ABM Industries Incorporated (NYSE:ABM) Announces Quarterly Dividend of $0.23

ABM Industries Incorporated (NYSE:ABM) announced a quarterly dividend on Thursday, March 7th, Zacks reports. Shareholders of record on Thursday, April 4th will be given a dividend of 0.225 per share by the business services provider on Monday, May 6th. This represents a $0.90 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Wednesday, April 3rd.

ABM Industries has raised its dividend payment by an average of 6.0% per year over the last three years and has increased its dividend every year for the last 57 years. ABM Industries has a payout ratio of 24.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect ABM Industries to earn $3.54 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 25.4%.

ABM Industries Price Performance

ABM stock opened at $44.61 on Tuesday. The firm has a 50 day moving average price of $41.83 and a 200-day moving average price of $41.97. ABM Industries has a 52-week low of $37.61 and a 52-week high of $53.05. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 11.41 and a beta of 1.16. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.48 and a current ratio of 1.48.

ABM Industries (NYSE:ABM) last released its earnings results on Thursday, March 7th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.14. ABM Industries had a net margin of 3.15% and a return on equity of 12.88%. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business earned $0.79 earnings per share. The business’s revenue was up 3.9% on a year-over-year basis. Equities research analysts forecast that ABM Industries will post 3.37 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Truist Financial raised their price target on ABM Industries from $43.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, December 14th. StockNews.com downgraded ABM Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 3rd. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, ABM Industries presently has a consensus rating of “Hold” and a consensus price target of $45.20.

Insider Activity at ABM Industries

In related news, CAO Dean A. Chin sold 5,465 shares of ABM Industries stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $44.89, for a total transaction of $245,323.85. Following the transaction, the chief accounting officer now directly owns 19,972 shares of the company’s stock, valued at $896,543.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other ABM Industries news, COO Rene Jacobsen sold 5,563 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $43.59, for a total value of $242,491.17. Following the completion of the sale, the chief operating officer now directly owns 111,677 shares in the company, valued at $4,868,000.43. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Dean A. Chin sold 5,465 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $44.89, for a total transaction of $245,323.85. Following the completion of the sale, the chief accounting officer now owns 19,972 shares of the company’s stock, valued at $896,543.08. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ABM Industries

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its stake in shares of ABM Industries by 8.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 235,754 shares of the business services provider’s stock worth $10,569,000 after buying an additional 18,892 shares during the period. Price T Rowe Associates Inc. MD lifted its position in ABM Industries by 6.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,138 shares of the business services provider’s stock valued at $1,710,000 after purchasing an additional 2,305 shares during the period. Barclays PLC lifted its position in ABM Industries by 240.0% during the fourth quarter. Barclays PLC now owns 109,991 shares of the business services provider’s stock valued at $4,930,000 after purchasing an additional 77,637 shares during the period. Voloridge Investment Management LLC acquired a new position in ABM Industries during the fourth quarter valued at $2,615,000. Finally, Nuveen Asset Management LLC increased its holdings in ABM Industries by 1.9% in the fourth quarter. Nuveen Asset Management LLC now owns 195,894 shares of the business services provider’s stock valued at $8,782,000 after buying an additional 3,645 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors and hedge funds.

About ABM Industries

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.