Palace Capital (LON:PCA) Board of Directors Initiates Stock Buyback Program

Palace Capital (LON:PCA) announced that its Board of Directors has initiated a share repurchase plan on Friday, April 17th, RTT News reports. The company plans to buyback 400,000,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Palace Capital Stock Down 0.9%

Shares of LON PCA opened at GBX 172 on Friday. The firm’s 50-day moving average price is GBX 197.45 and its 200-day moving average price is GBX 206.14. The company has a market cap of £34.79 million, a PE ratio of 20.72, a PEG ratio of 3.37 and a beta of 0.01. Palace Capital has a 52-week low of GBX 166.22 and a 52-week high of GBX 235.

About Palace Capital

Property investment company that has a diversified portfolio of UK regional commercial real estate in carefully selected locations outside of London