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Hims & Hers Health (NYSE:HIMS) is set to join the S&P SmallCap 600 index, replacing Vector Group (NYSE:VGR), effective prior to the opening of trading on Wednesday, October 9, 2024. This change is due to JT Group's pending acquisition of Vector Group. The addition of Hims & Hers Health to the index represents a shift in the Health Care sector, while Vector Group's deletion removes a Consumer Staples component.
The S&P SmallCap 600 is part of the S&P Dow Jones Indices, which is the largest global resource for essential index-based concepts, data, and research. S&P Dow Jones Indices, a division of S&P Global (NYSE: SPGI), is known for iconic financial market indicators such as the S&P 500® and the Dow Jones Industrial Average®.
Vector Group (NYSE: VGR) has announced a definitive agreement to be acquired by JT Group, a global company operating in tobacco, pharmaceuticals, and processed food. JT Group will offer $15.00 per share in cash for all outstanding Vector Group common stock, representing a 29.9% premium over the 60-day volume-weighted average share price. The total equity value is approximately $2.4 billion, with additional debt redemption or repayment.
The transaction, unanimously approved by both companies' Boards of Directors, is expected to close in the fourth quarter of 2024. After closing, Vector Group will become a wholly owned subsidiary of JT Group. The deal is subject to customary closing conditions, including the tender of a majority of Vector Group's outstanding shares and regulatory approvals.
Vector Group (NYSE: VGR) has announced a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend will be payable on September 12, 2024, to shareholders of record as of August 30, 2024. Vector Group is a holding company for Liggett Group , Vector Tobacco , and New Valley This announcement demonstrates the company's commitment to providing consistent returns to its shareholders, maintaining its dividend policy despite challenging economic conditions.
Vector Group (NYSE: VGR) reported its Q2 2024 financial results, showing modest growth. Consolidated revenues increased to $371.9 million, up 1.7% from the previous year. Tobacco segment wholesale market share rose to 5.7%, with Montego brand shares climbing to 4.1%. Operating income surged 36.5% to $97.8 million. However, H1 2024 revenues dipped slightly by 0.5% to $696.5 million compared to H1 2023.
Q2 net income reached $54.2 million, or $0.34 per diluted share, a significant rise from $38.1 million, or $0.24 per share, in Q2 2023. Adjusted EBITDA for the quarter was $103.3 million, up 9.7%. First half net income was $89 million, or $0.56 per diluted share, compared to $72.8 million, or $0.46 per share, in H1 2023.
Vector maintained its quarterly dividend of $0.20 per share, returning $63.9 million to shareholders in H1 2024. Liquidity remained strong with $390.8 million in cash and equivalents.
Vector Group (NYSE: VGR) has announced it will host a conference call and webcast to discuss its second quarter 2024 results on Thursday, August 1, 2024 at 8:00 a.m. (ET). Investors can access the live webcast at https://www.webcaster4.com/Webcast/Page/2271/50954, with a replay available until August 15, 2024. Vector Group is a holding company for Liggett Group , Vector Tobacco , and New Valley The company's website, www.VectorGroupLtd.com, offers additional information about its operations.
Vector Group (NYSE: VGR) announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share.
This dividend will be payable on June 14, 2024, to shareholders of record as of June 5, 2024. Vector Group operates as a holding company for Liggett Group, Vector Tobacco, and New Valley.
Further information is available on the company’s website and the source version of the press release can be viewed on businesswire.com.
Vector Group (NYSE: VGR) reported a decrease in consolidated revenues to $324.6 million in the first quarter of 2024, with the tobacco segment seeing a 2.9% decrease compared to the prior year. However, the operating income for the tobacco segment increased by 5.6% to $83.0 million. Adjusted EBITDA rose by 6.0% to $82.8 million, showcasing the company's focus on sustainable growth. Vector Group maintained liquidity of $333 million in cash and cash equivalents, emphasizing financial stability. The company paid a quarterly cash dividend of $0.20 per common share, returning $32 million to stockholders. Despite challenges in market share, Vector Group remains optimistic about driving long-term value for its shareholders through innovative brand strategies and retail execution.
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