Ferrari (NYSE:RACE) Declares Dividend Increase – $3.13 Per Share

Ferrari (NYSE:RACE) declared an annual dividend on Monday, February 24th, Wall Street Journal reports. Stockholders of record on Wednesday, April 23rd will be given a dividend of 3.1265 per share on Tuesday, May 6th. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44.

Ferrari has raised its dividend payment by an average of 41.2% annually over the last three years. Ferrari has a payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Ferrari to earn $10.40 per share next year, which means the company should continue to be able to cover its $3.14 annual dividend with an expected future payout ratio of 30.2%.

Ferrari Stock Down 0.9 %

Ferrari stock opened at $498.80 on Tuesday. The firm has a market capitalization of $121.58 billion, a PE ratio of 54.51, a P/E/G ratio of 4.43 and a beta of 0.95. The company’s 50-day moving average is $445.82 and its 200-day moving average is $455.76. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $508.20. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. UBS Group boosted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.