maybriggs0153

A firm may do this to return cash to shareholders that it doesn’t must fund operations and different investments. Also, when buybacks are announced, any share price increase will usually benefit short-term investors somewhat than buyers in search of long-term worth. This creates a false signal to the market that earnings are enhancing because of natural growth and ultimately ends up hurting value.

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?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?/BpIbLx2RB7ZTOAc5K6MS5bQhLrlUIgP40t/e1aTWGrTmuqpfccT4GOtycp7r25V1vZXS/lt0K3DsvE5Rmn64jlBIN1MpyiJjeMdVesWFuJGhpJtl4z4ytzmGgyhbkFXA6M5it2HRkqCAl20bNaLUWqOY+pf0OHeXzMrCbLxmYE4lctwWULx1GZAxW6ixYB9fJTqg5jVgYUtWrColNy6mmPCsfRt?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?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?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?/KX1sK3da1OZDZbi9j2cRfl3W9fdWJXNjcDzHw5Hhz5nz0ui6nzfz6qxil6p8DUNFhMsPfD9IaDhz1X10pETyZu7W4t4G49VKEUgkIu2g4juPAc+NVotrd7C7YhuBysO8W9PEeoVsMQtrEMvh1h6Bf5qbvEeRPEcdRcm3PXieRqM21vDFDdSwd?+GSPV/AjUKe5mF6hxo2WSXxJoBTwZW9R9X1UnOVQEkHTsF/R/raq1Nt6HQOchYCyuNdQD1gubIdbWexvwvWytmHUe4/FYMB3W1A8LUJ2f1kL4udnJtaNdNQeueerW0H5ANvh00gmsbrwve5tqfhcCST8I5iDzFaTswbUBtNM3Hzjyf1eym7TW4owN/K8oeZV+q9VcbOiM0lSJM7Te+Y+6O3EtYrrzIe?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?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?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?+O3ZxCeQl1CBSYm90bKoQg36wBy3sBbhcVB4jCsigkNGwe1tVfUXsWOo1S9uenCwrs8BBvqL3bTxN/mNaYoLezWsV4Naxt3HjxqtUX1nL91MVK8ioZOplc9e7qMqlvKbr2sO3h4C0vtXFFFVvcpFeRUDRSEgXvqbqddPJ0qZmwWGRgyIA6k2yEqtipVgVByEFSRw40wiwwChT1rEHUe+AIBty4mq9GbRSaGeDcSi2SRb8Cy6E92UsdO8ClPaTrwzjw5fmnh5xUxsfR107asbR35eqoczWOJV1Oeqzgai/mym/eR9VbJONdCPDgO3QHMfRV2kw6m9wPOB9NR8+xozwFvAn6aKYcGismQXIDebVb?/mizHwJFSWxVILKeanSwAHcAOXiSad?/a+vMm3cATy7SBT3DbLji4XJuLXJ4GwIy?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?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?+amRUctD3aEHzVFvjpBwc?+Bs3zi/rqUUeSL6okMbKwva2vabeo1XcQjlxmDWIPblvdfNfjT19uuNGVW8Lr+0KQk2orEDKQdT3aa/zpRslaW9jCpSkcfbYev?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?+o49sH+TTkY49hpvg8VA50miI4aSJ9fhUj7XXu8xqXkZXkxG6YrrA6i1Ezob6KT4CnEGDB11rE2E0qeYVeFCOHcC+lr28klfmtSftWPMHDSAxkkdcmzHKxK3JtfKt?