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

Resources Connection, Inc. (NASDAQ:RGP) declared a quarterly dividend on Thursday, April 18th, Zacks reports. Stockholders 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 of this dividend is Wednesday, May 15th.

Resources Connection has a payout ratio of 34.6% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

RGP opened at $11.27 on Friday. The company has a fifty day moving average price of $12.89 and a 200-day moving average price of $13.47. The firm has a market capitalization of $381.04 million, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 2.30 and a beta of 0.61. Resources Connection has a one year low of $10.59 and a one year high of $17.24.

Resources Connection (NASDAQ:RGP) last released its quarterly earnings results on Wednesday, April 3rd. The company reported $0.17 EPS for the quarter, beating 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 net margin of 3.34% and a return on equity of 6.86%. The business’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. On average, analysts expect that Resources Connection will post 0.32 earnings per share for the current year.

Institutional Trading of Resources Connection

Institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP raised its stake in shares of Resources Connection by 71.6% during the fourth quarter. First Trust Advisors LP now owns 1,704,381 shares of the company’s stock valued at $24,151,000 after acquiring an additional 711,037 shares during the last quarter. Norges Bank bought a new position in shares of Resources Connection during the fourth quarter valued at about $3,876,000. JPMorgan Chase & Co. raised its stake in shares of Resources Connection by 153.6% during the second quarter. JPMorgan Chase & Co. now owns 215,844 shares of the company’s stock valued at $4,397,000 after acquiring an additional 130,737 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Resources Connection by 4.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,580,280 shares of the company’s stock valued at $44,019,000 after acquiring an additional 104,858 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Resources Connection by 52.1% during the first quarter. AQR Capital Management LLC now owns 288,108 shares of the company’s stock valued at $4,915,000 after acquiring an additional 98,707 shares during the last quarter. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.