MAXIMUS Board Authorizes Expansion of Purchases of Common Stock

Bruce Caswell

Bruce Caswell, MAXIMUS

Government services provider MAXIMUS’ board of directors has authorized the expansion of purchases of MAXIMUS common stock of up to an aggregate of $200 million, which includes the remaining balance from the 2018 authorization of $37.2 million as of March 17, 2020.

“We remain committed to the execution of our strategic priorities to drive shareholder value and this includes the opportunistic purchase of MAXIMUS common stock,” said Bruce Caswell, CEO and president of MAXIMUS. “We view this step as a thoughtful and disciplined approach to capital allocation that is beneficial to shareholders and a pillar of our long-term strategy.”

In 2018, the board authorized the purchase of up to an aggregate of $200 million of the Company’s common stock. Past MAXIMUS purchases under the 2018 plan through Dec. 31, 2019, were 870,426 shares of MAXIMUS common stock for approximately $55.8 million. In the current quarter, MAXIMUS has purchased an additional 1,716,200 shares for $107 million, bringing the total number of shares purchased to 2,586,626 for $162.8 million.

The company said it intends to purchase shares opportunistically at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions.

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