Bank of New York Mellon Corp Acquires Shares of 758,681 Robert Half Inc. $RHI

Key Points

• Bank of New York Mellon acquired 758,681 Robert Half shares worth approximately $23.3 million, representing about 0.74% of the company. Institutional investors collectively own 92.41% of Robert Half.
• Robert Half reported quarterly revenue of $1.34 billion and adjusted earnings of $0.26 per share, matching analyst expectations, though revenue declined 2.4% year over year.
• The company declared a quarterly dividend of $0.59 per share, or $2.36 annually, yielding about 5.2%. Analysts maintain a consensus “Hold” rating with an average price target of $34.75, below the stock’s stated $45.34 price.

Bank of New York Mellon Corp bought a new position in Robert Half Inc. (NYSE:RHI - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 758,681 shares of the business services provider's stock, valued at approximately $23,292,000. Bank of New York Mellon Corp owned about 0.74% of Robert Half as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new position in shares of Robert Half during the second quarter valued at approximately $7,727,000. Cornerstone Capital Inc. bought a new stake in Robert Half in the second quarter valued at $8,136,000. California State Teachers Retirement System increased its position in Robert Half by 25.0% during the 1st quarter. California State Teachers Retirement System now owns 119,848 shares of the business services provider's stock valued at $3,044,000 after purchasing an additional 23,994 shares during the period. Crescent Grove Advisors LLC purchased a new position in Robert Half during the 1st quarter valued at $497,000. Finally, First Trust Advisors LP raised its holdings in Robert Half by 281.2% in the 1st quarter. First Trust Advisors LP now owns 1,333,720 shares of the business services provider's stock worth $33,876,000 after purchasing an additional 983,842 shares in the last quarter. Hedge funds and other institutional investors own 92.41% of the company's stock.

Robert Half Stock Performance

Shares of NYSE RHI opened at $45.34 on Monday. The company has a 50 day simple moving average of $38.47 and a two-hundred day simple moving average of $30.69. Robert Half Inc. has a fifty-two week low of $21.83 and a fifty-two week high of $46.70. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 39.43 and a beta of 0.79.

Robert Half (NYSE:RHI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Robert Half had a return on equity of 9.18% and a net margin of 2.17%.The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 EPS. On average, analysts forecast that Robert Half Inc. will post 1.27 earnings per share for the current fiscal year.

Robert Half Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, August 25th will be paid a $0.59 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $2.36 dividend on an annualized basis and a yield of 5.2%. Robert Half's payout ratio is presently 205.22%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. BMO Capital Markets upgraded shares of Robert Half from a "market perform" rating to an "outperform" rating and set a $47.00 price target on the stock in a research report on Monday, July 27th. Truist Financial lifted their price objective on Robert Half from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Robert Half from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 18th. Robert W. Baird set a $47.00 target price on Robert Half in a research report on Monday, July 27th. Finally, The Goldman Sachs Group raised their target price on Robert Half from $26.00 to $29.00 and gave the company a "sell" rating in a research note on Friday, July 24th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $34.75.

Robert Half Company Profile

Robert Half International Inc, founded in 1948 by Robert Half, is a global professional staffing and consulting firm headquartered in Menlo Park, California. As a pioneer in specialized staffing, the company has built a reputation for matching skilled professionals with leading organizations across a range of industries. Robert Half's shares trade on the New York Stock Exchange under the ticker RHI, reflecting its position as one of the longest‐standing and best‐known firms in the staffing sector.

The company offers a comprehensive suite of services, including temporary staffing, permanent placement, and consulting solutions.

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