RE:RE:BB are backusing 50Million of profits to buy back shares is not significant enough to impact HCGs operations.
I am hoping by the next earnings call they can announce a substantial buy back of 300-400M based on profits from Q4. They need to bring down the float to 30-40 million or less if they want to really give something back to shareholders.
canader wrote: From BNN:
I am happy, but EQB, and HCG are both doing so without waiting for OSFIs blessing. Hmmm.
While the Office of the Superintendent of Financial Institutions has temporarily banned federally-regulated entities from buying back shares and increasing their dividends, Home Capital spokesperson Jill MacRae explained that the company’s structure gives it the flexibility to proceed with its plan.
“Home Trust is a regulated financial institution, but we are comfortable making purchases with cash from Home Capital Group which does not impact our CET1 level or our normal operations,” she said in an emailed statement.
A spokesperson for OSFI was not immediately available for comment on Home Capital’s share buyback plan, which is the second such announcement in recent days.
CanadianKia wrote: alright, so HCG is finishiing off the BB at a max of $50M...
so sounds like they will issue either a new NCIB in the new year to make up for 2020 or maybe even the dividends.
That being said, they need to have a monumental share buy back if they want to, since the Q4 numbers are bound to be good and the shares will naturally rise. THey need to issue the bb at these lower Share prices we are seeing.
thoughts?