Amwest Plans Buyback of 100,000 Common Shares
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Amwest Insurance Group Inc., the Woodland Hills-based insurance holding company, said it has authorized the repurchase of 100,000 shares of its common stock between now and next June.
The company’s stock has recently traded in the range of $12 per share. Steven Kay, chief financial officer, attributed a decline in stock price to the company’s recent earnings, which fell short of some analysts’ expectations.
Amwest, which specializes in contract-performance bonds, has 2.4 million shares outstanding. The company is in the process of selecting an agent to begin its repurchase of shares.
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