Boston, MA 10/01/2013 (wallstreetpr) – TFS Financial Corporation (NASDAQ:TFSL) operates as a holding company for several 100% owned subsidiaries in the banking sector. It targets mainly retail consumers as part of its business model. It operates in the mortgage markets along with offering depository services to its customers. Currently, TFSL as the parent company for “Third Federal Savings and Loan Association of Cleveland” has announced the next phase of stock repurchasing programs.
Federal Reserve approval lead to resumption of fourth stock repurchase program
TFSL has announced that the Federal Reserve has issued a ‘no-objection certificate’ to its stock repurchase program. In its current phase the company will repurchase 2,156,250 from common stock held by investors, under certain terms and conditions. Commencement of the repurchase program is scheduled for October.
The original repurchase program was launched in March 2009 and was operated with the approval of the Directors of TFSL board. In August 2010, the firm entered into a memorandum (MOU) with its regulator, Office of Thrift Supervision. Based on the terms of MOU, the repurchase program is now regulated by Federal Reserve. The company required a non-objection by the regulator to commence any of its financial offers like debt, stock repurchase or dividend proposals. With the receipt of the most recent NOC, TFSL is scheduled to commence its fourth phase of the repurchase program.
Currently, the company has market cap of around $3.7 billion with 301 million outstanding shares.
It has recorded a $394 million sales turn over with a income of $41.2 million for the past 12 months trailing period. As of close of business on September 30, the stock was trading at $11.97 per share up 1.1% from its previous day close. It has seen a relatively slow upward movement in its value over the past few months. In 12 months it has gained 24% in value.
