The renewal of this repurchase program grants Morguard the authority to acquire up to 5% of its public float over the next twelve months. Trading activity for the company has remained modest, with shares declining 0.5% year to date and 2.4% over the last 52 weeks. Wednesday’s market close placed the stock at 115.35 Canadian dollars, or 82.47 U.S. dollars. The company is scheduled to commence the buyback process on September 22.
Morguard Cleared to Repurchase 5% of Public Float
With shares trailing slightly over the past year, the Toronto Stock Exchange has greenlit Morguard’s plan to buy back 533,913 common shares. The real estate firm aims to cancel these holdings in a move valued at approximately 61.6 million Canadian dollars, beginning later this month.
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