BUENOS AIRES – Cresud (BCBA:CRESm) Inc. (NASDAQ: CRESY, BYMA:CRES), a real estate firm with a market capitalization of $877 million, disclosed on Tuesday that it has continued its share repurchase program, buying back 329,020 common shares on Monday for a total of 485 million Argentine pesos (ARS).
This latest transaction is part of Cresud's ongoing share buyback initiative, which has now reached approximately 56.95% of the total shares authorized for repurchase under the approved plan. The company has demonstrated strong market performance, with a 75% return over the past six months, according to InvestingPro data.
The company, which operates in the real estate sector under the standard industrial classification code 6500, has been actively repurchasing its shares in the open market. The repurchase took place at a price of ARS 1,474.2145 per share, with the settlement date coinciding with the trade date, December 10, 2024. Currently trading at $13.68, InvestingPro analysis indicates the stock is in overbought territory, with multiple technical indicators suggesting caution.
Cresud, headquartered in Buenos Aires, Argentina, has been engaged in a share repurchase program that has cumulatively seen the buyback of 2,623,426 of its common shares to date. The company's repurchase plan is part of its broader strategy to manage its capital and return value to its shareholders, which includes maintaining a significant 6.96% dividend yield.
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The filing with the U.S. Securities and Exchange Commission (SEC) was made in accordance with Form 6-K, which is used by foreign issuers to submit reports under the 1934 Securities Exchange Act. The company's engagement in the repurchase program is in compliance with the regulations set forth by the SEC and is disclosed to ensure transparency with investors and the markets.
The information in this article is based on the statement provided in the press release and the SEC filing by Cresud Inc. on December 10, 2024. The company's actions reflect its ongoing commitment to managing its share capital and providing value to its shareholders through strategic buybacks in the marketplace.
In other recent news, Cresud Inc. has made considerable strides in its share repurchase program.
The company has acquired a significant number of common shares, marking a noteworthy step in its ongoing buyback initiative. This purchase represents a substantial portion of Cresud's approved repurchase plan, with the company having now bought back approximately 49.49% of the total number of shares authorized for repurchase under the current program.
Furthermore, Cresud has reported the successful exercise of warrants by holders, leading to an increase in its capital stock. This development resulted in the registration of an additional 4,501,293 ordinary shares and an inflow of $1,809,070. The company has also been proactive in issuing Series XLVII and XLVI notes in the local Argentine capital market, raising $64.4 million and $28.6 million respectively.
Cresud's shareholders have approved financial documents for the fiscal year ending June 30, 2024, agreeing on a net income allocation of approximately 70.8 billion Argentine pesos. Additionally, the company has sold a portion of its "Los Pozos" property in Salta Province, Argentina, for a total of $2.23 million.
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