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TEANECK, N.J. - Bogota Financial Corp. (NASDAQ:BSBK), a $106 million market cap financial institution trading at $8.41 per share, announced Tuesday it has secured regulatory approval to repurchase up to 237,590 shares of its common stock, representing approximately 5% of its outstanding shares, excluding those held by Bogota Financial, MHC.
This marks the company’s sixth stock repurchase program and follows previous approval by the board of directors. The program has no expiration date and can be conducted through open market or private transactions, or through a Rule 10b5-1 trading plan. InvestingPro data shows the company has delivered a strong YTD return of 12.14%, despite not being profitable in the last twelve months.
According to the company’s press release statement, the timing and volume of repurchases will depend on several factors, including stock availability, market conditions, trading price, alternative capital uses, and the company’s financial performance. The program may be suspended, terminated, or modified at any time.
All open market purchases will comply with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The company noted that the repurchase program does not obligate it to purchase any specific number of shares.
Bogota Financial Corp. operates as the mid-tier holding company of Bogota Savings Bank, a New Jersey chartered stock savings bank that has served customers in northern and central New Jersey since 1893. The bank currently operates from seven offices across New Jersey and maintains a loan production office in Spring Lake. Trading below book value at a P/B ratio of 0.77 and showing revenue growth of 16.24%, InvestingPro analysis suggests the stock may be undervalued. Subscribers can access additional insights and 12+ more exclusive ProTips about BSBK’s financial health and growth prospects.
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