Stellar Bancorp Plans Repurchase Of Up To $60M Of Common Stock Through May 31, 2025
Portfolio Pulse from Benzinga Newsdesk
Stellar Bancorp has announced a plan to repurchase up to $60 million of its common stock through May 31, 2025. This is an extension of its existing share repurchase program, which allows for repurchases up to $60 million through May 31, 2024.
May 23, 2024 | 9:03 pm
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Stellar Bancorp has extended its share repurchase program, allowing for the repurchase of up to $60 million of its common stock through May 31, 2025. 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.
Share repurchase programs typically signal that a company believes its stock is undervalued and is confident in its financial stability. This can lead to a positive short-term impact on the stock price as it reduces the number of shares outstanding, potentially increasing earnings per share.
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