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Zillow Authorizes $1.25b Stock Buyback

Zillow Group has expanded its share repurchase program, authorizing the buyback of up to an additional $1.25 billion of its stock.

The company’s board approved the increased authorization for repurchases of both its Class A common stock and Class C capital stock.

As of March 4, Zillow has roughly $1.3 billion remaining available for future share repurchases under the program.

Between Jan. 1 and 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, the company said.

“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 Jeremy Hofmann, chief financial officer at Zillow. “We believe this is an opportune time to leverage our strong cash position to return capital to shareholders while continuing to invest in growing our housing super app.”

Since 2021, Zillow has repurchased about $3.3 billion worth of stock at a weighted average price of $49 per share — totaling 66.7 million shares.

The company has also repurchased $146 million in aggregate principal amount of convertible senior notes under its existing repurchase authorizations.

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Zillow Authorizes $1.25b Stock Buyback

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