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4 big stock buybacks: Costco, Kinder Morgan

Published 2023-01-23, 07:56 a/m
© Reuters.

By Davit Kirakosyan -- Here are some of the week's biggest share-buyback announcements, all first covered on InvestingPro.

Costco Wholesale (NASDAQ:COST) shares rose more than 2% on Friday after the company announced a common stock repurchase program reauthorization of up to $4 billion. This program will expire in January 2027 and replaces the current $4B program, adopted in 2019 and set to end in April 2023. So far, approximately $1.4B had been purchased.

The company also declared a quarterly dividend of $0.90 per share, or $3.6 annualized, for an annual yield of 0.8%. The dividend will be payable on February 17, 2023, to stockholders of record on February 3, 2023, with an ex-dividend date of February 2, 2023.

Kinder Morgan (NYSE:KMI) shares rose more than 2% on Thursday following the announced $1B increase in the share repurchase program, Q4 EPS beat and new CEO appointment.

For 2023, the company expects EPS of $1.12 and dividends of $1.13 per share, a 2% increase from the dividends declared for 2022.

Prosperity Bancshares (NYSE:PB) authorized a stock repurchase program to repurchase up to 5%, or approximately 4.6 million shares, of its outstanding common stock over a one-year period expiring on January 17, 2024.

The company also declared a quarterly dividend of $0.55 per share, or $2.2 annualized, for an annual yield of 3%. The dividend will be payable on April 3, 2023, to stockholders of record on March 15, 2023, with an ex-dividend date of March 14, 2023.

Radian Group (NYSE:RDN) approved a new $300M share repurchase program over two years. It also expects Radian Guaranty Inc., its flagship mortgage insurance subsidiary, to start paying ordinary dividends to Radian Group. These dividends are projected to be between $300M to $400M for 2023 and are expected to approximate Radian Guaranty's ongoing statutory earnings in future years.

Following the announcements, shares rose more than 4% on Wednesday and closed the week with a 7% gain.


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