KE Holdings Inc - ADR BEKE shares are trading higher by 7.1% to $18.41 Friday morning. Shares of Chinese stocks are trading higher after China cut the minimum down payment on mortgages as part of stimulus measures. The company this week also reported quarterly earnings, upsized an existing share repurchase program and declared a special dividend.
KE Holding reported second-quarter adjusted earnings of 27 cents per share which beat the analyst consensus estimate of 19 cents. The company also reported quarterly sales of $2.69 billion which missed the analyst consensus estimate of $2.73 billion by 1.6%.
This sales figure is a 31% increase over sales of $2.06 billion the same period last year.
What Else?
Effective August 31, the company's board extended and enhanced the share repurchase program. The repurchase authorization has been raised from $1 billion to $2 billion for Class A ordinary shares and/or ADSs, with the extension valid until August 31, 2024.
The company's board of directors has also approved a special cash dividend of $0.057 per ordinary share and $0.171 per ADS. This dividend is payable to shareholders and ADS holders recorded as of September 15.
According to data from Benzinga Pro, BEKE has a 52-week high of $21.08 and a 52-week low of $9.09.
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