Resources Connection, Inc. (NASDAQ:RGP – Get Free Report) announced a quarterly dividend on Thursday, January 18th, Zacks reports. Investors of record on Thursday, February 15th will be paid a dividend of 0.14 per share on Thursday, March 14th. This represents a $0.56 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Wednesday, February 14th.
Resources Connection has increased its dividend by an average of 10.1% annually over the last three years. Resources Connection has a dividend payout ratio of 41.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Resources Connection to earn $0.95 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 58.9%.
Resources Connection Price Performance
Shares of RGP opened at $13.22 on Monday. The firm has a market cap of $443.00 million, a PE ratio of 16.73 and a beta of 0.62. The stock’s fifty day moving average price is $13.68 and its two-hundred day moving average price is $14.36. Resources Connection has a 1 year low of $12.50 and a 1 year high of $18.48.
Institutional Investors Weigh In On Resources Connection
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in shares of Resources Connection by 1.0% in the 3rd quarter. BlackRock Inc. now owns 5,202,277 shares of the company’s stock valued at $94,006,000 after acquiring an additional 53,297 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Resources Connection by 4.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,580,280 shares of the company’s stock valued at $44,019,000 after purchasing an additional 104,858 shares during the last quarter. Vanguard Group Inc. raised its position in Resources Connection by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,304,513 shares of the company’s stock valued at $41,642,000 after purchasing an additional 42,857 shares during the last quarter. State Street Corp raised its position in Resources Connection by 1.2% during the 1st quarter. State Street Corp now owns 1,396,437 shares of the company’s stock valued at $23,822,000 after purchasing an additional 16,987 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Resources Connection by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 664,629 shares of the company’s stock valued at $10,441,000 after purchasing an additional 23,776 shares during the last quarter. Institutional investors own 83.96% of the company’s stock.
Analysts Set New Price Targets
Separately, StockNews.com cut Resources Connection from a “buy” rating to a “hold” rating in a research report on Friday.
About Resources Connection
Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.
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