Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
The latest 10-Q is out, showing $25.50 in tangible book value (TBV) and a 2% decrease in the diluted share count since the last 10-Q. Some recent historical data:


Reporting Change Diluted Change in
Period TBV in TBV Shares Diluted Shares
2017 $20.62 -- 370,701 --
2018 $23.26 12.8% 351,275 -5.2%
Q1 2019 $25.23 8.5% 318,752 -9.3%
Q2 2019 $25.50 1.1% 312,527 -2.0%


All moving in the right direction, but only small movements during this quarter.

They repurchased 7.75 million shares this quarter at an average price of $19.33/share, slightly less than last quarter's 9.6 million at an average price of $20.28/share. They had $155.5 million left on the repurchase agreement. After the end of the quarter, they approved repurchase of 9.25 million shares to offset the 9.3 million shares issued in the HomeFed merger.

At the annual meeting, Handler said: "We view the stock as an extreme value anywhere in the low $20s." Coupled with the need to offset the issue for HomeFed, expect buybacks to continue or accelerate even at higher prices that remain below TBV.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.