Providence Financial Services, Inc. has just announced the authorization of a new stock repurchase program. This will be the company's tenth stock repurchase program, and it will commence upon the completion of the existing program, which currently has 814,247 shares remaining available for repurchase.
Under the new authorization, along with the remaining shares available under the existing authorization, the company may repurchase up to 2.15% of its currently outstanding shares of common stock, which equates to approximately 2.81 million shares.
The company's president and chief executive officer, Anthony J. Labozzetta, expressed confidence in the company's earnings projections and showcased pride in the balance sheet strength and achievements. He stated that the board's authorization of the repurchase program is a reflection of the company's sound risk management and capacity to efficiently return capital, adding value to shareholders.
Thomas M. Lyons, senior executive vice president and chief financial officer, emphasized the company's strong capital formation and the expectation to continue assessing repurchases within the context of prevailing market conditions and long-term financial objectives.
Providence Financial Services, Inc. is the holding company for Providence Bank, which has been offering "commitment you can count on" since 1839. The bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens, and Nassau counties in New York. Additionally, the bank offers fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Providence Protection Plus, Inc. Today the company's shares have moved -0.69% to a price of $20.15. Check out the company's full 8-K submission here.
