Resources Connection, Inc. (NASDAQ:RGP) to Issue $0.14 Quarterly Dividend

Resources Connection, Inc. (NASDAQ:RGP) declared a quarterly dividend on Thursday, April 18th, Zacks reports. Investors of record on Thursday, May 16th will be given a dividend of 0.14 per share on Thursday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date is Wednesday, May 15th.

Resources Connection has a dividend payout ratio of 34.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Resources Connection to earn $0.93 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 60.2%.

Resources Connection Stock Up 2.0 %

Resources Connection stock opened at $11.27 on Friday. The stock has a 50-day simple moving average of $12.89 and a 200 day simple moving average of $13.47. The stock has a market capitalization of $381.04 million, a price-to-earnings ratio of 17.08, a P/E/G ratio of 2.30 and a beta of 0.61. Resources Connection has a 12-month low of $10.59 and a 12-month high of $17.24.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings data on Wednesday, April 3rd. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.18. The firm had revenue of $151.31 million during the quarter, compared to analyst estimates of $152.77 million. Resources Connection had a return on equity of 6.86% and a net margin of 3.34%. The company’s revenue was down 19.0% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. As a group, sell-side analysts anticipate that Resources Connection will post 0.32 EPS for the current year.

Hedge Funds Weigh In On Resources Connection

Institutional investors have recently modified their holdings of the stock. Covestor Ltd grew its position in shares of Resources Connection by 483.7% in the 1st quarter. Covestor Ltd now owns 1,652 shares of the company’s stock valued at $28,000 after purchasing an additional 1,369 shares during the period. Quarry LP grew its position in shares of Resources Connection by 70.2% in the 1st quarter. Quarry LP now owns 2,042 shares of the company’s stock valued at $35,000 after purchasing an additional 842 shares during the period. Captrust Financial Advisors grew its position in shares of Resources Connection by 41.7% in the 1st quarter. Captrust Financial Advisors now owns 2,659 shares of the company’s stock valued at $46,000 after purchasing an additional 783 shares during the period. Qube Research & Technologies Ltd acquired a new position in shares of Resources Connection in the 3rd quarter valued at approximately $61,000. Finally, Point72 Middle East FZE acquired a new position in shares of Resources Connection in the 2nd quarter valued at approximately $118,000. 93.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RGP. StockNews.com lowered Resources Connection from a “buy” rating to a “hold” rating in a research report on Sunday, February 25th. Robert W. Baird decreased their target price on Resources Connection from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, April 4th.

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.