bringing the total 2023 authorization to $4 million. The program, which was initially announced on March 6, 2023, will expire on February 29, 2024. The repurchases will be made in the open market or through privately-negotiated transactions, depending on market conditions and other factors. The decision reflects the company's strong balance sheet and capital position, aiming to enhance shareholder value. Peoples Bank operates 17 banking offices in North Carolina and is quoted on the Nasdaq Global Market under the symbol 'PEBK'.
December 19, 2023 | 2:07 pm
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Peoples Bancorp has increased its stock repurchase program by $2 million, totaling $4 million for 2023, to enhance shareholder value and reflect its strong financial position.
Stock repurchase programs are typically viewed positively by the market as they can indicate management's confidence in the company's financial health and future prospects. By increasing the repurchase authorization, PEBK is signaling to investors that it believes its stock is undervalued and that it is a good use of capital to buy back shares. This can lead to a short-term increase in the stock price as it reduces the number of shares outstanding, potentially increasing earnings per share and the intrinsic value of the remaining shares.
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