WARWICK – Warwick-based Coastway Bancorp Inc. last month announced it would adopt its third stock buyback program, allowing it to purchase up to about 5 percent of its outstanding shares.
Coastway, parent of Coastway Community Bank, says it could buy up to 223,331 shares of its common stock. A company may buy back its shares for any number of reasons, although it’s typically because the company feels its shares are undervalued or it’s bullish on current operations.
Coastway was trading at $14 per share when the market closed on Dec. 1.
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