Elbit Systems Ltd. Plans Quarterly Dividend of $0.60 (NASDAQ:ESLT)

Elbit Systems Ltd. (NASDAQ:ESLT) declared a quarterly dividend on Wednesday, May 21st, Wall Street Journal reports. Stockholders of record on Tuesday, June 24th will be paid a dividend of 0.60 per share by the aerospace company on Monday, July 7th. This represents a $2.40 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Tuesday, June 24th.

Elbit Systems has increased its dividend by an average of 3.6% annually over the last three years and has increased its dividend every year for the last 1 years. Elbit Systems has a dividend payout ratio of 18.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Elbit Systems to earn $8.85 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 27.1%.

Elbit Systems Trading Down 4.9%

Elbit Systems stock opened at $376.53 on Friday. Elbit Systems has a 12-month low of $175.30 and a 12-month high of $426.40. The firm has a market capitalization of $16.74 billion, a price-to-earnings ratio of 64.36 and a beta of 0.31. The firm has a 50 day moving average of $394.04 and a 200 day moving average of $320.36. The company has a current ratio of 1.15, a quick ratio of 0.64 and a debt-to-equity ratio of 0.10.

Elbit Systems (NASDAQ:ESLT) last released its earnings results on Tuesday, May 20th. The aerospace company reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.27. Elbit Systems had a net margin of 4.00% and a return on equity of 11.34%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter last year, the business earned $1.81 EPS. As a group, research analysts predict that Elbit Systems will post 8.05 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC boosted its position in shares of Elbit Systems by 3,461.1% during the 1st quarter. NewEdge Advisors LLC now owns 641 shares of the aerospace company’s stock valued at $246,000 after acquiring an additional 623 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Elbit Systems during the 1st quarter valued at approximately $353,000. Royal Bank of Canada boosted its position in shares of Elbit Systems by 98.9% during the 1st quarter. Royal Bank of Canada now owns 2,464 shares of the aerospace company’s stock valued at $946,000 after acquiring an additional 1,225 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Elbit Systems by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 16,521 shares of the aerospace company’s stock valued at $6,339,000 after acquiring an additional 1,191 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Elbit Systems by 33.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 135,106 shares of the aerospace company’s stock valued at $51,837,000 after acquiring an additional 34,049 shares during the last quarter. 17.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Elbit Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 25th.

Elbit Systems Company Profile

Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company operates through Aerospace, C4I and Cyber, ISTAR and EW, Land, and Elbit Systems of America segments.