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S&T Bancorp (STBA) Announces Extension of Share Buyback Plan
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S&T Bancorp, Inc.’s (STBA - Free Report) board of directors announced an extension to its share repurchase plan. The plan, which was earlier set to expire on Mar 31, 2022, will now expire on Mar 31, 2023.
Per the extended plan, S&T Bancorp is permitted to repurchase from time to time up to the previously authorized $50 million. Of the total authorization, $37.4 million worth of shares are left to be repurchased.
The repurchase plan does not obligate S&T Bancorp to repurchase any particular number of shares. The company expects to fund any repurchase with cash in hand and internally generated funds.
S&T Bancorp is the holding company for S&T Bank, which has operations in five markets, including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York.
Apart from share repurchases, the company regularly pays dividends. The last dividend of 29 cents per share was paid out on Feb 24 to shareholders of record as of Feb 10.
Based on yesterday’s closing price, the company’s dividend yield currently stands at 3.7%.
S&T Bancorp also hikes quarterly dividends. The latest dividend hike was announced in October 2021. On Oct 18, the company hiked the quarterly dividend by 3.6% to 29 cents per share.
Supported by its earnings strength, STBA is expected to continue with efficient capital deployment activities. Through this, it will keep enhancing shareholder value.
Over the past six months, shares of STBA have rallied 9.4% compared with 13.8% growth of the industry it belongs to.
Southside Bancshares, Inc. (SBSI - Free Report) announced a share repurchase plan on Mar 4, 2022. The board of directors approved the repurchase of up to 1 million of SBSI’s outstanding shares. The new share buyback authorization comes with no expiration date.
The new repurchase plan replaces the previous one. On Mar 12, 2020, Southside Bancshares’ board of directors increased the authorization under the previous stock repurchase plan of September 2019 by an additional 1 million shares to buy back up to 2 million shares.
Popular, Inc. (BPOP - Free Report) entered an accelerated share repurchase (ASR) agreement on Feb 28, 2022, to repurchase an aggregate of $400 million of the company’s common stock. This is part of BPOP’s plan to repurchase up to $500 million of its common stock as part of its planned capital actions for the ongoing year, as underlined this January.
Per the ASR agreement, on Mar 2, 2022, Popular was expected to have made an initial payment of $400 million to buy 3,483,942 shares of its common stock. This will be accounted as a treasury stock transaction.
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S&T Bancorp (STBA) Announces Extension of Share Buyback Plan
S&T Bancorp, Inc.’s (STBA - Free Report) board of directors announced an extension to its share repurchase plan. The plan, which was earlier set to expire on Mar 31, 2022, will now expire on Mar 31, 2023.
Per the extended plan, S&T Bancorp is permitted to repurchase from time to time up to the previously authorized $50 million. Of the total authorization, $37.4 million worth of shares are left to be repurchased.
The repurchase plan does not obligate S&T Bancorp to repurchase any particular number of shares. The company expects to fund any repurchase with cash in hand and internally generated funds.
S&T Bancorp is the holding company for S&T Bank, which has operations in five markets, including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York.
Apart from share repurchases, the company regularly pays dividends. The last dividend of 29 cents per share was paid out on Feb 24 to shareholders of record as of Feb 10.
Based on yesterday’s closing price, the company’s dividend yield currently stands at 3.7%.
S&T Bancorp also hikes quarterly dividends. The latest dividend hike was announced in October 2021. On Oct 18, the company hiked the quarterly dividend by 3.6% to 29 cents per share.
Supported by its earnings strength, STBA is expected to continue with efficient capital deployment activities. Through this, it will keep enhancing shareholder value.
Over the past six months, shares of STBA have rallied 9.4% compared with 13.8% growth of the industry it belongs to.
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Currently, S&T Bancorp carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Capital Deployment Actions Taken by Other Banks
Southside Bancshares, Inc. (SBSI - Free Report) announced a share repurchase plan on Mar 4, 2022. The board of directors approved the repurchase of up to 1 million of SBSI’s outstanding shares. The new share buyback authorization comes with no expiration date.
The new repurchase plan replaces the previous one. On Mar 12, 2020, Southside Bancshares’ board of directors increased the authorization under the previous stock repurchase plan of September 2019 by an additional 1 million shares to buy back up to 2 million shares.
Popular, Inc. (BPOP - Free Report) entered an accelerated share repurchase (ASR) agreement on Feb 28, 2022, to repurchase an aggregate of $400 million of the company’s common stock. This is part of BPOP’s plan to repurchase up to $500 million of its common stock as part of its planned capital actions for the ongoing year, as underlined this January.
Per the ASR agreement, on Mar 2, 2022, Popular was expected to have made an initial payment of $400 million to buy 3,483,942 shares of its common stock. This will be accounted as a treasury stock transaction.