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 $15 million of its Common Stock through December 31, 2023.
"The primary use of our free cashflow remains supporting growth initiatives such as funding strategic acquisitions and reducing debt to enhance balance sheet flexibility," said David Brown, Chairman and Chief Executive Officer. "Given our ability to generate strong cashflow, we can continue returning capital to shareholders via share repurchases and cash dividends, while simultaneously investing in our business to support future growth."
The Company's current $15 million stock repurchase authorization, initiated in May of this year, has been largely completed.
Under the new program, which will commence immediately upon completion of the current 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 $160.5 billion in assets under management as of November 30, 2021. It was ranked ninth on Fortune's list of the 100 Fastest Growing Companies for 2021. 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 11 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, collective investment trusts, private funds, and a 529 Education Savings Plan.
©2021 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 Management, Inc.
Fortune's annual list ranks the top performing, publicly traded companies in revenues, profits and stock returns over the three-year period ended April 30, 2021.