First Financial Northwest on Dec. 21 announced a new share buyback plan for the repurchase of up to 5% of the company’s outstanding common stock, or 486,000 shares, on the open market or in privately negotiated transactions. The shares gained 2.5% at Monday’s close.
First Financial Northwest (FFNW), the parent company of First Financial Northwest Bank, said that the new stock repurchase plan will commence on or about Feb. 1, 2021, and will expire by Aug. 13, 2021.
As of Dec. 21, 2020, the company had repurchased 329,781 shares of its outstanding common stock at an average price of $9.98 per share under its most recent stock repurchase plan in effect from Jul. 30, 2020, through Jan. 29, 2021, which authorized the repurchase of up to 509,000 shares, or 5% of its outstanding common stock. FFNW shares closed at $11.03 on Dec. 21.
Last month, Piper Sandler analyst Andrew Liesch assumed coverage of FFNW with a Buy rating and a price target of $14. The price target of $14 implies upside potential of 27% at current levels.
Liesch believes that the magnitude of the current discount valuation is unjustified. (See FFNW stock analysis on TipRanks)
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