/yR2Ct48CbX4eatHw5FTrTHLfcWxk8kgUdMwsbiypfxLZLk/8AukoNirmv13kJP9qEB0N29ziU5vxr3tSSQN2GtjIwPO/hVdqGmVk3s3DYYEr0LlmNjdxIGPeZCGI7zc1Vt6mSOQhEKhSwMYXKF0XWw0uxvr4VK4LaLRkMALjhcG3ZUNtNTI7OzdZjc6c/NVEtw1t0IDZO1p2xCIAUiJObS+YBS2p5agcKvaS1XMBhirA+PLtqXR61SoxTY+M1DTUwaWsGar2WUtyQja9bqaZwNpWyyVWRZMfPLTSaWkpJaZyz1UhlI9nbauTD2vYnN57Lp67Dz15pWuufZC7VzOEHJVH6RLH1KBXI69ngo1Czz+LfrUZahXrWSsIa2y5XHoYY4J9RQSUB6RFbK1Z8+Rbko6t9jRORjJADo2Ge47SskVj5rn0mvRqyV5T9ibHSQStMhsQoQjkysQzKe45R6q9ObLxyyoki?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?/zXqHTlW1NKFvuWHD71YoADpMwtzRPnCgnzml?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?/ilQwqK7nJ4I5ZOIlkfb82icWSlVamStW/SV88fWEgrVvhZLHiBofoqOz0rgZbMPP8ANVgTOe9ra6cq2JvxFIdKD72/oPz1tdewjwBHzVFk0vI2gjHhqeGnM9lbSXuvWbj235H4V60DryYj?+e8UE9jX8bH5rUJUb8x50z/C9IH0WqhbQ2GC7Wb3x+fwq5dM3cf589RmJw97mxuSToRz8bUKZMTaKZPsZlY66FbcOYN+RPafTTTE4JhbhoyHjbyWDc7dlW3G4Qm2pFr8vqvUNjsA9jqDppc2189RRjHG7TojMFgGyrcWsB81PMNgAOOvH161IZP5GtbLEf8A2bfXQ6I4o9RCOEDlVg2M3U8CaiCgHMDw/wBb1N7vSJY9Y8fhHs7L2oaxpbDmSU9pvpz76UGKf4R7fprOOdcps+vIEjW2ttRUe0goa0ma7zbPGLjCSE2DZgVsDexHMEcCeVLYKLIAurWA1J1NrDWk1fsNb5jceehGhIctJfkeBFabPxI6h197e4I14H13rYcj2Gm8bWzL2M3rYkeo1m0XPGuyNtqqopRSqtcggXOhHn0PpqOxeJvcAnLcnKDp6OF6jJYzcUswtXmN2dTY6wxzCll4ikMMeWmvbTgis5MqNpZbk?+NKtxFIpDrToLr4Coosjfo6dRXVWseIsQDxsQddeA469gqOXEZQSeJ4CkYpSTxqUSTezMaAwza5dRfgSOF/PS+0NrmUhTxzlm04kgCw9HCoFiFJ5996zFiDe4vccx/pWqk0qKOJdd39vFWkJGbMBkBtZLXyj8kA2t3CrfuzttJRZlXMLkngAvwiPHS3dXGnxJ7TrV99ijCe2JBHpYjr9Yhio1004AgertraGV2ZvGdO2NBHNe1ly8bj0a3te2unbTnFbHUDRjckAanmfGpHD7vFAFTKFHK5+qtH2RJdRoeJ48hYfOwrti7Ri0hBthEe?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?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?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?+fRje+lrZTVd0bLHqWw4l22oRFdjnSSPMx4EpKgZr?/AF2rfZMhSeQNJbptUjPEstwxGnJVB46g3765rtXGO4N262jS2IBGVyG0063km3ga2XfeUuAD+Lmvlve6qSb28nLc/ijz01pD0V06L/tyUokwFrm7WPP3SXhbnZRXONobWkUXXXuHINbQd1Pd+9t+UurBghSS5BJXU6WtoXYceyqlhdrFs2ZguWxvwbiBoOZF72HKs5yTNsWFxRGY3aDMW5ZjcjvrXD4wgXBIdSpRgfJKm/Dn9Y8aZYgFmOtz29vptx76SnRlJU6EaEXB9YJB8xqh1+RYd5sYkoSVWCvK0hkiFzks2jZuHXubLxFtdCKT2FvLLAjIr2DG9hxv1bnUZbELlI1uLgixqtl6A1HuCcfGe5l84zdOLJ78AoxMgHwbgKSOYXutrsjaFpY3Y3AkVmvfUZgWvzNxeoa?/+np9el6e7HVDIok8g3vcsuhBFwVBNx5QFje1rG9qhA7XhttxSlYsO2jOpEOQ26pLFSWYKRdQLWYa24V17AYqV0RpSofMy5UUrlSxIB6xBJyg6aAG2tebfYo23HFPnlKoAp0AsNFJug5G4HAjNmtzrp2C3ulZXlj1iR9A4F5EJYu6+SbRkFVGmit2admOZzzjRyD2WIxDJDAvGKBM5HN35HwCg6/CPbVGtc1Pb747psTPJxDSHL+SvUX1KKhitcs3bo1ijMa0uEJBsLmlYbH0VsGtWLJoQiwdhrx50qcOtj6qdiQee1azLqAKlMmhqY7DvtambYepWdOAHnpNoDU2hRHPBYX7aQVqmGwtx?