Victory Capital Announces New $100 Million Share Repurchase Program

Rhea-AI Summary

Victory Capital Holdings has announced a new stock repurchase program, allowing for the repurchase of up to $100 million of its common stock through March 31, 2025. This decision follows the completion of a previous buyback program of the same amount initiated in May 2022. The repurchases will be made opportunistically based on market conditions, share availability, and company performance. As of February 28, 2023, Victory Capital manages approximately $157.7 billion in assets and ranks among the Fortune 100 Fastest-Growing Companies for two consecutive years.

Positive

• New stock repurchase program of $100 million indicates confidence in shareholder value.
• Previous buyback program completed successfully, showcasing effective capital management.

Negative

• None.

SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today announced that its Board of Directors has approved a new common stock repurchase program authorizing the repurchase of up to $100 million of its Common Stock through March 31, 2025.

“This new repurchase authorization allows us to remain flexible and opportunistic with our capital allocation,” said David Brown, Chairman and Chief Executive Officer.

The Company’s former $100 million stock repurchase authorization, initiated in May of 2022, has been completed.

Under the new program, the Company may purchase its shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The share repurchase program may be suspended or discontinued at any time.

About Victory Capital

Victory Capital is a diversified global asset management firm with $157.7 billion in assets under management as of February 28, 2023. It was ranked No. 55 on the Fortune 100 Fastest-Growing Companies list for 2022 and is one of only 24 companies to make the list for the second consecutive year. The Company operates a next-generation business model combining boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With 12 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide array of investment products, including mutual funds, ETFs, separately managed accounts, alternative investments, third-party ETF model strategies, collective investment trusts, private funds, and a 529 Education Savings Plan.

For more information, please visit vcm.com or follow us: Twitter and LinkedIn.

From Fortune. © 2022 Fortune Media IP Limited All rights reserved. Fortune is a registered trademark of Fortune Media IP Limited and is used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Victory Capital Holdings, Inc.

The Fortune annual list ranks the top performing, publicly traded companies in revenues, profits and stock returns over the three-year period ended April 30, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005537/en/

Investors:

Matthew Dennis, CFA

Chief of Staff

Director, Investor Relations

216-898-2412

mdennis@vcm.com



Media:

Jessica Davila

Director of Global Communications

210-694-9693

Jessica_davila@vcm.com

Source: Victory Capital Holdings, Inc.

FAQ

What is the new stock repurchase program for VCTR?

Victory Capital has initiated a stock repurchase program authorizing up to $100 million in buybacks through March 31, 2025.

Why has Victory Capital approved a stock buyback?

The stock buyback aims to enhance shareholder value and demonstrate confidence in the company's ongoing performance.

When was the previous stock repurchase program completed for VCTR?

The previous stock repurchase program of $100 million was completed in early March 2023.

How does the stock buyback affect VCTR's shareholders?

The stock buyback can potentially increase earnings per share (EPS) by reducing the total number of shares outstanding.