LogProstyle Inc. (NYSE:LGPS) shares jumped 63.74% to $1.13 after the bell on Tuesday after the Tokyo-based real estate developer and management company confirmed completion of its special cash dividend.
Buyback Funds Redirected To Shareholders
LogProstyle said the dividend, which was approved by its Board of Directors on May 15, was funded using the remaining unused balance from a previously discontinued share repurchase program.
The company distributed a total of $519,000, or $0.022 per share, to shareholders of record as of Jun. 1, which also served as the ex-dividend date.
LogProstyle also stated that the timing of when shareholders actually receive the funds may vary by several business days, depending on their financial institutions.
The announcement, which was made after the markets closed on Tuesday, reversed an intraday decline of 1.61%, where LGPS closed at $0.69, according to Benzinga Pro data.
Trading Metrics, Technical Analysis
LogProstyle has a market capitalization of $16.26 million, a 52-week high of $2.17 and a 52-week low of $0.45.
The Relative Strength Index (RSI) of LGPS stands at 49.66.
The small-cap stock has dropped 12.65% over the past 12 months.
Currently, LGPS is positioned at about 14% of its 52-week range.
Benzinga’s Edge Stock Rankings show that LGPS is seeing short-term upward movement, while long-term and medium-term trends remain in consolidation.
Photo Courtesy: Gorodenkoff on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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