Switch Inc (NYSE:SWCH) Announces $0.03 Quarterly Dividend

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Switch Inc (NYSE:SWCH) announced a quarterly dividend on Wednesday, August 7th, NASDAQ reports. Investors of record on Monday, August 19th will be given a dividend of 0.029 per share on Friday, August 30th. This represents a $0.12 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Friday, August 16th.

Switch has a payout ratio of 66.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Switch to earn $0.23 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 52.2%.

Switch stock opened at $15.34 on Wednesday. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 170.44, a price-to-earnings-growth ratio of 9.95 and a beta of 0.68. Switch has a 52 week low of $6.39 and a 52 week high of $15.47. The business’s 50-day moving average is $13.55. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.47 and a current ratio of 1.47.

Switch (NYSE:SWCH) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The business had revenue of $111.59 million for the quarter, compared to analysts’ expectations of $109.47 million. Switch had a return on equity of 2.59% and a net margin of 1.05%. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.02 EPS. On average, sell-side analysts anticipate that Switch will post 0.13 earnings per share for the current fiscal year.

SWCH has been the topic of a number of recent analyst reports. ValuEngine upgraded Switch from a “hold” rating to a “buy” rating in a research report on Monday, May 20th. Zacks Investment Research downgraded Switch from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. increased their price target on Switch from $10.00 to $12.00 in a research report on Friday, May 10th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $13.10.

In other news, major shareholder William Gonsalves Balelo sold 27,276 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $12.97, for a total value of $353,769.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 28.39% of the company’s stock.

About Switch

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the Internet.

See Also: How are Outstanding Shares Different from Authorized Shares?

Dividend History for Switch (NYSE:SWCH)

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