Western Alliance Bancorporation (NYSE: WAL) has just announced a new $300 million share repurchase program with no expiration date. This decision was driven by the company's strong business momentum, expanding profitability, and fortified capital position. The President and CEO, Kenneth A. Vecchione, expressed confidence in the company's ability to achieve its balance sheet growth objectives while enhancing total shareholder returns through these actions.
The shares may be repurchased through open market or private transactions, block trades, and pursuant to any trading plan adopted in accordance with rule 10b5-1 of the Securities and Exchange Commission. It's important to note that any open market repurchases will be conducted in accordance with the limitations set forth in rule 10b-18.
Key factors determining the timing and price of repurchases, as well as the actual number of shares repurchased under the program, will include general market conditions, stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other relevant factors. It's also worth mentioning that the company may, at the discretion of the board, terminate the repurchase program at any time while it is in effect. Following these announcements, the company's shares moved -1.27%, and are now trading at a price of $88.49. For the full picture, make sure to review WESTERN ALLIANCE BANCORPORATION's 8-K report.
