Bread Financial Holdings, Inc. (NYSE: BFH) has announced the approval of a new share repurchase program, authorizing the company to purchase up to $30 million of its common stock. This move is part of the company's efforts to address the dilution impact associated with the issuance of employee restricted stock units.
According to the company's press release, the board's authorization allows Bread Financial to conduct open market share repurchases from time to time through December 31, 2024, subject to compliance with SEC Rule 10b-18 and consideration of market conditions, legal and regulatory restrictions, and required approvals. It's important to note that the repurchase program does not impose an obligation on the company to acquire any specific number of shares and may be halted or terminated at any time.
Tony Morosco, CEO of Bread Financial, stated, "We are pleased to announce the approval of this share repurchase program, which reflects our commitment to managing our capital structure and delivering long-term value to our shareholders."
Shares of Bread Financial have experienced a -1.7% movement and are currently trading at $37.08.
Bread Financial, headquartered in Columbus, Ohio, is a tech-forward financial services company that offers payment, lending, and saving solutions to its customers and partners. With approximately 7,000 global associates, the company is known for its digitally enabled choices, customer empowerment, and sustainable business practices.
The full 8-K submission from Bread Financial Holdings, Inc. is available here.
