Xerox Corp (XRX) to Issue $0.06 Quarterly Dividend
Xerox Corp (NYSE:XRX) declared a quarterly dividend on Wednesday, May 24th. Stockholders of record on Friday, June 30th will be given a dividend of 0.0625 per share by the information technology services provider on Monday, July 31st. This represents a $0.25 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Wednesday, June 28th.
Xerox Corp has raised its dividend by an average of 12.1% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Xerox Corp has a payout ratio of 30.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Xerox Corp to earn $0.87 per share next year, which means the company should continue to be able to cover its $0.25 annual dividend with an expected future payout ratio of 28.7%.
Xerox Corp (NYSE:XRX) traded up 1.01% on Wednesday, hitting $7.02. 5,380,711 shares of the stock traded hands. The company’s market cap is $7.14 billion. Xerox Corp has a 1-year low of $6.21 and a 1-year high of $7.69. The stock has a 50-day moving average price of $7.05 and a 200 day moving average price of $6.87. Xerox Corp shares are set to reverse split on Wednesday, June 14th. The 1-4 reverse split was announced on Tuesday, May 23rd. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, June 13th.
Xerox Corp (NYSE:XRX) last posted its quarterly earnings results on Tuesday, April 25th. The information technology services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.01. Xerox Corp had a net margin of 3.53% and a return on equity of 13.39%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period in the previous year, the business posted $0.22 EPS. The business’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, analysts anticipate that Xerox Corp will post $0.83 EPS for the current fiscal year.
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XRX has been the topic of a number of analyst reports. TheStreet raised shares of Xerox Corp from a “c+” rating to a “b” rating in a report on Tuesday, January 24th. Barclays PLC cut their price objective on shares of Xerox Corp from $10.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, February 1st. Credit Suisse Group AG reaffirmed a “buy” rating and set a $8.00 price objective on shares of Xerox Corp in a report on Friday, March 31st. Goldman Sachs Group Inc reaffirmed a “buy” rating and set a $8.50 price objective on shares of Xerox Corp in a report on Wednesday, April 26th. Finally, Morgan Stanley cut their price objective on shares of Xerox Corp from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $9.16.
In other news, insider Yehia Abouelmaaty Omar sold 29,375 shares of Xerox Corp stock in a transaction on Monday, May 1st. The stock was sold at an average price of $7.09, for a total transaction of $208,268.75. Following the sale, the insider now directly owns 15,903 shares in the company, valued at approximately $112,752.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.37% of the company’s stock.
About Xerox Corp
Xerox Corporation is engaged in imaging, business process, analytics, automation and user-centric insights. The Company’s segments include Services, Document Technology and Other. The Company’s Services segment includes service offerings, such as BPO and Document Outsourcing (DO). It provides business services in markets across various industries and to government agencies.
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