Navient announces new $1 billion share repurchase authority
Navient (Nasdaq:NAVI) announced a new share repurchase program for up to $1 billion of its common stock, signaling confidence in its capital-generation capabilities.
Sentiment and the balance of points
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Rhea-AI Summary
Navient (Nasdaq:NAVI) announced a new share repurchase program for up to $1 billion of its common stock, signaling confidence in its capital-generation capabilities. This program is part of Navient's strategy to return excess capital to shareholders while also investing in new loan originations and business growth. The company plans to utilize $400 million of the new authority in 2022, in addition to the existing $150 million authorization from 2019. The repurchase activities will occur through various methods without fixed expiration dates.
Positive
- Approval of a $1 billion share repurchase program enhances shareholder value.
- Demonstrates strong confidence in capital-generation expectations.
- Plans to utilize $400 million of the new authority in 2022.
Negative
- None.
Details
News Market Reaction – NAVI
The recorded move for NAVI in the trading session of this news was +1.06%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
WILMINGTON, Del., Dec. 13, 2021 (GLOBE NEWSWIRE) -- Navient (Nasdaq:NAVI), a leader in education loan management and business processing solutions, announced today that its Board of Directors approved a new share repurchase program for up to
“This new share repurchase program demonstrates our confidence in our capital-generation expectations and our ongoing commitment to return excess capital to our shareholders,” said Jack Remondi, president and CEO of Navient. “We remain focused on investing capital to support new loan originations and overall business growth. This includes maintaining appropriate capital that supports our credit ratings and enhances ongoing access to financing. Our capital return policy is consistent with these objectives.”
The share repurchase authorization, which is effective immediately, is in addition to [the approximately
The authorizations permit the company to repurchase shares from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions or other similar transactions. The programs do not have expiration dates.
About Navient
Navient (Nasdaq: NAVI) is a leading provider of education loan management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. Navient helps clients and millions of Americans achieve success through technology-enabled financing, services, and support. Learn more at Navient.com.
Contact:
Media: Paul Hartwick, 302-283-4026, paul.hartwick@navient.com
Investors: Nathan Rutledge, 703-984-6801, nathan.rutledge@navient.com
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