JMP Group Declares Quarterly Dividend and Increases Share Repurchase Authorization
JMP Group Inc. (NYSE: JMP), an investment banking and alternative asset management firm, announced today that its board of directors has declared a cash dividend of $0.035 per share for the third quarter of 2012 to be paid on Friday, November 30, 2012 to common stockholders of record as of Friday, November 16, 2012.
Furthermore, JMP Group's board of directors has authorized the repurchase of up to 500,000 additional shares of the company's outstanding common stock through December 31, 2013. The company had repurchased approximately 850,000 shares of stock since the time of the board's prior authorization in November 2011 — and a total of approximately 6,150,000 shares since October 2007 — leaving approximately 350,000 shares still to be repurchased. JMP Group's board of directors has extended the timeline for the repurchase of the remaining amount; and, as a result, the company is now authorized to repurchase a total of approximately 850,000 common shares through December 31, 2013.
About JMP Group
JMP Group Inc. is a full-service investment banking and asset management firm that provides investment banking, sales and trading, and equity research services to corporate and institutional clients as well as alternative asset management products to institutional and high-net-worth investors. JMP Group operates through three subsidiaries: JMP Securities, Harvest Capital Strategies and JMP Credit Advisors. For more information, visit www.jmpg.com.