Diversified Royalty (TSE:DIV) Hits New 52-Week High - Here's What Happened

Key Points

• Shares of Diversified Royalty Corp (TSE:DIV) reached a new 52-week high, trading at C$3.43, with a recent trading volume of 288,631 shares.
• The company has been rated positively by analysts, with a consensus rating of "Buy" and an average target price of C$3.70.
• Diversified Royalty announced a monthly dividend of $0.0229 per share, yielding 8.0%, with a record date of August 29th.

Diversified Royalty Corp. (TSE:DIV - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The company traded as high as C$3.43 and last traded at C$3.41, with a volume of 288631 shares changing hands. The stock had previously closed at C$3.38.

Analyst Upgrades and Downgrades

DIV has been the subject of a number of research analyst reports. Desjardins increased their price target on Diversified Royalty from C$3.75 to C$4.00 in a research report on Thursday, August 7th. Raymond James Financial raised their target price on Diversified Royalty from C$3.40 to C$3.60 and gave the company an "outperform" rating in a research report on Thursday, June 19th. Finally, CIBC boosted their price target on shares of Diversified Royalty from C$3.10 to C$3.20 and gave the stock a "neutral" rating in a report on Thursday, June 19th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Diversified Royalty currently has a consensus rating of "Buy" and a consensus target price of C$3.70.

Diversified Royalty Price Performance

The company has a quick ratio of 1.74, a current ratio of 4.28 and a debt-to-equity ratio of 90.70. The stock has a 50-day moving average price of C$3.23 and a 200 day moving average price of C$2.97. The firm has a market capitalization of C$528.96 million, a PE ratio of 18.06 and a beta of 1.57.

Diversified Royalty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.0229 per share. This represents a c) dividend on an annualized basis and a yield of 7.9%. The ex-dividend date is Friday, August 15th. Diversified Royalty's dividend payout ratio is 130.49%.

About Diversified Royalty

Diversified Royalty Corp is a multi-royalty company. It is engaged in the business of acquiring royalties from multi-location businesses and franchisors in North America. As a part of the investment strategy, the firm always purchases trademarks of the companies it is going to acquire. The company gives its partners the benefit of full operational control of their business, participation in the growth of their company, and tax deductibility on royal payments.