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SUNBURY, Pa. - Weis Markets, Inc., a Mid Atlantic food retailer with a market capitalization of $1.99 billion, today announced the purchase of 2,153,846 of its own shares at a price significantly below recent trading values. The transaction, valued at $140 million, or about $65 per share, was conducted privately with the Patricia R. Weis Marital Trust and The Patricia G. Ross Weis Revocable Trust, both connected to the Weis family. According to InvestingPro data, the company maintains strong financial health with a GOOD overall rating.
The purchase price reflects a discount ranging from 8.4% to 15.6% compared to the stock’s performance over various periods ending June 5, 2025. The company, which operates 198 stores across several states, funded the buyback with available cash and proceeds from the sale of marketable securities. This financial flexibility is supported by the company’s strong balance sheet, with InvestingPro analysis showing more cash than debt and a healthy current ratio of 2.47x.
The share repurchase is part of an agreement that will assist the Weis family in meeting estate tax obligations following the passing of Patricia R. Weis. Despite the sale, the family retains a controlling interest in the company, owning approximately 61% of the outstanding common stock. The company has demonstrated long-term shareholder commitment, maintaining dividend payments for 55 consecutive years, with a current yield of 1.84%.
Weis Markets’ Board of Directors, excluding Jonathan H. Weis who recused himself due to his family ties, approved the transaction. The decision followed recommendations from a special committee of independent directors and included a fairness opinion from Kroll, LLC. Legal counsel for the transaction was provided by K&L Gates LLP for the special committee, Reed Smith LLP for Weis Markets, and Paul, Weiss, Rifkind, Wharton & Garrison LLP for the selling trusts.
The company’s actions are subject to the usual risks and uncertainties of the retail sector, including economic conditions, trade policies, regulatory changes, technology shifts, and competitive pressures. Weis Markets has stated it does not intend to update forward-looking statements beyond the date of the release.
This news is based on a press release statement and does not imply any endorsement of the company’s strategies or financial decisions.
In other recent news, Weis Markets held its annual meeting where shareholders elected all five director nominees, confirming their positions until the next annual meeting or until successors are qualified. The directors elected include Jonathan H. Weis, Harold G. Graber, Dennis G. Hatchell, Edward J. Lauth, III, and Gerrald B. Silverman. The election results showed overwhelming support, with no votes cast against any of the nominees. Additionally, shareholders ratified the appointment of RSM US LLP as the independent registered public accounting firm for fiscal year 2025. This decision was made with 25,823,140 votes in favor, 147,401 against, and 7,597 abstentions. These developments were disclosed in a filing with the Securities and Exchange Commission, signed by Michael T. Lockard, the company’s Senior Vice President, Chief Financial Officer, and Treasurer. The filing provides insight into the corporate governance practices at Weis Markets, reflecting shareholder confidence in the company’s management. The full details of the voting results are accessible in the company’s 8-K filing.
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