Share Buyback Plan Initiated by First Farmers Financial (OTCMKTS:FFMR) Board

First Farmers Financial (OTCMKTS:FFMR) announced that its board has approved a share buyback program on Tuesday, April 15th, RTT News reports. The company plans to repurchase $4.00 million in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

First Farmers Financial Price Performance

Shares of OTCMKTS:FFMR remained flat at $66.95 during trading on Tuesday. 11 shares of the stock traded hands, compared to its average volume of 1,610. The company has a 50 day simple moving average of $66.61 and a 200-day simple moving average of $66.10. First Farmers Financial has a 52-week low of $64.10 and a 52-week high of $69.99.

First Farmers Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Monday, March 31st.

First Farmers Financial Company Profile

First Farmers Financial Corporation operates as the financial holding company for First Farmers Bank & Trust that provides banking products and services to individuals, families, and businesses. The company offers checking and savings accounts, health savings accounts, youth accounts, business accounts, deposit and government accounts, certificates of deposit, and individual retirement accounts, as well as account management services; and mortgages and construction loans, first time home buyers loan, home equity loans, auto loans, collateral loans, and debit and credit cards.