Market Analysis (2015)

  • Guzman Share Repurchase Update – December 2015
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for December 2015.


    Summary: 2015 brought 796 announcements greater than $25MM, with the average announcement size being ~$900MM. December closed the year with its fair share of share repurchase activity. 64 companies disclosed share repurchase authorizations with an average announcement size of $700MM.

    Read full analysis here: Share Repurchase Monthly – December 2015

  • Guzman Share Repurchase Update – November 2015
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for November 2015.


    Summary: November saw a rise in the number of share repurchase authorizations but a return to more normalized volumes in the absence of “mega-announcements” seen in months past. As a result, the average announcement size fell over 55% from $1BN in October to $447MM in November.

    Read full analysis here: November Share Repurchase Report with Q3 Review

  • Guzman Share Repurchase Update – October 2015
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for October 2015.


    Summary: With companies beginning to report 3Q earnings, October was one of the most active buyback months of the year. The dollar amount of share repurchase authorizations announced climbed to its highest level since April and its third highest level since the beginning of 2014. The number of announcements also increased 30% compared to September, to its third highest level in 2015.

    Read full analysis here: Monthly Share Repurchase Update October ’15

  • Guzman Share Repurchase Update – September 2015
    Guzman & Company’s Investment Banking team released its Share Repurchase Update for September 2015.


    Summary: As the market digested the Fed’s rate decision and lingering uncertainty in China, U.S. companies continued to announce new stock buyback authorizations. While the number of announcements fell in September, the average announcement size spiked to its highest level since June. However, Q3 buyback activity proved more normalized versus the mega- announcements that dictated the first half of the year.

    Read full analysis here: Monthly Share Repurchase Update – September 2015

  • Guzman Share Repurchase Monthly Report – August 2015
    Guzman & Company released its Share Repurchase Update for August 2015, which includes a comprehensive review of Q2 2015 Share Repurchase Activity.


    Summary: August saw a rise in the number of share repurchase announcements, but only a modest increase in the volume of announcements. Average announcement size decreased 30% compared to July. As volatility continues in the equities market, corporations could see opportunities to buy back their stock.

    Read full analysis here: Guzman Monthly Share Repurchase Update August

  • Guzman Share Repurchase Monthly Report – July 2015
    Guzman & Company released its Share Repurchase Monthly Report for July.


    Summary: Share repurchase announcements appear to be moderating as the summer draws to a close. Despite an increase in the number of announcements, the total volume authorized in July was off ~15% from historical levels. One contributing factor was July’s lack of mega announcements as seen in prior months. However, the consumer sector proved an outlier, more than doubling announcements in June and July vs. 1H’15. Heightened volatility in equity markets continues to present opportunities for corporates looking to buy back their stock.

    Read complete analysis here: Monthly Share Repurchase Update JULY

  • Guzman Share Repurchase Monthly Report – June 2015
    Guzman & Company released its Share Repurchase Monthly Report.


    Summary: Despite a slight decline in the number of announcements and total volume of share repurchases in June, 1H’15 saw an uptick in share repurchase activity compared to 1H’14. The number of share repurchase announcements increased ~2%, with the average announcement size jumping nearly 40% from $821MM to $1.14BN. The spike in announcement size was driven by the trend of mega announcements from companies like Apple, General Electric, and Home Depot. As in prior months, the consumer sector continued to be the most active for repurchase activity.

    Read the complete analysis here: Monthly Share Repurchase Update May 2015

  • Guzman Share Repurchase Monthly Report – March 2015

    Guzman & Company released its March 2015 Share Repurchase Monthly Report, which deepens the firm’s January analysis by examining the same Guzman-created indices of highest buyback-yielding and highest dividend-yielding companies to quantify the tax benefit to the long-term investor of companies primarily buying back stock vs. companies primarily paying dividends.


    Summary: The “buy high, sell low” argument criticizing the buybacks of 2007 and the issuances in 2009, single out specific stocks and fail to examine the data on a longer-term, aggregate basis. History clearly shows that buybacks lead to outperformance for the long-term investor on a through-cycle basis, especially when we consider tax implications. Despite dividend reinvestment and compounding, total returns for companies that repurchased stock dwarfed those that focused on dividend distributions by ~12% since 2004.

    Read the full report here: Monthly Share Repurchase Update – MARCH 2015

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