Aaron's Announces Quarterly Cash Dividend and $150 Million Share Buyback Authorization

Rhea-AI Summary

The Aaron's Company (NYSE: AAN) announced a $150 million share repurchase program for its common stock, authorized by the Board of Directors, which will expire on December 31, 2023. Additionally, the company declared a cash dividend of $0.10 per share, the first since its spin-off from its former parent on November 30, 2020. The dividend will be paid on April 6, 2021 to shareholders of record by March 18, 2021, representing an initial annual yield of approximately 1.8% based on the stock's closing price on March 2, 2021.

Positive

• $150 million share repurchase program enhances shareholder value.
• First dividend declaration post spin-off indicates financial stability.
• Initial annual dividend yield of approximately 1.8% adds income for investors.

Negative

• None.

News Market Reaction – AAN

+1.70%

+1.70% Session move

In the trading session that priced this news, AAN gained 1.70%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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ATLANTA, March 3, 2021 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN), a leading technology-enabled omnichannel provider of lease-purchase solutions, announced that its Board of Directors authorized a $150 million share repurchase program for the company's outstanding common stock. The program expires on December 31, 2023.

The board also approved a cash dividend of $0.10 per share on the company's common stock. The dividend will be paid on April 6, 2021 to shareholders of record as of the close of business on March 18, 2021. This is the first dividend declared by the Board since the Company's spin-off from its former parent on November 30, 2020 and represents an initial annual dividend yield of approximately 1.8% based on the closing price of the Company's common stock on March 2, 2021.

About Aaron's
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN), is a leading technology-enabled omnichannel provider of lease-purchase solutions. Aaron's engages in the sales and lease ownership and specialty retailing of furniture, consumer electronics, appliances and accessories through its approximately 1,300 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform, Aarons.com. For more information, visit investor.aarons.com or Aarons.com.

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SOURCE The Aaron's Company, Inc.

FAQ

What is the share repurchase program amount for AAN?

The Aaron's Company has authorized a share repurchase program amounting to $150 million.

When does the AAN share repurchase program expire?

The share repurchase program for AAN will expire on December 31, 2023.

What is the cash dividend amount for AAN?

The cash dividend declared by AAN is $0.10 per share.

When will the dividend for AAN be paid?

The dividend will be paid on April 6, 2021, to shareholders of record as of March 18, 2021.

What is the yield of the dividend declared by AAN?

The initial annual dividend yield is approximately 1.8% based on the stock's closing price on March 2, 2021.