/7po8fEW4Va0RQitdH9iDYuImf3KKV1BBkaKJ5Da4st1UhbHXtNzxtpzpRXY/YF21iMObRzCPM4JWQHowV99oMxbllBUG5uagmKXmdf/oXEAfeJ+H4CX93TWKJ0UFlZM1z1lZbkm/vhx7q6s3soRMkim5JjRFZDoZZbrwvoAShOptfnaq5vDkZiYyQpN8rm9jrwa12AHM61pGbKzhCrKXJi1AJLoLAnVgOHjWYJ1sBnTgPfr9dS20cKSAMw6zKvE82F+XZelZsLbn5qupGFFf2piAqEkrbTmO3xp2swIvcWIBBuOYvwvfhrwqub/pbKC2jHyCtuHGx52JFQe/0GYtIFAQRwKFC2C2SKEeBJW9ydSe02qrkbLF7xX2YdoKkSJ+Ee5I4WQXtp2kg+auMYiUlhlve?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?/rW3Oh5GPIne5M4/EANGL+/J/RRvpIqL23tcqCVAvbnVX3smlZ168fVQkGxXR2Iv5Z4dHx76p7bzycDYjvv9dTzYluTJFp2htPM6E2ORWNvyiv1Gq1vli3ZQMxyk668xw/nwprtXa+RHc5cw6MKnDNmDMTe9xlsAdDxHCoQ7beUaxkAdl2+io1waGiY3xOBzW14D/WozaceUcCtSxxDccunb?/JFRG3ceGsNLjn9HE1WVeRCjKyHnUmrj7EmGIklY+9QAd2Zv/GqiavXsXCyTHtZR39UE/8AdVcf1iZS2Lj0tJzy6U0E1azzV02YmrtXPvZAxeaQL8Ef61eXk41ynbE+Z2Paa7uBjcrMMzpUPNhbcfD5sgQ58t8wJ8m/CxFuPzUhtLGPO9yBmOgCiw?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?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?+tbU8r86g4ts5WLCMXN+LXtf82tKZSxwTzOldD3EFoL/Cdj6Or9Fcun2kGN8pHdm/8AGrDsrfsxRrGIAwW+vSWvdi1z7me23mq0I07M5Rs6KlaYiqIfZFPxcfLH91WD7Ih+Lj5b/arQz0MuU63BHaCKq7bpLfVjbzfVTEb/ALfgB8sf3Vanf4/gB8r/ALVa48rh0dFXivqi7mwsOQ0FN50uLVTvt9P4AfLH91R9vh+Lj5U/uqzvcty2PsXuupNw2W/ICkftXA4ufVTf7eT+AHyv+3SZ32/uP8X/AG62XEzSqyjwp?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?/Cyehf2aW+0yOwXpJCBfjl99a/ve4Vp6di7mi+gvi1/UXzx/mVLYkNyQD5UUvntGz29Kio+MAX76vibmoOEsg8MoPZ2c+FanciP8JJ+r+zR8bi7k/qJ4t7EfniUZ5hYDncnzWUf9tKQzgCrk24kf4ST9X9mtftDj/CSfq/s09OxdyP1E8WT+pH54/zIU7ViMSpkIcZsz6a3bMvfpw8C1RzTjlpoAe?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?/Yn4T+MXzSVeapHsU8J/GP/wDSrvavm/EP8eX2fkj99+hT/wBz4f8Ar/8AOQUUWotXEfVHXtxtgYd5dkYWSJZFxGFnxk9xYyNMs3QKXWzBYkhsFBtdmPOnG0dj4SGCLFYzZYwLLi0ibDdPI4xGHdfdHCFswaG5kBW1zGATZqrewt+kg/o6fJ0mIwUU+GeIkxiSBlfoJFlCOo6MSuhQjMSoNgDeqBJK7Wzu7kC13Ysf1ibeFd8ssIx2V/8AxHyGLwni8+dynOWOK605Jt8zK5aakkk4uO7i/V06aa26xtrcrDYAxRyBMRLjtoQrhTmJEezxNHeQ5WAzzCQRm/K5W1jUrvtubh1j2pm2aMFFhYZXwmNE7+7SrpFH0bsQ3SnTgfMSDXNtq73GWTZ8hiynAQYOEDpM3Te1HL5yejHR9Je2Wz5e1qjd9dtvjJp5WzIJpGcRGQyLHm5LcKDbtCr4UlmxpOkn?/fwGLwjxCc8byZJJ03OWp9VONJRjNLeC81KO7bVsnvZh2fHg9oTJh0WNIva7Rpqyhuhik1DE5gXJJBuDcim3sr7PSLFuY1CRzxw4hEAsIxiIw5QcgA+ewFgBYcqkN+d8cLtBndtn?+18RN0anF+3ZpREFyJn9rLCqPaNbZRY8xc8YX2Q9trisTJJGCIVCRQAixEEKCOO45Fgpe3IuRyrLLp9bS112/E7/AA2HEp4FlhKLjicZuTT1P9nTuMpXbUquns7Svev0UWotXMfQAK4k0xrtwFcFea3pPz16nhv+b7P4n5b/ALS/+H/7n/oOumpsDxpUCkU517ET8rbs7D9iFt7Ex7X2fh0xM6YaaaZpcOk0iwSt7Vl60kIYRu3UTrMpPUX4Iq8+wvtx8Xid51x+MxT4aPZu0UZ3kkxDYfDmdlk6BJGYLlRQQiixKrpXnndfb?