On May 16, Corecivic Board Authorized An Increase To Its Existing Share Repurchase Program, Now It May Purchase Up To An Additional $125.0M In Shares
Portfolio Pulse from Benzinga Newsdesk
Corecivic's board has authorized an increase to its existing share repurchase program, allowing the company to buy back up to an additional $125 million in shares.
May 20, 2024 | 10:06 am
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Corecivic's board has authorized an increase to its share repurchase program, allowing the company to buy back up to an additional $125 million in shares. This move is likely to positively impact the stock price in the short term as it signals confidence in the company's financial health and can reduce the number of shares outstanding, potentially increasing earnings per share.
The authorization to increase the share repurchase program by $125 million indicates that Corecivic is confident in its financial stability and future prospects. Share buybacks can lead to a higher stock price as they reduce the number of shares outstanding, which can increase earnings per share and signal to the market that the company believes its stock is undervalued.
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