Welcome to our dedicated page for US Global Investors news (Ticker: GROW), a resource for investors and traders seeking the latest updates and insights on US Global Investors stock.
U.S. Global Investors, Inc. (NASDAQ: GROW) is an innovative investment manager with a deep-seated history in global markets and specialized sectors. Founded in 1968 as an investment club, it transformed into a registered investment adviser and has since pioneered first-of-their-kind investment products. Headquartered in San Antonio, Texas, U.S. Global Investors is publicly traded on NASDAQ.
The company’s core expertise lies in gold and precious metals, natural resources, and emerging markets. Led by CEO Frank Holmes since 1989, the firm offers investment advisory services to its own funds and ETFs. Notably, it manages the U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU) and U.S. Global Jets ETF (NYSE: JETS), which are prominent products in their respective markets.
In recent developments, U.S. Global Investors announced a positive outlook for airlines and gold sectors as of the end of 2023, reflecting rising air travel during the Thanksgiving period and a strong uptick in gold prices due to economic uncertainties. The U.S. Global Jets ETF saw a notable increase in net inflows, while the gold market responded well to geopolitical tension and monetary policies.
Financial Condition: As of the latest quarterly report, the company had a net working capital of approximately $38.6 million and total assets of $54.1 million. The company derives all its revenue from investment management services, and its latest earnings report highlighted a significant increase in net investment income.
Recent corporate actions include the company's strategic share buyback program, under which it repurchased a considerable number of its own shares, reflecting a commitment to returning value to shareholders. Moreover, the company has a history of maintaining a robust shareholder yield, combining dividends and share repurchases.
U.S. Global Investors also expanded its product reach by listing the GOAU ETF on Peru’s Bolsa de Valores de Lima, enhancing its global footprint. Another notable achievement was the merger of its Europe-domiciled airlines ETF into the Travel UCITS ETF (TRIP), broadening its investment scope to include the cruise industry, which has shown strong post-pandemic recovery.
With a diversified portfolio, a history of innovative product launches, and a solid financial footing, U.S. Global Investors continues to leverage its expertise to navigate and capitalize on market opportunities.
U.S. Global Investors, which manages the U.S. Global Jets ETF (GROW), announced that the ETF is now available for trading through Bank of America-Merrill. Launched in April 2015, JETS focuses on the global aviation sector, investing in airlines, airports, and travel-related companies. The ETF has shown strong performance, outperforming the NYSE Arca Global Airline Index and the S&P 500 over a six-month period ending February 2023. The International Civil Aviation Organization forecasts that air passenger demand will return to pre-pandemic levels by Q1 2023, boosting optimism for JETS' future performance.
U.S. Global Investors, Inc. (NASDAQ: GROW) announced the continuation of monthly dividends for the fourth fiscal quarter of 2023, with a dividend of $0.0075 per share starting in April 2023 through June 2023. The record dates are set for April 10, May 8, and June 12, while payment dates will be April 24, May 22, and June 26. This marks over 13 years of monthly dividend payments. The Board will evaluate future dividends based on financial performance, earnings, and business conditions. CEO Frank Holmes highlighted the benefits of their mutual funds, particularly in light of potential tax increases on high earners.
U.S. Global Investors (GROW) announced the repurchase of 34,502 shares in February 2023 for approximately $108,000, aimed at creating shareholder value through a modified buyback strategy. The Board clarified that repurchases can occur even if stock prices decline. Additionally, the company plans to make non-cash restatements for fiscal years ending June 30, 2022, and September 30, 2022, due to errors in the valuation of complex investment securities, which will affect the unrealized investment income and equity. CEO Frank Holmes assured that these adjustments won't impact operational revenue or cash flow.
U.S. Global Investors, Inc. (GROW) announced it received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to late filing of financial reports. The notification, dated February 16, 2023, does not result in immediate consequences for the company's common stock on the Nasdaq Capital Market. U.S. Global Investors has until April 17, 2023, to submit a compliance plan to regain adherence to Nasdaq rules. If accepted, the company may receive a 180-day extension, with a final compliance deadline set for August 14, 2023. The firm is working to file its Form 10-Q promptly.
U.S. Global Investors, Inc. (GROW) announced a record buyback of 75,612 shares in January 2023, a 64% increase from December and a significant year-over-year rise. The repurchase cost approximately $230,000, marking a new monthly record for the company since its buyback program started in 2013. This uptick follows a decision by the Board to modify the buyback strategy, allowing purchases when stock prices are flat or down. Additionally, the company will maintain its monthly dividend of $0.0075 per share for Q1 2023, translating to an annualized yield of 2.88% based on the February 8 closing price of $3.12.
In December 2022, U.S. Global Investors, Inc. (GROW) significantly ramped up its share buyback program, repurchasing 46,186 shares, marking a staggering 806% increase from the previous year. This net cost of approximately $128,700 represents a 441% rise from December 2021. The Board of Directors modified the buyback strategy, allowing purchases when share prices are flat or declining. CEO Frank Holmes expressed optimism for 2023, citing improved economic indicators and strong performance in gold mining equities and airline ETFs, bolstered by China's reopening policies that favor luxury retail spending.
On December 21, 2022, U.S. Global Investors, Inc. (GROW) announced the selection of Grant Thornton LLP as its new independent registered public accounting firm, a move approved by the Board of Directors. In November, the Company repurchased 24,795 shares for approximately $73,600, marking a 25% increase from the previous month and a 625% increase from November 2021. Additionally, the Board approved a stock repurchase program allowing up to $5 million annually and modified its purchasing algorithm. A monthly dividend of $0.0075 per share was also authorized, continuing through March 2023.
U.S. Global Investors (NASDAQ: GROW) reported operating income of $1.6 million for Q1 2023, with total revenues of $4.4 million, yielding an operating margin of 36%. However, average assets under management (AUM) fell to $2.9 billion, a decrease of approximately $1 billion year-over-year. The firm experienced net income of $118,000, or $0.01 per share. The company maintains strong liquidity with $34.6 million in net working capital and $23.3 million in cash. Despite industry headwinds, it repurchased 39,965 shares, a 192% increase from the previous year, indicating confidence in stock valuation.
FAQ
What is the current stock price of US Global Investors (GROW)?
What is the market cap of US Global Investors (GROW)?
What is the core expertise of U.S. Global Investors, Inc.?
Who is the CEO of U.S. Global Investors?
What are the main products offered by U.S. Global Investors?
Where is U.S. Global Investors headquartered?
What recent strategic actions has the company taken?
How has the company performed financially recently?
What is the outlook for the company's investment products?
What is the significance of the GOAU ETF's listing on the Lima Stock Exchange?
What is Smart Beta 2.0?
How does U.S. Global Investors return value to shareholders?