+IwU8WJw0nRYiEsY5MqPlLIyE5JEeM3VmHWU8b8bGnGx97cZAcYY5shx8UsWM9zibpopyWlXrRno8xYnNFkIvoRpUONsJno?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?/zP72bjEP8ADf8ATb662GIf4b/pt9dAhNbBKsoorz8ntP72K4Od88fXfy09+3wh308O5k/4muvlHnr8GmuDHXT8tf8AMK7th8fgLAZX8ka9bjbh5V/Vas5Y1qNHlk8Stt+s/wAkc0h3Wg/Bk+LH/Suc4hLM47HYehjXdRtpB/ZJ57n6aoGL9jPGl5CBDZnYj3XkWJGmTTQ1v6NOf+HFv4HBl47Dhf7WajfS3XQo9FXT+rHG9kPyv/jQfYwxvZD8r/4VZcBxHsS+5mX6X4L97D5kUqtL1d/6sMb2Q/Kn9itf6r8b2QfKn9ireg8R7EvuY/S/BfvYfMik1kCrp/VhjeyD5U/sUf1YY3+4+VP7FQ+B4j2Jfcx+l+C/ew+ZFLvWKuOJ9jbGIrMRDZVLG0tzZRc2GTjYVSxKK58uHJidTTXxOnh?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?+qkSKxNrXBFjYEs9rYuNxHkUqUUqQSCLC2UAgAn3xN+ZNSGHxMYMhvZXctlynVPdR0XZrmRuzzrSbbT8lT1wIiGJvcswuwB0sPJUE6dXNxtWMY1K1F/wBr4HtZcqnw?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?+keR4436peNBkgad1kZwUkETKrlctIyeyrjCCD0RDAggq2oOhH3zmKgV3iHxXC/Jt+8rzPE+Px8VJOKapeZ9F4B4Rl8PhOORp209r8l70jsOA3h3fwsKBI/bk+Fw+S74KNBj5Zp8LM7h8TFiVXoBHioA+Iw6OIplWO7AOOeeybLhJJUmwhhSOXD4XNhYkmT2rNHhMPHMjGWNUkLziZhJG0mbVmILVA/bEPiuF+Tb95WTvJ/wD5cJ8m37yvLTR9BuTe6e1IEw+KR1gE7SYR8NLLhxOUMc4Mty0cg6IR3LRFSJASpV9BV53x27sXE4bEJEsWFnOIfopBg1UyRxCBIZbQYT3BZ4opGeKKSMLPKbwsrmROV/bGPiuE+Sb95WBvEPiuF+Tf95RtDc69vLvBsQwYhUXDNOcLlzR4AxCWUjHdEcNeCP2s0UkmDkkZgpMcZjMuLaMyzcUpabbd?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?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?/iRjx6FW7+J3HBb2bsGSORsKqqcSMQ0JwNujCxwYQYV1Uyo2HbNPtEokjgvEi6M+WovYu3thpDBFiPamJXoIVeSLAPDjI5mxGHaRmcYOJZUwsKMovJJJibYnOw6dFj5D9tg+JYH5J/31Y+2wfEsD8k/76tPV7l9yb3d2rhY9prM0cT4H26xaOSHpIxhHlYG0BHFYW6q5SVIWwuotfNyNvbFjiwi4n2rI4wrdK64JukilafB5onWTASxYl?/a8WJK4h3kJmxEiBsKgSReTnesfEsD8k/72gb1j4lgfkn/e09XuNy?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" width="308px" alt="return"> An ill-timed information item questioning the company's management ethics causes panicked shareholders to start to promote, driving the price down to $15 per share. The firm decides to repurchase 50,000 shares at $15 per share for a total outlay of $750,000 and wait out the frenzy. "One of the primary criticisms of a inventory buyback is the optimistic influence it has on some of the main financial ratios that traders monitor, ," says Michelle Katzen, managing director at HCR Wealth Advisors.

