Resources Connection, Inc. $RGP Shares Sold by Deutsche Bank AG

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

A number of other hedge funds have also recently added to or reduced their stakes in RGP. GAMMA Investing LLC lifted its stake in Resources Connection by 3,712.9% in the first quarter. GAMMA Investing LLC now owns 4,728 shares of the company's stock valued at $31,000 after buying an additional 4,604 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Resources Connection during the first quarter worth approximately $82,000. Capital Investment Advisors LLC acquired a new position in shares of Resources Connection in the 1st quarter valued at $90,000. CWM LLC raised its position in Resources Connection by 38.0% in the 1st quarter. CWM LLC now owns 15,243 shares of the company's stock valued at $100,000 after purchasing an additional 4,199 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Resources Connection by 17.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company's stock valued at $105,000 after purchasing an additional 1,863 shares during the last quarter. Hedge funds and other institutional investors own 93.23% of the company's stock.

Resources Connection Stock Down 1.2%

NASDAQ:RGP traded down $0.06 during midday trading on Thursday, reaching $5.07. The stock had a trading volume of 386,529 shares, compared to its average volume of 242,603. The stock has a market cap of $169.03 million, a P/E ratio of -0.87, a P/E/G ratio of 2.85 and a beta of 0.63. The firm has a fifty day simple moving average of $5.16 and a two-hundred day simple moving average of $5.67. Resources Connection, Inc. has a 12-month low of $4.44 and a 12-month high of $10.27.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, August 29th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.28 dividend on an annualized basis and a yield of 5.5%. Resources Connection's dividend payout ratio (DPR) is -4.81%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Resources Connection from a "strong sell" rating to a "hold" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Resources Connection presently has an average rating of "Sell" and a consensus 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.