SmartFinancial (NASDAQ: SMBK) announced that its board of directors has approved a stock buyback plan authorizing the company to repurchase up to $10 million of its outstanding shares. The buyback will be conducted through open market purchases and represents up to 1.5% of the company’s total shares.
The program was authorized on January 30th and aims to provide flexibility in managing the company’s capital structure. The timing and amount of repurchases will depend on market conditions and other factors.
**Why this matters**
Stock buyback programs can signal management’s confidence in the company’s future prospects and may help support the stock price by reducing the number of shares outstanding. This move also allows SmartFinancial to return value to shareholders while maintaining financial flexibility.
Source: NewsData