h2>Premium Investing Providers</h2> Dividends are the more well-known way that companies return capital to shareholders, but inventory buybacks are equally necessary to grasp. Buybacks are a big a part of the profit-allocation strategies of many publicly traded firms. Here's a rundown of how inventory buybacks work, why firms could select to buy again shares, and the opposite essential things to learn about inventory buybacks and what they imply to you as an investor. For instance, if an organization buys again $1 billion value of stock at $100 per share and it proceeds to fall to $80, the buyback successfully destroyed some shareholder worth. For one thing, buybacks can scale back an organization's cash reserves, giving it less of a "cushion" in powerful instances, and making its balance sheet look less healthy total. In other words, a company with $10 billion of internet money within the financial institution looks significantly healthier than one who spent every last dime on buybacks. If you maintain stock in a regular brokerage account, you may in all probability have to pay tax on the dividends you receive each year. Though most U.S. inventory dividends meet the definition of "certified dividends," this still interprets to a 15% or 20% dividend tax fee for virtually all of buyers.

ul> <li>Similarly in Europe, the corporate bond market has tripled to 2.5 trillion euros ($2.eight trillion) since 2008.</li> <li>Further, corporations that generate the free cash flow required to steadily buy back their shares often have the dominant market share and pricing energy required to boost the bottom line.</li> <li>The value of the tender supply almost at all times includes a premium relative to the current share price.</li> <li>Although share repurchases could also be higher for building one’s net worth over time, they do carry more uncertainty than dividend payments, because the buybacks' value depends on the inventory's future worth.</li> <li>However, there are a number of different downsides to buybacks from a company's perspective.</li></ul> A share repurchase is when a company buys back its own shares from the marketplace, which will increase the demand for the shares and the worth. Companies can pay for a inventory buyback via money readily available or through debt financing . Companies will both buy their shares available on the market or purchase shares from existing shareholders. This is so because the provision of shares has been reduced, which will increase the value. This could be matched with static or increased demand for the shares, which also has an upward pressure on price. The increase is usually temporary and regarded to be artificial versus an correct valuation of the company. https://www.pearltrees.com/goldbase85/item549615119 represents money in hand for an investor or more shares of a inventory for individuals who reinvest dividends. But it may show to extend the corporate's value whereas deferring tax penalties. When the number ofoutstanding sharesincreases, this causes a dilution of per-share earnings. The resulting influx of cash is useful in attaining the longer-term goals of a company or it could be used to pay off debt or finance enlargement. Some shareholders' shorter-term horizons could not view the occasion as a positive.

h3>Private Corporations</h3> Thus, when a company spends hundreds of thousands of dollars shopping for up its personal shares, it could be an indication that administration believes that the market has gone too far indiscountingthe shares?a constructive sign. There are several methods during which a company can return wealth to its shareholders. Although inventory value appreciation anddividendsare the 2 commonest ways, there are other ways for companies to share their wealth with buyers. This ETF invests in U.S. companies that have repurchased no less than 5% of their outstanding shares over the previous 12 months. Profitability measures like earnings per share normally experience a massive impact from a share repurchase. A share repurchase, or buyback, refers to an organization purchasing its personal shares within the market. Capital inventory is the number of frequent and most popular shares that an organization is authorized to problem, and is recorded in shareholders' equity. An accelerated share repurchase is a technique a company uses to buy back its shares shortly by using an funding bank as a go-between. Transfer agents must hold a retrievable database of all canceled or destroyed stock. There have been occasions in which canceled securities have gone missing and appeared on the worldwide market as present and legitimate. She holds a Bachelor of Science in Finance diploma from Bridgewater State University and helps develop content methods for monetary brands. https://notes.io/qWbjY went to California-based Newport Medical Instruments, the second to Pennsylvania-based Respironics. However, debt obligations drain money reserves, which are frequently needed when economic winds shift against a company. Stock buybacks have turn into quite controversial lately, primarily for economic causes, which I'll get into in a later part. However, there are a number of other downsides to buybacks from a company's perspective. However, if the corporate selected to buy again 20,000 shares as well, it's going to negate the dilutive effect of issuing the new shares to workers. Corporate buybacks have come beneath larger scrutiny by politicians and activists alike, highlighting the changing relationship and social contract between businesses, policymakers and the public.

