Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
The Company’s common stock trades on the NASDAQ Global Select Market ® under the symbol “CASH.” Quarterly dividends for all quarters of fiscal years 2023 and 2022 were $0.05 per share.
Dividend payment decisions are made with consideration of a variety of factors including earnings, financial condition, market considerations and regulatory restrictions.
As of November 15, 2023, the Company had (i) 25,989,063 shares of common stock outstanding, which were held by approximately 206 stockholders of record, (ii) no shares of nonvoting common stock outstanding, and (iii) 111,118 shares of common stock held in treasury.
The transfer agent for the Company’s common stock is Computershare, P.O. Box 43078, Providence, RI 02940-3078.
On September 3, 2021, the Company's Board of Directors authorized a 6,000,000 share repurchase program that was publicly announced on September 7, 2021 and is scheduled to expire on September 30, 2024. The Company's Board of Directors authorized an additional 7,000,000 share repurchase program that was publicly announced on August 25, 2023 and is scheduled to expire September 30, 2028. The table below sets forth information regarding repurchases of our common stock during the fiscal 2023 fourth quarter.
Period Total Number of Shares Repurchased (1)
Average Price Paid per Share (1)(2)
Total Number Of Shares Purchased As Part of Publicly Announced Plans or Programs Additional Shares Authorized As Part of Publicly Announced Plans or Programs Maximum Number Of Shares that may yet be Purchased Under the Plans or Programs
July 1 to 31 311,727 $ 51.29 311,727 — 1,666,436
August 1 to 31 — — — 7,000,000 8,666,436
September 1 to 30 7,477 46.07 — — 8,666,436
Total 319,204 311,727 7,000,000
(1) Of the total number of shares acquired during the period, 7,477 shares were acquired in satisfaction of the tax withholding obligations of holders of restricted stock unit awards, which vested during the quarter.
(2) The average price paid per share is calculated on a trade date basis for all open market transactions and excludes commissions and other transaction expenses.
Total Stock Return Performance Graph
The following graph compares the cumulative total stockholder return on Pathward Financial common stock over the last five fiscal years with the cumulative total return of the NASDAQ Composite Index, the NASDAQ ABA Community Bank Index, and the S&P 600 Financials Index (assuming the investment of $100 in each index on October 1, 2018 and reinvestment of all dividends). The stock price performance reflected below is based on historical results and is not necessarily indicative of future stock price performance.
The Company determined to change from using the NASDAQ ABA Community Bank Index for purposes of the graph to the S&P 600 Financials Index as of September 30, 2023 to align with an index that better reflects the strategy and model of the Bank.
The information contained in this section, including the following line graph, shall not be deemed to be "soliciting material" or "filed" or incorporated by reference in future filings of Pathward Financial with the SEC, or subject to the liabilities of Section 18 of the Exchange Act, except to the extent the Company specifically incorporates it by reference into a document filed under the Securities Act of 1933, as amended, or the Exchange Act.
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Fiscal Year Ended September 30,
Index 2018 2019 2020 2021 2022 2023
Pathward Financial, Inc.
$ 100.00 $ 119.36 $ 70.95 $ 194.58 $ 122.76 $ 172.38
NASDAQ Composite Index 100.00 100.52 141.70 184.58 136.12 171.65
NASDAQ ABA Community Bank Index 100.00 92.06 63.58 115.50 106.20 86.80
S&P 600 Financials Index 100.00 95.88 70.86 114.59 96.88 90.85
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