Penns Woods Bancorp Authorizes Stock Repurchase Program Of Up To 5% Of The Outstanding Shares
Portfolio Pulse from Benzinga Newsdesk
Penns Woods Bancorp, Inc. (NASDAQ:PWOD) has announced a new stock repurchase program authorizing the buyback of up to 5% of its outstanding shares, replacing the existing plan expiring in May 2024.
May 28, 2024 | 3:28 pm
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Penns Woods Bancorp has authorized a new stock repurchase program for up to 5% of its outstanding shares, replacing the existing plan. This move is likely to positively impact the stock price in the short term as buybacks can reduce the number of shares in circulation, potentially increasing earnings per share.
Stock repurchase programs generally signal confidence from the management in the company's future prospects and can lead to a reduction in the number of shares available in the market, which often results in a higher stock price. The authorization of a new buyback plan replacing the existing one indicates a continued commitment to returning value to shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100