Resources Connection, Inc. Declares Quarterly Dividend of $0.07 (NASDAQ:RGP)

Resources Connection, Inc. (NASDAQ:RGP - Get Free Report) announced a quarterly dividend on Thursday, May 1st, NASDAQ Dividends reports. Investors of record on Monday, June 23rd will be paid a dividend of 0.07 per share on Monday, July 21st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date is Monday, June 23rd.

Resources Connection has a dividend payout ratio of 53.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Resources Connection to earn $1.09 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 25.7%.

Resources Connection Trading Up 1.9%

NASDAQ:RGP traded up $0.10 during mid-day trading on Tuesday, reaching $5.34. 182,005 shares of the stock were exchanged, compared to its average volume of 338,880. The business has a fifty day moving average price of $5.39 and a 200 day moving average price of $6.84. The firm has a market capitalization of $176.59 million, a PE ratio of -1.63, a PEG ratio of 0.42 and a beta of 0.64. Resources Connection has a 1-year low of $4.81 and a 1-year high of $12.19.

Insiders Place Their Bets

In other news, COO Bhadreskumar Patel acquired 9,900 shares of the stock in a transaction dated Monday, April 7th. The shares were acquired at an average cost of $5.05 per share, for a total transaction of $49,995.00. Following the completion of the transaction, the chief operating officer now owns 131,099 shares in the company, valued at approximately $662,049.95. This trade represents a 8.17% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Kate W. Duchene acquired 20,000 shares of the stock in a transaction dated Friday, April 4th. The shares were purchased at an average price of $5.14 per share, for a total transaction of $102,800.00. Following the completion of the transaction, the chief executive officer now owns 571,451 shares of the company's stock, valued at $2,937,258.14. This trade represents a 3.63% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 54,900 shares of company stock valued at $279,295 in the last three months. Company insiders own 3.39% of the company's stock.

Institutional Trading of Resources Connection

A number of large investors have recently bought and sold shares of RGP. Strs Ohio acquired a new position in Resources Connection in the first quarter worth $48,000. Empowered Funds LLC boosted its stake in Resources Connection by 7.3% in the first quarter. Empowered Funds LLC now owns 178,769 shares of the company's stock worth $1,169,000 after purchasing an additional 12,231 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Resources Connection by 30.7% in the first quarter. Goldman Sachs Group Inc. now owns 262,248 shares of the company's stock worth $1,715,000 after purchasing an additional 61,580 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Resources Connection by 13.0% in the first quarter. AQR Capital Management LLC now owns 714,138 shares of the company's stock worth $4,670,000 after purchasing an additional 82,099 shares in the last quarter. 93.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. dropped their price target on Resources Connection from $9.50 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, April 3rd.

About Resources Connection

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.