Welcome to our dedicated page for US Global Invstr news (Ticker: GROW), a resource for investors and traders seeking the latest updates and insights on US Global Invstr stock.
U.S. Global Investors, Inc. (NASDAQ: GROW) is a San Antonio, Texas-based registered investment adviser that regularly issues news and updates about its specialized investment strategies and financial performance. This news page aggregates company press releases and third-party coverage related to its role as adviser to U.S. Global Investors Funds and U.S. Global ETFs.
Readers can find announcements on earnings and results of operations, which the company also furnishes to the U.S. Securities and Exchange Commission via Form 8-K. These releases discuss topics such as changes in assets under management, investment income, operating revenues, shareholder yield, liquidity and capital resources. The company also reports on Board-approved monthly dividends and activity under its share repurchase program.
News items highlight sector-focused ETFs for which U.S. Global Investors serves as investment adviser. Examples include the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), the U.S. Global Jets ETF (JETS), the U.S. Global Technology and Aerospace & Defense ETF (WAR) and the U.S. Global Sea to Sky Cargo ETF (SEA). Articles describe how these funds apply Smart Beta 2.0 or active management approaches to areas such as gold and precious metals, airlines, defense and technology, and global shipping and air freight.
Company communications also cover developments like GOAU’s transition from passive indexing to active management, international listings of ETFs on exchanges in Mexico and Colombia, and thematic commentary on gold, airlines, defense spending and the so‑called Fear Trade. In addition, U.S. Global Investors occasionally publishes news about community initiatives, such as its partnership with Keystone School to support a Model United Nations program.
Investors and researchers can use this page to review historical and recent news on GROW, including dividend declarations, ETF milestones, webcast announcements and sector commentary directly from U.S. Global Investors.
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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.