NAVI - Navient approves $1B in share repurchase authorization

Navient (NASDAQ:NAVI) board approved a new share repurchase program for up to $1B of its outstanding common stock. "We remain focused on investing capital to support new loan originations and overall business growth. This includes maintaining appropriate capital that supports our credit ratings and enhances ongoing access to financing," president & CEO Jack Remondi commented. The current authorization is effective immediately and is in addition to the ~$150M unused authorization, as of Sep.30, 2021 approved in October 2019. The company expects to complete the remaining authorization by year-end 2021, and expects to use $400M of the new authority in 2022. YTD, the stock gained 111.9%; current share repurchase forms 29.9% of its current market cap.

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Navient approves $1B in share repurchase authorization