Financial Engines Inc (NASDAQ:FNGN) shares shot up 0% during trading on Monday following a dividend announcement from the company. The stock traded as high as $38.40 and last traded at $38.30. 1,855,100 shares changed hands during mid-day trading, an increase of 267% from the average session volume of 505,726 shares. The stock had previously closed at $38.30.
The newly announced dividend which will be paid on Thursday, April 5th. Stockholders of record on Thursday, March 22nd will be issued a dividend of $0.08 per share. This is an increase from Financial Engines’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, March 21st. This represents a $0.32 annualized dividend and a dividend yield of 0.93%. Financial Engines’s payout ratio is currently 33.33%.
Several research firms have recently commented on FNGN. BidaskClub upgraded Financial Engines from a “hold” rating to a “buy” rating in a report on Saturday. William Blair upgraded Financial Engines from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. They noted that the move was a valuation call. ValuEngine downgraded Financial Engines from a “hold” rating to a “sell” rating in a report on Tuesday, February 13th. TheStreet downgraded Financial Engines from a “b-” rating to a “c” rating in a report on Friday, November 24th. Finally, DA Davidson restated a “buy” rating and set a $38.00 price objective on shares of Financial Engines in a report on Monday, November 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Financial Engines currently has a consensus rating of “Buy” and an average target price of $35.75.
Financial Engines (NASDAQ:FNGN) last announced its quarterly earnings results on Thursday, February 22nd. The asset manager reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.01. Financial Engines had a return on equity of 8.07% and a net margin of 9.71%. The business had revenue of $125.69 million during the quarter, compared to the consensus estimate of $126.49 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. Financial Engines’s revenue was up 11.0% compared to the same quarter last year. analysts expect that Financial Engines Inc will post 1.31 EPS for the current year.
Financial Engines announced that its Board of Directors has initiated a stock buyback program on Thursday, November 2nd that authorizes the company to buyback $60.00 million in shares. This buyback authorization authorizes the asset manager to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, Director Blake R. Grossman purchased 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was acquired at an average price of $28.71 per share, for a total transaction of $516,780.00. Following the completion of the acquisition, the director now owns 43,726 shares of the company’s stock, valued at approximately $1,255,373.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lawrence M. Raffone purchased 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were bought at an average price of $28.54 per share, with a total value of $428,100.00. Following the acquisition, the chief executive officer now directly owns 66,540 shares of the company’s stock, valued at approximately $1,899,051.60. The disclosure for this purchase can be found here. Corporate insiders own 9.27% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. grew its holdings in Financial Engines by 376.5% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,860 shares of the asset manager’s stock worth $117,000 after buying an additional 3,050 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Financial Engines by 73.7% during the third quarter. Victory Capital Management Inc. now owns 5,356 shares of the asset manager’s stock worth $186,000 after buying an additional 2,273 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Financial Engines by 11.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,140 shares of the asset manager’s stock worth $188,000 after buying an additional 520 shares in the last quarter. Quantbot Technologies LP bought a new stake in Financial Engines during the third quarter worth $206,000. Finally, Gamco Investors INC. ET AL bought a new stake in Financial Engines during the third quarter worth $278,000.
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About Financial Engines
Financial Engines, Inc is a provider of independent, technology-enabled financial advisory services, discretionary portfolio management, personalized investment advice, financial and retirement income planning, and financial education and guidance. The Company offers personalized plans for saving, investing, and generating retirement income, as well as by providing assessments of retirement income needs and readiness.
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