Business
Pathward Financial, Inc. Announces Authorization of Common Stock Share Repurchase Program and Cash Dividend for Fourth Fiscal Quarter of 2023
SIOUX FALLS, S.D.--(BUSINESS WIRE)-- Pathward Financial, Inc. (the “Company”) (Nasdaq: CASH), announced that it will pay a cash dividend of $0.05 per share
About this update from Pathward Financial, Inc.
[{"type":"text","content":" SIOUX FALLS, S.D.--(BUSINESS WIRE)--\nPathward Financial, Inc. (the “Company”) (Nasdaq: CASH), announced that it will pay a cash dividend of $0.05 per share for the fourth fiscal quarter of 2023 on October 2, 2023 to shareholders of record as of September 12, 2023. The Company also announced that its Board of Directors authorized a share repurchase program to repurchase up to 7,000,000 shares of the Company’s outstanding common stock on or before September 30, 2028.\n\n\nThrough August 24, 2023, the Company has purchased 4,333,564 shares of the 6,000,000 total shares authorized for repurchase under its current stock repurchase program, which expires on September 30, 2024. The Company may repurchase the remaining 1,666,436 shares under the current stock repurchase program on or before September 30, 2024.\n\n\n“The approval of a new share repurchase authorization reflects our Board of Directors’ belief in the underlying momentum of our business and our continued confidence in the Company’s strong performance, consistent with our thoughtful approach to capital management,” said Douglas J. Hajek, Chairperson of the Company’s Board of Directors.\n\n\nThe Company may repurchase shares of its common stock on the open market and/or in privately negotiated transactions. Open market repurchases will be made in accordance with applicable securities laws and regulations and may be effected pursuant to Rule 10b5-1 trading plans. The manner, timing and amount of any stock repurchases will be determined by the Company based on its evaluation of various factors, including its assessment of alternative uses of capital, the Company’s stock trading price, general market and economic conditions, regulatory requirements and other business and legal considerations. The repurchase program does not obligate the Company to acquire any particular amount of common stock or to acquire shares on any particular timetable, and the program may be suspended or discontinued at any time at the Company’s discretion.\n\n\nAt June 30, 2023, the Company had total assets of $7.46 billion and shareholders’ equity of $677.7 million.\n\n\nForward Looking Statements\n\n\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, the quotation from Mr. Hajek and statement...