The Pennant Group Announces Share Repurchase Program
December 13 2022 - 4:05PM
The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the
Pennant group of affiliated home health, hospice and senior living
companies, today announced that its Board of Directors has approved
a share repurchase program under which the Company may repurchase
its common stock.
“We are committed to strategically deploying
capital to drive growth and long-term value for Pennant
stockholders. Steady and disciplined acquisition activity is a key
component of Pennant’s strategy—we seek consistently to invest
capital in situations likely to generate favorable returns over the
long term. Share repurchases can be a valuable capital allocation
tool and we view this as a good time to begin the practice of
opportunistically investing in our own stock when it is
undervalued. We are confident in our people, in our unique
operating model, and in our future growth plans, and we are excited
to have the flexibility to seize attractive buying opportunities
for our stock,” said Brent Guerisoli, Pennant’s Chief Executive
Officer.
Under the share repurchase program, the Company
may repurchase shares from time to time through open market
purchases, including through the use of trading plans intended to
comply with Rule 10b5-1 under the Securities Exchange Act of 1934,
as amended. The timing and total amount of stock repurchases will
depend upon business, economic and market conditions, corporate and
regulatory requirements, prevailing stock prices, and other
considerations. The authorization expires on December 12, 2023, and
may be suspended or discontinued at any time and does not obligate
the company to acquire any amount of common stock.
About
Pennant:
The Pennant Group, Inc. is a holding company of
independent operating subsidiaries that provide healthcare services
through 95 home health and hospice agencies and 49 senior living
communities located throughout Arizona, California, Colorado,
Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah,
Washington, Wisconsin and Wyoming. Each of these businesses is
operated by a separate, independent operating subsidiary that has
its own management, employees and assets. References herein to the
consolidated "company" and "its" assets and activities, as well as
the use of the terms "we," "us," "its" and similar verbiage, are
not meant to imply that The Pennant Group, Inc. has direct
operating assets, employees or revenue, or that any of the home
health and hospice businesses, senior living communities or the
Service Center are operated by the same entity. More information
about Pennant is available at www.pennantgroup.com.
Contact Information
The Pennant Group, Inc.(208)
506-6100ir@pennantgroup.com
SOURCE: The Pennant Group, Inc.
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