JMP Group Inc. Declares Quarterly Dividend and Extends Share Repurchase Program
04 März 2009 - 10:15PM
Business Wire
JMP Group Inc. (NYSE:JMP), an investment banking and alternative
asset management firm, announced today that its board of directors
has declared a dividend of $0.01 per share for the fourth quarter
of 2008, to be paid on Friday, April 3, 2009 to common stockholders
of record as of Friday, March 20, 2009.
Additionally, the company�s board of directors has authorized
the repurchase of up to 500,000 additional shares of the company�s
outstanding common stock during the next twelve months. Under its
previous authorization, JMP Group had repurchased 1,127,210 shares
of stock since March 2008, leaving approximately 0.9 million shares
still to be repurchased through September 2009. In total, the
company is now authorized to repurchase approximately 1.4 million
of its outstanding common shares.
�In light of the unprecedented turmoil in the capital markets
and our strong desire to take advantage of the opportunities it
presents, we made the difficult decision to reduce our dividend
from five cents per share,� said Chairman and Chief Executive
Officer Joe Jolson. �Our board will regularly review our dividend
policy and continues to target a long-term payout ratio of
approximately 35% of operating earnings.�
About JMP Group
JMP Group Inc. is a full-service investment banking and asset
management firm that provides investment banking, sales and
trading, and equity research services to corporate and
institutional clients and alternative asset management products to
institutional and high-net-worth investors. JMP Group operates
through two subsidiaries, JMP Securities and Harvest Capital
Strategies. For more information, visit www.jmpg.com.
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