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

Resources Connection, Inc. (NASDAQ:RGP) announced 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 annualized dividend and a yield of 4.97%. The ex-dividend date of this dividend is Wednesday, May 15th.

Resources Connection has a dividend 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 Trading Up 2.0 %

NASDAQ:RGP opened at $11.27 on Friday. The stock has a market cap of $381.04 million, a P/E ratio of 17.08, a PEG ratio of 2.30 and a beta of 0.61. The stock has a 50 day simple moving average of $12.89 and a 200 day simple moving average of $13.47. Resources Connection has a 1-year low of $10.59 and a 1-year high of $17.24.

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Resources Connection

A number of hedge funds and other institutional investors have recently bought and sold shares of RGP. Citigroup Inc. grew its position in Resources Connection by 14.0% during the 1st quarter. Citigroup Inc. now owns 27,419 shares of the company’s stock worth $470,000 after acquiring an additional 3,364 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in Resources Connection by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 17,632 shares of the company’s stock worth $302,000 after buying an additional 6,401 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Resources Connection by 11.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,359 shares of the company’s stock worth $452,000 after buying an additional 2,781 shares during the period. Sei Investments Co. lifted its holdings in Resources Connection by 34.2% during the 1st quarter. Sei Investments Co. now owns 58,204 shares of the company’s stock worth $999,000 after buying an additional 14,831 shares during the period. Finally, Aviva PLC acquired a new position in Resources Connection during the 1st quarter worth about $1,553,000. Institutional investors own 93.23% of the company’s stock.

Resources Connection Company Profile

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.