SB Financial (SBFG) Rewards Investors With New Buyback Plan
Zacks Investment Research | Jun 01, 2021 02:08AM ET
SB Financial Group, Inc. SBFG is rewarding shareholders with an enhanced capital-deployment plan. The company’s board of directors has authorized the repurchase of 750,000 shares, which accounts for nearly 10% of its common shares. The authorization expires on Mar 31, 2022.
Following the announcement last week, shares of SB Financial have declined 1%.
Earlier in June 2019, the company had announced a share-repurchase program to buy back 400,000 common shares. The plan expired on Dec 31, 2020.
In addition to share repurchases, the company pays cash dividends on a quarterly basis. In May, SB Financial paid a quarterly cash dividend of 11 cents per share, marking a hike of 4.8% from the prior payout. Considering last day’s closing price of $19.80, the dividend yield currently stands at 2.2%. This yield seems quite attractive to income investors.
Notably, SB Financial has been increasing its quarterly dividend on a regular basis. Prior to the current hike, the company had announced a 5% hike to 10.5 cents per share in November 2020.
Over the past six months, shares of SB Financial have rallied 7.1%, underperforming the industry ’s rally of 43.3%.
Currently carries a Zacks Rank #5 (Strong Sell).
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City Holding authorized the buyback of up to 1 million shares or 6% of its outstanding shares, with no expiration date. Cathay General’s board of directors has authorized the repurchase of up to $75 million worth of shares with no expiration date. Further, Civista Bancshares’ board of directors has authorized buyback of up to $13.5 million of its outstanding shares.
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