First BanCorp Plans New Repurchase Program Of Up To $250M That Could Include Repurchases Of Common Stock Or Junior Subordinated Debentures
Portfolio Pulse from Benzinga Newsdesk
First BanCorp has announced a new repurchase program of up to $250 million, which could include repurchases of common stock or junior subordinated debentures. Additionally, the company declared a quarterly cash dividend of $0.16 per share, payable on September 13, 2024. The repurchase program is expected to be executed through the end of Q4 2025.
July 22, 2024 | 9:19 pm
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First BanCorp has announced a new repurchase program of up to $250 million and declared a quarterly cash dividend of $0.16 per share. The repurchase program is expected to be executed through the end of Q4 2025.
The announcement of a significant repurchase program and a quarterly dividend is likely to positively impact First BanCorp's stock price in the short term. Repurchase programs often signal management's confidence in the company's future and can reduce the number of shares outstanding, potentially increasing earnings per share. The dividend declaration also provides a direct return to shareholders, which can be attractive to income-focused investors.
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