Nordea Bank Abp (OTC:NRDBY), based in Stockholm, concluded its share repurchase program on Tuesday, acquiring 815,684 shares from trading venues XHEL, CEUX, XSTO, and XCSE. The bank spent a total of EUR 8,150,923.00 on the shares at an average cost of EUR 9.99 per share. The transactions were facilitated by Morgan Stanley Europe SE and were calculated using forex rates of SEK to EUR at 11.6930 and DKK to EUR at 7.4575.
The share buy-back program was announced on April 26, 2023, with a ceiling of EUR 1.0bn as approved by Nordea’s Annual General Meeting in 2023. The program was executed under European regulations - Regulation No. 596/2014 and Commission Delegated Regulation (EU) 2016/1052.
Following the completion of the repurchase program, Nordea now holds over 12 million treasury shares for capital optimization and nearly five million shares for remuneration purposes.
InvestingPro Insights
In light of Nordea Bank Abp's recent share repurchase program, we bring you some key insights from InvestingPro. The bank's revenue growth has been accelerating, a positive sign for investors. This aligns with the InvestingPro data showing a 29.5% revenue growth over the last twelve months as of Q3 2023.
Furthermore, Nordea Bank is trading at a low P/E ratio of 7.09 relative to near-term earnings growth, indicating potential undervaluation. This is further supported by the InvestingPro Tip that the bank is trading at a low earnings multiple.
Lastly, the bank pays a significant dividend to shareholders, with a dividend yield of 7.93% as of 2023. This could be a valuable point for income-focused investors.
These insights are a small sample of the comprehensive data and tips available on InvestingPro, which features additional tips and real-time metrics to enhance your investment decisions.
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