Shares of OppFi Inc. (OPFI) are gaining over 20% on Tuesday morning after the company announced a special dividend of $0.12 and a $20 million share repurchase program.
OPFI is trading at $3.0918, up $0.5318 or 20.7079%, on the NYSE. The stock opened its trading at $2.7800 after closing Monday at $2.5600. The stock has traded between $1.8100 and $5.3400 in the past 52-week period.
OppFi declared a $0.12 per share special dividend to be payable on May 1, 2024 to holders of record of the company's Class A common stock as of the close of business on April 19, 2024.
Further, the Board authorized a new $20 million share repurchase program.
"We're excited to distribute our first special dividend as a public company, demonstrating our commitment to rewarding stockholders and confidence in continuing to generate strong free cash flow," said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. "We also believe the Company's stock price is disconnected from OppFi's intrinsic value and earnings potential. Therefore, as part of our capital allocation strategy, the Board has authorized a new share repurchase program that will enable us to further support our stock price and stockholders."
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