The Owens Realty Mortgage Inc. board has approved a Rule 10b5-1 share repurchase plan allowing the company to buy $10 million in common shares.
The company repurchased 32,483 shares at an average price of $14.71 apiece for a total cost of approximately $478,000 in the first quarter.
The board also authorized a quarterly dividend of 20 cents per share, up from the previous payout of 16 cents per share. The dividend is payable July 13 to shareholders of record at the close of business June 29.
Owens Realty Mortgage also announced that Bill Owens stepped down as chairman of the board, effective May 7. He will remain on the board and will be executive chairman emeritus.
The board appointed lead independent director Dennis Schmal as chairman.
Additionally, Owens Realty Mortgage reported net income attributable to common shareholders of $469,466, or 5 cents per share, in the first quarter, up from $191,678, or 2 cents per share, in the year-ago period.