Rocky Brands, Inc. (NASDAQ:RCKY) Declares Quarterly Dividend of $0.16

Key Points

• Rocky Brands, Inc. has declared a quarterly dividend of $0.16 per share, with investors of record set to be paid on September 16, 2023, representing an annualized yield of 2.3%.
• The company's recent earnings report showed earnings per share of $0.55, exceeding expectations, with revenue of $105.65 million outpacing analyst estimates of $102.54 million.
• Wall Street analysts have increased their price target for Rocky Brands from $20.00 to $30.00, indicating a growing confidence in the company's future performance.

Rocky Brands, Inc. (NASDAQ:RCKY - Get Free Report) declared a quarterly dividend on Monday, August 18th, RTT News reports. Shareholders of record on Tuesday, September 2nd will be paid a dividend of 0.155 per share by the textile maker on Tuesday, September 16th. This represents a c) dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd.

Rocky Brands has a payout ratio of 23.0% indicating that its dividend is sufficiently covered by earnings.

Rocky Brands Price Performance

Shares of NASDAQ:RCKY traded up $1.24 during midday trading on Friday, hitting $27.90. The company had a trading volume of 127,226 shares, compared to its average volume of 70,961. Rocky Brands has a twelve month low of $11.93 and a twelve month high of $33.04. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.76 and a quick ratio of 0.79. The stock has a market cap of $208.41 million, a price-to-earnings ratio of 11.25 and a beta of 2.35. The business's 50-day simple moving average is $24.24 and its 200-day simple moving average is $20.95.

Rocky Brands (NASDAQ:RCKY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The textile maker reported $0.55 EPS for the quarter, beating the consensus estimate of $0.24 by $0.31. Rocky Brands had a return on equity of 10.41% and a net margin of 4.03%.The firm had revenue of $105.65 million during the quarter, compared to analysts' expectations of $102.54 million.

Wall Street Analyst Weigh In

Several research firms recently commented on RCKY. Robert W. Baird increased their price target on Rocky Brands from $20.00 to $30.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Wall Street Zen cut Rocky Brands from a "buy" rating to a "hold" rating in a report on Monday, May 12th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Rocky Brands has a consensus rating of "Hold" and a consensus price target of $30.00.

About Rocky Brands

Rocky Brands, Inc designs, manufactures, and markets footwear and apparel in the United States, Canada, and internationally. It operates through Wholesale, Retail, and Contract Manufacturing segments. The Wholesale segment offers products, which includes sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers in retail locations through a range of distribution channels.