Shares of TFS Financial Corp (TFSL) gained about 1% following the announcement of its sixth share repurchase program on Tuesday, after the closing bell. The board of directors of the Cleveland, OH-based financial savings & loan institution approved the buyback of 10 million outstanding shares. This indicates TFS Financial's commitment to enhance shareholder value.
Notably, the previous buyback program, which commenced on Apr 9, 2014, had an authorization to repurchase 5 million common shares. Till now, TFS Financial has already bought back 4.7 million common shares at an average price of $13.58 per share.
Expected to close soon, the new buyback program will likely be in the form of block trades, purchases through open market and private transactions. The common stock repurchase program, will however, depend on general market conditions, availability of shares, price of the stock and the financial position of the company. Moreover, this program may either be modified or stalled (temporarily/permanently) at the discretion of the board, at any time without prior notice. Also, the program is subject to certain customary regulations by the Securities and Exchange Commission and other legal edicts.
TFS Financial currently carries a Zacks Rank #3 (Hold). Some better-ranked financial savings and loan institutions include Great Southern Bancorp Inc. (GSBC), Laporte Bancorp, Inc. (LPSB) and Mutualfirst Financial Inc. (MFSF). All these stocks sport a Zacks Rank #1 (Strong Buy).
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