U.S. Global Investors Announces a Substantial Increase in December’s Share Repurchases Compared to the Same Month a Year Earlier
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.
- Increased share buybacks: 46,186 shares repurchased in December 2022, an 806% increase year-over-year.
- Significant financial commitment: $128,700 spent on buybacks, up 441% from December 2021.
- Modifications to buyback strategy potentially enhance shareholder value.
- None.
San Antonio, TX, Jan. 13, 2023 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors, today announces that it bought back nine times as many of its shares in December 2022 as it did in the same month a year earlier, and nearly twice as many shares compared to the previous month.
In December 2022, the Company repurchased 46,186 of its shares, a substantial
The net cost of the Company’s share repurchase program in December 2022 was around
The increase is a result of the Board of Directors’ (the “Board”) decision in December 2022 to modify the Company’s buyback algorithm. The Company may now buy back shares of GROW stock when the price is flat or down from the previous trading day.
A Great Start to 2023
Frank Holmes, the Company’s CEO and Chief Investment Officer, believes the improved buyback numbers serve as a fitting kickoff to the New Year.
“We’ve had a great start to the year, which gives me hope following a turbulent 2022,” Mr. Holmes says. “Many of the key sectors and disciplines we invest in have responded positively to improving economic indicators, including slower inflation, and China’s reopening. The year has just begun, but so far, our gold mining equities ETF and global airlines ETF are beating the market and performing very well against their peers. Shares of European luxury companies have also taken off, supported by China’s decision to lift quarantining requirements for air travelers entering the country. The Chinese have historically been among the world’s biggest spenders while traveling abroad, and so I believe the government’s long-awaited policy change is very bullish for retailers of luxury goods.”
About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides investment advisory services to U.S. Global Investors Funds and U.S. Global ETFs.
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