Deutsche Bank AG Sells 118,376 Shares of Resources Connection, Inc. $RGP

Key Points

• Deutsche Bank AG significantly reduced its stake in Resources Connection, Inc. by 80.1%, leaving it with 29,454 shares worth $193,000.
• Other institutional investors have increased their holdings, with Deprince Race & Zollo Inc. growing its position by 38.7% to nearly 964,000 shares valued at over $8 million.
• Resources Connection recently announced a quarterly dividend of $0.07 per share, yielding approximately 5.5%, with the ex-dividend date set for August 29th.

Deutsche Bank AG cut its holdings in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 80.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,454 shares of the company's stock after selling 118,376 shares during the period. Deutsche Bank AG owned about 0.09% of Resources Connection worth $193,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Deprince Race & Zollo Inc. increased its holdings in Resources Connection by 38.7% during the fourth quarter. Deprince Race & Zollo Inc. now owns 963,619 shares of the company's stock worth $8,220,000 after buying an additional 268,954 shares during the last quarter. Royce & Associates LP increased its holdings in Resources Connection by 9.1% during the first quarter. Royce & Associates LP now owns 2,063,619 shares of the company's stock worth $13,496,000 after buying an additional 172,158 shares during the last quarter. Numerai GP LLC acquired a new position in Resources Connection during the fourth quarter worth $1,299,000. Ameriprise Financial Inc. increased its holdings in Resources Connection by 58.4% during the fourth quarter. Ameriprise Financial Inc. now owns 343,820 shares of the company's stock worth $2,933,000 after buying an additional 126,796 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Resources Connection by 30.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 482,919 shares of the company's stock worth $3,158,000 after buying an additional 113,114 shares during the last quarter. 93.23% of the stock is currently owned by institutional investors and hedge funds.

Resources Connection Trading Up 1.2%

RGP traded up $0.06 on Monday, hitting $5.11. 322,718 shares of the stock were exchanged, compared to its average volume of 266,042. Resources Connection, Inc. has a 12 month low of $4.44 and a 12 month high of $10.45. The business has a 50-day moving average of $5.18 and a two-hundred day moving average of $5.72.

Resources Connection Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, August 29th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.28 annualized dividend and a yield of 5.5%. Resources Connection's dividend payout ratio is currently -4.81%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Resources Connection from a "strong sell" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of "Sell" and an average price target of $5.00.

Resources Connection 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.