Zillow Group, Inc. (NASDAQ:Z) shares are trading higher Thursday after the company announced a $1.25 billion buyback plan.
Zillow Authorizes $1.25B Share Buyback
Following the authorization, Zillow said it has approximately $1.3 billion in remaining capacity for future share repurchases.
From Jan. 1 through March 4, Zillow repurchased 3.8 million shares of Class A common stock at a weighted average price of $47.84 per share and 9.7 million shares of Class C capital stock at a weighted average price of $45.92 per share, totaling $626 million.
"Our recent share repurchases and today's authorization reflect our continued confidence in our strategy, financial strength and long-term opportunity to drive sustainable profitable growth over time," said CFO Jeremy Hofmann.
Zillow said it has repurchased approximately $3.3 billion of stock since 2021 at a weighted average price of $49 per share, totaling 66.7 million shares.
Zillow Stock Climbs
Z Price Action: At the time of publication, Zillow shares are trading 4.02% higher at $47.66, according to data from Benzinga Pro.
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