Discover the biggest stock buyback authorizations announced last week, May 15
Buybacks
May 24, 2023
ProPetro Holding Corp. recently authorized a $100 million share repurchase program, as announced by CEO Sam Sledge. This decision reflects ProPetro's commitment to delivering value to its shareholders. ProPetro's strong financial performance, highlighted by positive net income in the last three quarters and robust first-quarter earnings, has contributed to the authorization. ProPetro believes that its stock represents a compelling investment opportunity, considering the notable gap between its equity value and financial performance. The share repurchase program, which extends until May 31, 2024, allows ProPetro to repurchase up to 13% of its market capitalization based on the current share price. ProPetro intends to execute the repurchase program opportunistically, considering factors such as market conditions, business outlook, capital position, and liquidity while maintaining a solid balance sheet. In addition to this program, ProPetro aims to explore other strategic capital allocation methods. The repurchases will be made at ProPetro's discretion and may involve various methods and transactions, including open market purchases, block trades, and privately negotiated transactions. ProPetro is not obligated to purchase any shares, and the program can be modified or discontinued without prior notice. ProPetro plans to finance the repurchases using cash on hand and anticipated future free cash flow.
Ponce Financial Group, Inc. (PDLB), the holding company for Ponce Bank, has recently authorized a share repurchase program aimed at enhancing shareholder value. The program allows Ponce to repurchase up to 1,235,000 shares of its common stock, which represents approximately 5% of the total outstanding shares. These repurchases will be carried out through a pre-arranged stock repurchase plan in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934. Additionally, Ponce may execute repurchases through privately negotiated transactions based on prevailing market prices, considering market conditions. The repurchased shares will be held as treasury shares, potentially to be used for funding restricted stock units and option grants under the existing or future equity plans. The program is subject to regulatory regulations, market limitations, and can be extended, suspended, or terminated at any time, with an expiration date of May 15, 2024.
SandRidge Energy, Inc. has recently made several significant announcements. Firstly, SandRidge declared a one-time dividend of $2.00 per share, totaling approximately $74 million, which will be paid out on June 7, 2023, to shareholders of record as of May 24, 2023. Additionally, the Board of Directors has authorized an ongoing quarterly dividend of $0.10 per share, expected to commence after the second quarter of 2023, with the first payment anticipated in August 2023. Furthermore, Ponce has approved a $75 million stock buyback program, allowing the repurchase of shares from the open market using available cash reserves.
Conduent Incorporated, a global technology-led business solutions and services company (NYSE: CNDT), recently authorized a stock buyback program of up to $75 million over the next three years. This decision reflects Conduent's confidence in its long-term growth prospects, as highlighted by Cliff Skelton, Conduent's President and CEO, who emphasized their commitment to delivering value to shareholders. The buyback program will be executed through open market transactions, including potential Rule 10b5-1 trading plans, and will be funded using Conduent's available cash. Conduent retains the flexibility to modify, suspend, or discontinue the program at its discretion. This announcement follows Conduent's Investor Briefing, where they outlined a balanced capital allocation strategy and demonstrated belief in the attractiveness of their shares as an investment opportunity.
Stock Yards Bancorp, Inc. (SYBT), the parent company of Stock Yards Bank & Trust Company, has recently authorized a stock buyback program, extending its expiration date to May 22, 2025. The initial plan, implemented on May 22, 2019, allowed for the repurchase of one million shares. As of now, Stock Yards has repurchased approximately 259,000 shares, leaving about 741,000 shares eligible for repurchase. The buybacks are expected to occur through various methods, including open market transactions, block trades, privately negotiated deals, or in accordance with Rule 10b5-1, subject to applicable securities law. The ultimate decision on the number of shares and the timing of repurchases lies with Stock Yards. The extension of the plan reflects Stock Yards Bancorp's commitment to optimizing shareholder value and capital allocation. With this buyback program, Stock Yards Bancorp aims to capitalize on its confidence in the stock's prospects and may benefit from the flexibility provided by Rule 10b5-1.
ServiceNow, the leading digital workflow company, has announced its first-ever share repurchase program, authorizing the purchase of up to $1.5 billion in common stock. The primary objective of this program is to manage the impact of dilution resulting from future employee equity grants and employee stock purchase programs. According to ServiceNow CFO Gina Mastantuono, the company believes that utilizing a portion of its strong cash flow to address dilution is a strategic use of capital. This program reflects their confidence in the business's trajectory and commitment to delivering exceptional shareholder value. ServiceNow may repurchase shares through various methods, including open market purchases and privately negotiated transactions, in accordance with applicable securities laws. The timing and specifics of these repurchases will be determined at ServiceNow's discretion, considering factors such as market conditions and regulatory requirements.
Texas Community Bancshares, Inc. (TCBS), the parent company of Mineola Community Bank, S.S.B., recently authorized a stock buyback program allowing them to repurchase up to 164,842 shares of their common stock, which represents approximately 5.0% of currently outstanding shares. The decision was made by the Board of Directors to optimize shareholder value and capitalize on potential market conditions. The repurchases will be conducted through open market purchases or privately negotiated transactions, depending on prevailing market conditions and other factors.
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