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Mitsubishi UFJ Financial Group, Inc. MUFG reported progress in its percentage repurchase activities. It announced that from November 15 to 30, 2023 it repurchased 40,214,100 non-unusual shares for ¥51,012,638,435.
The buybacks were made as part of the 400 billion yen percentage buyback program announced on November 14, 2023. The plan authorizes the Company to repurchase up to 400,000,000 shares, representing 3. 31% of the overall notable percentages (excluding cash percentages).
The company seeks to continuously improve shareholders’ return and increase capital efficiency. Since May 2017, it has completed several share-repurchase programs. This is stoking investors’ confidence in the stock. In February 2023, MUFG repurchased shares worth ¥79.7 billion.
Apart from that, MUFG increased its dividend guidance for fiscal year 2023 from ¥32 to ¥41 according to the constant percentage. In addition, it targets a dividend payout rate of 40% through the end of fiscal year 2023. Therefore, taking advantage of excess capital, MUFG aims to attract investors through slow dividend accumulation and flexible percentage buybacks.
As of September 30, 2023, MUFG had money and accounts receivable from banks of 108. 63 trillion yen, while its loans amounted to 24. 97 trillion yen. Given a healthy balance sheet situation, Mitsubishi UFJ’s capital distribution activities appear to be sustainable.
Year-to-date, MUFG shares have gained 27. 7% on the New York Stock Exchange, representing a 13. 6% expansion for the sector it belongs to.
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Currently, MUFG has a No. 2 (buy) Zacks rank. You can see the full list of Zacks’ No. 1 rank (strong buy) stocks today here.
Raymond James Financial, Inc. RJF announced enhanced capital distribution plans, adding additional dividends and a new inventory repurchase program. RJF’s board of directors declared a quarterly cash dividend of forty-five cents per share, a 7. 1% increase over the previous payout. The new dividend will be paid on January 16, 2024 to shareholders of record on January 2, 2024.
Based on the rate increase, the annual dividend of $1. 80 corresponds to the stock, giving an annualized yield of 1. 71%, given Raymond James’ final value of $105. 15 as of Nov. 30.
Provident Financial Holdings, Inc. PROV has announced a percentage repurchase plan. As a component of the plan, its Board of Directors legalized the buyback of up to 350,353 percent, representing approximately 5% of its notable percentages.
This new buyback plan replaced the previous program, announced in April 2022, under which PROV would repurchase approximately 364,259 shares. In April 2023, it announced an extension of the program for one year or until its completion, whichever comes first.
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