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In 8 business days COOP can start buying

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JusticeWillWin   Thursday, 07/22/21 01:37:33 PM
Re: None
Post # of 671322 
In 8 business days COOP can start buying back up to 50% of the currently ~86 million outstanding shares

COOP already repurchased shares for ~$206 million (Q3 2020, Q4 2020 and Q1 2021 combined) BUT the number of shares they could buy back was limited because they did not want to risk their NOLs.

BUT from August 1st, NOL restrictions will be lifted and COOP can buy back up to 50% of the outstanding shares according to Q4 and Q1 earnings calls!

Chris Marshall (CFO/President) in Q1 call: https://www.fool.com/earnings/call-transcripts/2021/04/30/mr-cooper-group-inc-coop-q1-2021-earnings-call-tra/
Quote:
[...]Those things all say the stock could be well into the '40s. So if we're sitting here with a lot of cash toward the end of the year and the stock that's trading where it is now, it seems to be a no-brainer that we want to buy back our shares in a much higher level just given where tangible book is.



IMO they will not have enough cash to buy back 43 million(!) shares all at once, but with the $674 million in CASH at the end of Q1 and the $450 million from the Title365 sale (and they said they need to keep ~$200 for operating the business) they could use up to $800 million to buy back up to ~24 million shares at the current PPS

All IMO!

======> JUST MY PERSONAL OPINION, NO INVESTMENT ADVICE!
======> I am long COOP, FNMA, FMCC
======> #ShareholderRightsMatter

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