There were more than 37229.00 Norwood Financial Corp. (NASDAQ: NWFL) shares traded on Tuesday, and with a closing price of $27.84 on the day, the dollar volume was approximately $10.36M.
The price of Norwood Financial stock on 03/30/21 gained nearly 7.82% as well as showing a positive weekly performance of 5.86%. There are currently 8.18 million shares of NWFL stock held by the public and among those 7.85 million shares are active. After announcing a stock repurchase program, the NWFL stock took off.
Stock Repurchase Program:
Norwood Financial operates as a Holding Company for Wayne Bank, offering various products and services to its clients. NWFL operates through Wayne Bank in Pennsylvania and New York. At the end of 2020, the NWFL’s assets were 1.852 billion dollars, its loans outstanding were 1.411 billion dollars, its deposits were 1.535 billion dollars and its stockholders’ equity stood at 194.8 million dollars.
Yesterday, Norwood Financial announced it will begin repurchasing stock through a stock repurchase program.
- The program will allow NWFL to purchase in the open market, up to 5% or approximately 400,000 shares of its outstanding shares of common stock.
- NWFL’s program will be conducted in compliance with all securities laws and regulations, including that of SEC amended from time to time.
- Repurchases of shares by NWFL, as well as the timing of such repurchases, expect to be impacted by a variety of factors.
- The key factors of these decisions include market conditions, regulatory requirements, and other corporate concerns (as determined by management).
- NWFL may suspend or terminate the repurchase program at any time.
- In repurchasing shares of its common stock, NWFL intends to appoint Boenning & Scattergood, Inc.
Will the program benefit NWFL?
Repurchases of common stock by Norwood Financial (NWFL) at appropriate levels are proper to use of its capital which could enhance shareholder value by increasing returns on equity and net income per share in NWFL