(RTTNews) - City Holding Co. (CHCO), a financial holding company, on Wednesday announced that its board has approved a new stock repurchase program.
The program authorizes the buyback of up to 1 million common shares, representing approximately 7% of its outstanding shares.
The program has no set expiration date, and purchases may be started, paused, or discontinued at any time based on market and business conditions.
As part of the authorization, the company rescinded its previous repurchase plan approved on January 31, 2024, under which 822,634 shares had been repurchased as of March 25.
President and CEO Charles Hageboeck said the company remains well capitalized, with capital continuing to grow on the back of strong earnings, and views the repurchase plan as a strategy to enhance shareholder value while maintaining appropriate capital levels.
City Holding currently has approximately 14.2 million outstanding common shares.
On Wednesday, City Holding Co. closed trading 0.34% higher at $119.40 on the Nasdaq.
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