Provident Financial Holdings Announces Extension of September 2023 Stock Repurchase Plan
Rhea-AI Summary
Provident Financial Holdings (NASDAQ: PROV) has announced an extension of its September 28, 2023 Stock Repurchase Plan. The company's Board of Directors has authorized the extension for one year or until completion, whichever comes first. Currently, 99,968 shares are available for purchase under the Plan.
The plans to acquire these shares through open market purchases or privately negotiated transactions. The timing and volume of purchases will depend on various factors, including market conditions, capital requirements, and available cash allocated to the stock repurchase program.
Positive
- Extension of stock repurchase plan indicates confidence in company's financial position
- Potential to increase shareholder value through reduction of outstanding shares
- Flexibility in repurchase method allows for optimal execution based on market conditions
Negative
- Allocation of cash to share repurchases may limit funds available for other investments or growth opportunities
News Market Reaction – PROV
On the day this news was published, PROV gained 0.07%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
RIVERSIDE, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company’s Board of Directors authorized an extension of the September 28, 2023 Stock Repurchase Plan (“Plan”) for a period of one year or until completed, whichever occurs first. There are 99,968 shares currently available to be purchased under the Plan. The Corporation will purchase the shares from time to time in the open market or through privately negotiated transactions depending on market conditions, the capital requirements of the Corporation, and available cash that can be allocated to the stock repurchase program, among other considerations.
Safe-Harbor Statement
Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
| Contacts: | Donavon P. Ternes President and Chief Executive Officer (951) 686-6060 | TamHao B. Nguyen Senior Vice President and Chief Financial Officer (951) 686-6060 |
FAQ
How many shares are available for repurchase under Provident Financial Holdings' extended stock repurchase plan?
When does Provident Financial Holdings' (PROV) extended stock repurchase plan expire?
How will Provident Financial Holdings (PROV) execute its stock repurchase plan?
What factors will influence Provident Financial Holdings' (PROV) stock repurchases under the extended plan?
