Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information and Dividends
Our Class A and Class B common stock is traded on the NASDAQ Global Market under the symbols “KELYA” and “KELYB,” respectively. The high and low selling prices for our Class A common stock and Class B common stock as quoted by the NASDAQ Global Market and the dividends paid on the common stock for each quarterly period in the last two fiscal years are reported in the table below. Our ability to pay dividends is subject to compliance with certain financial covenants contained in our debt facilities, as described in the Debt footnote in the notes to our consolidated financial statements.
Per share amounts (in dollars)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year
2022
Class A common
High $ 23.00 $ 21.69 $ 22.56 $ 18.78 $ 23.00
Low 16.22 16.73 13.41 13.64 13.41
Class B common
High 22.30 21.77 26.64 18.63 26.64
Low 16.74 17.01 13.64 14.04 13.64
Dividends 0.05 0.075 0.075 0.075 0.275
2021
Class A common
High $ 23.90 $ 26.98 $ 25.00 $ 20.87 $ 26.98
Low 19.13 22.51 18.58 15.88 15.88
Class B common
High 57.46 60.00 24.70 21.27 60.00
Low 18.00 22.15 17.95 16.63 16.63
Dividends — — 0.05 0.05 0.10
Holders
The number of holders of record of our Class A and Class B common stock were approximately 10,500 and 700, respectively, as of January 30, 2023.
Recent Sales of Unregistered Securities
None.
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Issuer Purchases of Equity Securities
During the fourth quarter of 2022, we reacquired shares of our Class A common stock as follows:
Period Total Number
of Shares
(or Units)
Purchased
Average
Price Paid
per Share
(or Unit)
Total Number
of Shares (or
Units) Purchased
as Part of Publicly
Announced Plans
or Programs
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
That May Yet Be
Purchased Under the
Plans or Programs
(in millions of dollars)
October 3, 2022 through November 6, 2022 143 $ 14.53 — $ —
November 7, 2022 through December 4, 2022 68,238 16.90 68,114 48.8
December 5, 2022 through January 1, 2023 408,607 16.41 406,530 42.2
Total 476,988 $ 16.48 474,644
On November 9, 2022, the Company's board of directors approved a plan for the Company to repurchase shares of its Class A common stock with a market value not to exceed $50.0 million through transactions executed in the open market within one year. We may also reacquire shares outside the program in connection with shares sold to cover employee tax withholdings due upon the vesting of restricted stock held by employees. Accordingly, 2,344 shares were reacquired in transactions outside the repurchase program during the Company’s fourth quarter.
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Performance Graph
The following graph compares the cumulative total return of our Class A common stock with that of the S&P SmallCap 600 Index and the S&P 1500 Human Resources and Employment Services Index for the five years ended December 31, 2022. The graph assumes an investment of $100 on December 31, 2017 and that all dividends were reinvested.
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN
Assumes Initial Investment of $100
December 31, 2017 – December 31, 2022
2017 2018 2019 2020 2021 2022
Kelly Services, Inc. $ 100.00 $ 76.01 $ 84.84 $ 77.59 $ 63.59 $ 65.03
S&P SmallCap 600 Index $ 100.00 $ 91.52 $ 112.37 $ 125.05 $ 158.59 $ 133.06
S&P 1500 Human Resources and Employment Services Index $ 100.00 $ 83.73 $ 102.81 $ 103.69 $ 156.71 $ 117.07
ITEM 6. [RESERVED]
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