Shares of investment management firm U.S. Global Investors, Inc. (GROW) has been taking a higher flight in premarket-trading at $7.99 with an increase of 33.17% as of 06:12 a.m. EST. In yesterday’s trading, the stock has lost -1.64% of its valuation to close at $6.00.
What led to the stock price increasing?
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U.S. Global Investors is a publicly owned registered investment advisory firm that has been dedicated to dealing with global markets and sectors for many years. The firm on Thursday reported its financial results for fiscal second-quarter 2021.
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The company’s total operating revenues for the quarter ended December 31, 2020 grew by 60% during the quarter, while it was up about 480% year-over-year. Net income was $16.7 million, or $1.10 per share, representing a QoQ increase of $14.7 million and a YoY increase of $17.7 million.
Against an investment loss of $451,000 for the three months ended December 31, 2019, the company succeeded to post an improvement of approximately $21.2 million by posting an investment income of $20.7 million in the reported quarter.
GROW’s net cash increased $19.0 million during the fiscal second quarter, compared to an increase of $662,000 during the fiscal first quarter and $376,000 in the corresponding quarter of 2019.
On average, assets under management (AUM) of the company during the quarter remained $2.9 billion, which were 45% more than the AUMs in the same quarter a year ago and nearly 450% more year-over-year. Currently, U.S. Global Investors has been managing assets worth $3.5 billion, while the worth of AUMs the company was managing in the December quarter of 2019 was $560.5 million which implies an increased dollar amount of $3.0 billion or a rise of 530%.
For February and March 2021, the company has decided to increase the monthly dividend to $0.005, paying nearly $188,000 in cash dividends to holders of the company’s class A and class C shares from January to March 2021.
GROW has added more than 350% to its value over the past year and impressive financials have likely been rising price of the stock higher in the premarket session today.