Hilton Grand Vacations stock rises after new share repurchase program, representing 11% of market cap

Shares of Hilton Grand Vacations Inc. (HGV) climbed 1.0% in premarket trading Monday, after the timeshare company approved a new $500 million share repurchase program. The new two-year program will kick off once the previous $500 million program, which has $83 million remaining at the end of April, is completed. The new program represents 10.8% of the company's market capitalization of $4.62 billion as of Friday's close. "This new plan underscores our continued commitment to delivering long-term value to our shareholders through capital returns and reflects confidence in our cash flow trajectory and balance sheet strength," said Chief Financial Officer Dan Mathewes. The stock lost 11.7% over the past three months through Friday, while the S&P 500 has edged up 0.5%.

-Tomi Kilgore

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05-08-23 0809ET

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