KAR Auction Services Inc (NYSE:KAR) announced a quarterly dividend on Tuesday, February 20th, RTT News reports. Shareholders of record on Thursday, March 22nd will be given a dividend of 0.35 per share by the specialty retailer on Wednesday, April 4th. This represents a $1.40 annualized dividend and a yield of 2.61%. The ex-dividend date is Wednesday, March 21st.
KAR Auction Services has increased its dividend payment by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 5 years. KAR Auction Services has a dividend payout ratio of 59.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect KAR Auction Services to earn $3.32 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 42.2%.
Shares of NYSE KAR traded down $1.30 during trading hours on Friday, reaching $53.60. 633,242 shares of the stock were exchanged, compared to its average volume of 1,024,266. The firm has a market cap of $7,379.05, a P/E ratio of 22.23, a price-to-earnings-growth ratio of 1.68 and a beta of 1.11. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.80. KAR Auction Services has a 52 week low of $40.27 and a 52 week high of $56.75.
KAR Auction Services (NYSE:KAR) last announced its earnings results on Tuesday, February 20th. The specialty retailer reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.10. The company had revenue of $890.40 million for the quarter, compared to analyst estimates of $882.22 million. KAR Auction Services had a return on equity of 23.61% and a net margin of 10.47%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share. analysts forecast that KAR Auction Services will post 2.97 EPS for the current year.
A number of equities analysts have recently weighed in on KAR shares. Zacks Investment Research lowered KAR Auction Services from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Stephens set a $57.00 target price on KAR Auction Services and gave the stock a “hold” rating in a research note on Wednesday, January 17th. Robert W. Baird reiterated a “buy” rating and set a $58.00 target price on shares of KAR Auction Services in a research note on Friday, February 23rd. Barrington Research set a $55.00 price objective on KAR Auction Services and gave the stock a “buy” rating in a research note on Sunday, February 25th. Finally, Gabelli upgraded KAR Auction Services from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $58.89.
In other KAR Auction Services news, insider Rebecca C. Polak sold 44,000 shares of the firm’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $56.20, for a total transaction of $2,472,800.00. Following the transaction, the insider now owns 90,390 shares in the company, valued at approximately $5,079,918. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Donald S. Gottwald sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $54.96, for a total value of $549,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,751 shares of company stock worth $3,495,282. Corporate insiders own 1.30% of the company’s stock.
A hedge fund recently raised its stake in KAR Auction Services stock. The Manufacturers Life Insurance Company raised its holdings in KAR Auction Services Inc (NYSE:KAR) by 9.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,210 shares of the specialty retailer’s stock after purchasing an additional 363 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in KAR Auction Services were worth $177,000 as of its most recent SEC filing. Institutional investors own 98.88% of the company’s stock.
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About KAR Auction Services
KAR Auction Services, Inc is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).
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