Parke Bancorp Announces Stock Repurchase Plan Of Up To 5% Of The Co's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Parke Bancorp, Inc. (NASDAQ:PKBK) announced a stock repurchase plan to buy back up to 5% of its common stock over the next twelve months. The repurchases will be conducted in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 and are subject to SEC regulations and specific constraints.
August 02, 2024 | 8:19 pm
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Parke Bancorp announced a plan to repurchase up to 5% of its common stock over the next twelve months, which could positively impact the stock price in the short term.
Stock repurchase plans generally indicate that the company believes its stock is undervalued, which can lead to a positive short-term impact on the stock price as the buyback reduces the number of shares outstanding, potentially increasing earnings per share.
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