WESTERLY – Washington Trust Bancorp Inc. is buying back up to 5% shares under a stock repurchase program adopted by the corporation’s board of directors, according to a Nov. 12 announcement.
The decision authorizes the parent company for Westerly-based The Washington Trust Co. to buy back up to 850,000 of its 17.3 million shares of common stock, according to a news release. The timing and actual number of shares repurchased depends on price, corporate and regulatory requirements, market conditions and other factors.
The repurchase program is set to expire on Dec. 31, 2022, although it may be modified, suspended or discontinued before then.
The decision comes amid a reported surge in stock buybacks among S&P 500 companies, which are projected to reach or surpass the prior quarterly record of $223 billion, which was from 2018, according to S&P Dow Jones Indices.
Buybacks have been steadily climbing since the third quarter of 2020, after dramatically dropping during the onset of the COVID-19 pandemic.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
