Element Fleet Management (TSE:EFN) Hits New 52-Week High After Dividend Announcement

Element Fleet Management Corp. (TSE:EFN)’s stock price hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as C$28.81 and last traded at C$28.76, with a volume of 600328 shares changing hands. The stock had previously closed at C$28.49.

The newly announced dividend which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Friday, September 27th. Element Fleet Management’s dividend payout ratio (DPR) is 38.10%.

Analyst Ratings Changes

A number of brokerages have issued reports on EFN. Raymond James boosted their price target on Element Fleet Management from C$29.00 to C$30.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada raised their target price on shares of Element Fleet Management from C$33.00 to C$35.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. BMO Capital Markets boosted their price target on shares of Element Fleet Management from C$28.00 to C$32.00 in a research report on Thursday, August 15th. Jefferies Financial Group increased their price objective on shares of Element Fleet Management from C$28.00 to C$31.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, CIBC boosted their target price on Element Fleet Management from C$28.00 to C$30.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Element Fleet Management has an average rating of “Moderate Buy” and an average target price of C$31.88.

Element Fleet Management Stock Performance

The company’s 50-day simple moving average is C$27.19 and its 200-day simple moving average is C$24.70. The stock has a market cap of C$11.52 billion, a price-to-earnings ratio of 22.83, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91. The company has a quick ratio of 5.70, a current ratio of 8.22 and a debt-to-equity ratio of 303.14.

Element Fleet Management (TSE:EFN) last released its earnings results on Tuesday, August 13th. The financial services provider reported C$0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.37 by C$0.03. The company had revenue of C$375.68 million during the quarter, compared to analyst estimates of C$368.46 million. Element Fleet Management had a return on equity of 12.58% and a net margin of 23.41%. Analysts predict that Element Fleet Management Corp. will post 1.6895933 EPS for the current fiscal year.

Insider Activity at Element Fleet Management

In related news, Senior Officer Laura Lee Dottori-Attanasio purchased 18,000 shares of the stock in a transaction on Thursday, September 5th. The shares were bought at an average price of C$27.67 per share, for a total transaction of C$498,074.40. 0.23% of the stock is owned by company insiders.

Element Fleet Management Company Profile

Element Fleet Management Corp. operates as a fleet management company primarily in Canada, Mexico, Australia, and New Zealand. The company offers end-to-end fleet cars, trucks, and material handling support equipment acquisition; and end-to-end electric vehicle fleet including fleet planning, charging infrastructure solutions, acquisition, financing, maintenance, and remarketing.