Pioneer Bancorp, Inc. has recently announced the adoption of a stock repurchase program for approximately 5% of its outstanding common stock, which amounts to 1,254,027 shares. This marks the second stock repurchase program for the company since completing its mutual holding company reorganization and related stock offering.
In the previous stock repurchase program, Pioneer repurchased 1,298,883 shares, roughly 5% of its then outstanding common stock, at an average price of $11.83 per share. The new program has no expiration date and provides flexibility for the company to repurchase shares in various ways, including open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with rule 10b5-1 of the Securities and Exchange Commission (SEC).
The timing and amount of share repurchases under this authorization may be suspended, terminated, or modified by Pioneer at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate.
Pioneer Bancorp, Inc., a financial holding company with more than $2 billion in assets, provides diversified financial services through its subsidiaries. Its subsidiary, Pioneer Bank, National Association, and its subsidiaries offer a broad array of banking, wealth management, insurance, employee benefit, and human resources consulting services. Additionally, its subsidiary, Pioneer Capital Markets, Inc., is a FINRA-registered broker-dealer focused on municipal bond trading. The market has reacted to these announcements by moving the company's shares -1.1% to a price of $14.36. If you want to know more, read the company's complete 8-K report here.