div style="text-align:center"> <iframe width="561" height="315" src="https://www.youtube.com/embed/-ZrzNoIRpIc" frameborder="0" alt="Profit from Stock Buybacks" allowfullscreen></iframe></div> This permits companies to primarily choose a value the place its inventory could be cheap enough to justify shopping for again shares in bulk, and to collect premium income even if the inventory doesn't drop to the desired worth level. Continuing with this instance, for example that an organization's income for a sure year was $5 million. If there were 1 millionoutstanding shares, this translates to earnings per share, or EPS, of $5.00. Now, if the company had purchased again 50,000 of its shares all 12 months long, the $5 million in profit would now be spread across 950,000 shares, which means that its earnings would be $5.26 per share.

We’ll additionally discuss the means to rein in this latest instance of company greed and make sure staff share within the profits they create. So why do firms return money to their shareholders quite than invest in workers or growing new products? The easy answer is a poisonous mixture of short-termism and the shareholder-wealth-maximization principle. As a outcome, corporate aims have become increasingly divorced from the interests of staff and communities, and workers are paying the price in layoffs and stagnating wages. It’s necessary to remember, too, that corporate executives’ compensation packages embrace shares of the company, and in plenty of cases are tied to earnings per share results. Honeywell HON, +2.58%and Kimberly-Clark KMB, +0.27%on shareholder returns. From 2010 to 2019, 3M distributed 121% of its earnings to shareholders, Honeywell gave 90% and Kimberly-Clark distributed 129%. Real property funding trusts and controlled funding corporations are exempt from the excise tax. Businesses which have expanded to dominate their industries, for example, could discover that there is little more development to be had. With so little headroom left to grow into, carrying giant amounts of fairness capital on the stability sheet turns into more of a burden than a blessing. This kind of secondary offering happens when a company's board of administrators agrees to increase the share float for the purpose of selling extra fairness. The stock’s earnings per share thus will increase while theprice-to-earnings ratio (P/E) decreases. In 1982, when inventory buybacks had been first legalized, the UAW had 1.2 million members. Wall Street considers shareholders’ fairness in a company to be all that issues, however staff have equity in a company, too. Book value per share decreases ? since outstanding shares is the divisor for calculating a company’s e-book value per share, having fewer outstanding shares implies that the accounting value of each share is less. While 60 % of white households own some stock, solely 36 % of black households and 37 p.c of Hispanic households do. In addition, greater than one-third of staff don't have employer-sponsored retirement accounts. Moreover, simply because a small majority of Americans own some stock does not imply they own sufficient to reap the advantages from stock buybacks. $17.9 billion of this was in the form of stock buybacks thanks to a huge buyback authorization currently in effect, whereas the opposite $7.9 billion was paid directly to traders as dividends. The theory behind share buybacks is that they reduce the variety of shares obtainable in the market and?all else equal?increase earnings per share on the remaining shares, benefiting shareholders. For companies flush with money, the prospect of bumping up EPS could be tempting. Record stock buybacks have been a significant focus for traders and have even attracted the eye of some politicians and activists, who are advocating for limiting and even banning share repurchases. Buybacks cut back the variety of shares excellent and a company’s total belongings, which may have an result on the corporate and its traders in many various methods. When you have a glance at key ratios like EPS and P/E, a share decrease boosts EPS and lowers the P/E for a more attractive value. Ratios, similar to ROA and ROE, enhance as a end result of the denominator decreases, which increases the return. Predominantly an American phenomenon, buybacks are a reflection of the fact that U.S. corporates have substantial quantities of extra cash. They typically take place when companies have leftover cash after they “receive” their profits and make the essential decisions of how much to use to fund future capital expenditure and dividends. In this case, the company moves to purchase its personal inventory, lowering the number of outstanding shares and consequently rising their worth. Buybacks enrich these opportunistic share sellers? investment bankers and hedge-fund managers in addition to senior company executives ? on the expense of staff, in addition to continuing shareholders. As a mode of distributing company money to shareholders, buybacks surpassed dividends in 1997, helping to raise stock costs in the internet increase.