Item 5. Market for Registrant’s Common Equity
ITEM 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “HGV.”
Performance Graph
The following graph compares cumulative total stockholder return of our common stock with the S&P MidCap 400 (“MidCap 400”)* Index and the Dow Jones US Travel & Leisure Total Return Index GICS Level 2 (“DJUSGCT”) over a five-year period ended on December 31, 2023. The graph assumes that the value of the investment in our common stock and each index was $100 on December 31, 2018, and that all dividends and other distributions were reinvested. The comparisons in the graph below are based on historical data and are not indicative of, or intended to forecast, future performance of our common stock.
* As of March 2023, our company has been included in the S&P MidCap 400.
Holders of Record
The number of stockholders of record of our common stock as of February 22, 2024, was 366.
Dividends
Although we may return capital to stockholders through dividends or otherwise in the future, we have no current plans to pay dividends on our common stock. Any decision to declare and pay dividends in the future will be made at the sole discretion of our board of directors and will depend on, among other things, general and economic conditions, our results of operations, available cash, current and anticipated cash requirements, financial condition, contractual, legal, tax and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us, and other factors that our board of directors may deem relevant. In addition, our senior secured credit facilities and certain of our non-recourse debt include provisions limiting our ability to make restricted payments, including dividends.
Issuer Purchases of Equity Securities
On May 4, 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock over a two-year period (the "2022 Repurchase Plan"). On May 3, 2023, our Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock over a two-year period (the "2023 Repurchase Plan") which is in addition to the 2022 Repurchase Plan. The repurchases can be made through any combination of open market purchases, accelerated share repurchases or privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and
50
Table of Contents
regulatory requirements and other market and economic conditions. The shares are retired upon repurchase. The stock repurchase programs may be suspended or discontinued at any time and will automatically expire at the end of the respective plan terms.
During the three-month period ended December 31, 2023, we repurchased the following shares:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under Plan
October 1 – October 31, 2023
727,931 $ 37.44 727,931 $ 431,374,901
November 1 – November 30, 2023
939,687 35.43 939,687 398,078,432
December 1 – December 31, 2023
985,449 38.81 985,449 359,828,593
Total 2,653,067 $ 37.24 2,653,067
From January 1, 2024, through February 23, 2024, we repurchased approximately 1.7 million shares for $71 million. As of February 23, 2024, we had $289 million of remaining availability under the 2023 Repurchase Plan.
ITEM 6. [ Reserved]
51
Table of Contents