Blackbaud Intends To Repurchase 7%-10% Of Outstanding Shares Under $500m Stock Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Blackbaud (NASDAQ:BLKB) announced plans to repurchase 7%-10% of its outstanding shares by the end of 2024, utilizing a mix of accelerated share repurchase plans, block trades, and open market purchases. This move is part of its previously announced $500 million share repurchase authorization.
March 04, 2024 | 12:35 pm
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Blackbaud plans to repurchase 7%-10% of its shares by end of 2024, part of a $500 million authorization.
Share repurchase programs often lead to a reduction in the number of shares outstanding, potentially increasing the earnings per share (EPS) and the stock price. Given the significant amount of repurchase (7%-10% of outstanding shares) and the substantial financial commitment ($500 million), this announcement is likely to be viewed positively by investors, leading to a potential short-term increase in BLKB's stock price.
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