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.”
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%.
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