Voya Financial Inc
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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11. Shareholders' Equity
- Shareholders' Equity
Common Shares
The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
| Common Shares | |||||
|---|---|---|---|---|---|
| (shares in millions) · Issued · Held in Treasury · Outstanding | |||||
| Balance, January 1, 2023 | 97.8 | 0.6 | 97.2 | ||
| Common shares issued | 9.7 | — | 9.7 | ||
| Common shares acquired - share repurchase | — | 5.4 | (5.4) | ||
| Share-based compensation | 2.1 | 0.7 | 1.4 | ||
| Treasury stock retirement | (6.0) | (6.0) | — | ||
| Balance, December 31, 2023 | 103.6 | 0.7 | 102.9 | ||
| Common shares issued | — | * | — | — | |
| Common shares acquired - share repurchase | — | 2.4 | (2.4) | ||
| Share-based compensation | 1.3 | 0.5 | 0.8 | ||
| Balance, March 31, 2024 | 104.9 | 3.6 | 101.3 | ||
Dividends declared per share of Common Stock were as follows for the periods indicated:
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Dividends declared per share of Common Stock | $0.40 | $0.20 |
Share Repurchase Program
From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.
As of March 31, 2024, the Company's remaining repurchase capacity under the Board's prior authorization was $225. On April 23, 2024, the Company's Board of Directors provided an additional share repurchase authorization of $500. This share repurchase authorization expires on June 30, 2025 (unless extended) and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board of Directors at any time.
During the three months ended March 31, 2024, the Company repurchased 2.4 million shares of common stock for $172.
Subsequent to March 31, 2024, the Company repurchased 802,725 shares pursuant to a 10b5-1 plan for an aggregate purchase price of $56.
Preferred Stock
As of March 31, 2024 and December 31, 2023, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows:
| March 31, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| Series | Issued | Outstanding | Issued | Outstanding |
| 7.758% Non-cumulative Preferred Stock, Series A | 325,000 | 325,000 | 325,000 | 325,000 |
| 5.35% Non-cumulative Preferred Stock, Series B | 300,000 | 300,000 | 300,000 | 300,000 |
| Total | 625,000 | 625,000 | 625,000 | 625,000 |
The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:
| Series A · Series B | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | Per Share | Aggregate | Per Share | Aggregate |
| 2024 | $38.790 | $13 | $13.375 | $4 |
| 2023 | 30.625 | 10 | 13.375 | 4 |
As of March 31, 2024, there wereno preferred stock dividends in arrears.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.