Print page
Email page
Download PDF
« Previous Release | Next Release »
SAN FRANCISCO, May 05, 2010 (BUSINESS WIRE) -- JMP Group Inc. (NYSE: JMP), an investment banking and alternative asset management firm, announced today that its board of directors voted to increase the company's cash dividend to $0.015 per share for the first quarter of 2010, an increase of 50% from the prior quarter. The dividend will be paid on Friday, June 4, 2010 to common stockholders of record as of Friday, May 21, 2010.
The company's board of directors also authorized the repurchase of an additional one million shares of the company's outstanding common stock and extended the time frame for the repurchase of 0.6 million shares remaining under a prior authorization. Since October 2007, JMP Group has repurchased 3.4 million shares of stock. In total, the company is now authorized to repurchase 1.6 million shares, or 7.3% of its common shares outstanding, through December 31, 2011.
"Although it is still early in the year, JMP Group is off to a good start in 2010," said Chairman and Chief Executive Officer Joe Jolson. "As a result, our board felt it appropriate to begin distributing a higher percentage of our cash earnings to shareholders in the form of an increased dividend on top of our ongoing repurchase activities. We will review our cash dividend on a regular basis, with the goal of reaching a quarterly payout ratio of 30% of operating earnings within the next 12 months."
About JMP Group
JMP Group Inc. is a full-service investment banking and alternative 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 three subsidiaries: JMP Securities, Harvest Capital Strategies and JMP Credit Corporation. For more information, visit www.jmpg.com.
SOURCE: JMP Group Inc.
Investor Relations & Media Contact
JMP Group Inc.
Andrew Palmer, 415-835-8978
apalmer@jmpg.com
Copyright Business Wire 2010
