Herc Holdings Inc. Bumps up Quarterly Dividend by 15%; Shares Gain 4.5%

Herc Holdings (NYSE: HRI) raised its quarterly dividend by 15% to $0.575 per share. Following the news, shares of the HRI gained 4.5% to close at $174.22 on February 9.

The annual dividend of $2.30 per share now reflects a dividend yield of 1.4%. The dividend is payable on March 10 to shareholders on record as of February 23.

Markedly, shares of the U.S.-based equipment rental supplier have gained 141% over the past year.

Management Weighs In

Herc Holdings CEO, Larry Silber, commented, “We are committed to delivering long-term sustainable value to shareholders with a balanced, disciplined and opportunistic approach to capital deployment.”

He further added, “With our available liquidity, we plan to continue to invest in organic growth and M&A and will consider future dividend growth in line with our long-term business performance.”

Analysts Recommendation

The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 1 Buy and 1 Holds. The average HRI stock price projection of $183 implies 5.04% upside potential to current levels.

Bloggers Weigh In

TipRanks data shows that financial blogger opinions are 100% Bullish on HRI stock, compared to a sector average of 73%.

Download the TipRanks mobile app now

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. 

Read full Disclaimer & Disclosure

Related News:
Warner Music Delivers Upbeat Q1 Results; Shares Drop 6.9%
Yum China Holdings Drops 4% on Lacklustre Results
Liberty Oilfield Services Tanks 6.5% on Wider-Than-Expected Q4 Loss