U.S. Global Investors Announces a Substantial Increase in February’s Stock Buybacks Compared to Last Year, Continuation of Monthly Dividends for Past 13 Years

San Antonio, TX, March 07, 2024 (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 is pleased to announce that it repurchased 102,636 of its own shares in February 2024, at a net cost of approximately $281,000. This represents a substantial increase of nearly 200% from the number of shares purchased the same month a year earlier.

As a reminder, the Board of Directors (the “Board”) modified the Company’s buyback program in February 2022, increasing the annual limit from $2.75 million to $5 million. Since March 2022, the Company has bought back around 1 million of its shares.

“U.S. Global Investors is committed to enhancing shareholder value, and buying back our own stock is just one way that demonstrates our strategic approach to capital allocation. It also showcases our confidence in the Company’s future prospects,” says Frank Holmes, the Company’s CEO and Chief Investment Officer. “We believe GROW is deeply undervalued right now, and we will continue buying as small-cap stocks remain under pressure from higher borrowing costs.”

Continuation of Monthly GROW Dividends

The Company’s Board of Directors (the “Board”) approved payment of the $0.0075 per share per month dividend beginning in April 2024 and continuing through June 2024. The record dates are April 8, May 6 and June 10, and the payment dates will be April 22, May 20 and June 24.

At the February 29, closing price of $2.61, the $0.0075 monthly dividend equals a 3.45% yield on an annualized basis. For the 12 months ended December 29, 2023, the Company’s total shareholder yield was approximately 7.9%, which was more than twice the yield on the 10-year Treasury that same day.[1]

“We maintain a high conviction in sharing own shareholder yield because we believe focusing on dividends or buybacks alone fails to give investors the full picture,” says Mr. Holmes. “I urge readers interested in learning more to check out Mebane Faber, co-founder of Cambria Investment Management and author of Shareholder Yield: A Better Approach to Dividend Investing. A strong advocate for shareholder yield, Faber has shown numerous times that the strategy works in multiple industries.”