UMH Properties increases stock repurchase authorization to $100 million
Sep 22, 1:21 PM
UMH
- UMH Properties has been approved for a substantial buyback initiative, allowing it to repurchase up to $100 million of its common stock, significantly higher than the previous cap of $25 million.
- Historically, the company has repurchased about 194,000 shares since 2009, spending approximately $2.1 million at an average price of $10.64 per share.
- No share repurchases have taken place since 2020, highlighting a potential shift in the company’s strategy with the new buyback approval.
Recommendation Rating: Strong Buyback Initiative
UMH Properties (NYSE:UMH) has received approval to repurchase up to $100 million of its common stock, marking a significant increase from the previous buyback limit of $25 million. Since 2009, the company has repurchased approximately 194,000 shares at an average price of $10.64 per share, totaling around $2.1 million in expenditures. Notably, no share repurchases have occurred since 2020. Source: Press Release