Asta Funding, Inc, the New Jersey-based financial services company, announced today that its board of directors has authorized the repurchase of up to 100,000 shares of the company's outstanding common stock. The board's authorization covers up to approximately 2.5% of the company's outstanding common stock. The repurchases will be made from time to time in open market transactions in such amounts as determined in the discretion of the company's management and will be funded out of the company's working capital.
Gary Stern, the company's president and CEO said, "Our board of directors believes that the recent trading price of the company's common stock does not adequately reflect the company's intrinsic value and, accordingly, offers an excellent opportunity to increase stockholder value though the repurchase of our shares."
Source: PR Newswire
