Bloomin’ Brands, Inc. to Issue Quarterly Dividend of $0.08 (NASDAQ:BLMN)
Bloomin’ Brands, Inc. (NASDAQ:BLMN) declared a quarterly dividend on Wednesday, July 26th, Wall Street Journal reports. Stockholders of record on Wednesday, August 9th will be given a dividend of 0.08 per share by the restaurant operator on Wednesday, August 23rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Monday, August 7th.
Bloomin’ Brands (NASDAQ:BLMN) traded down 10.26% on Wednesday, hitting $18.64. 5,338,381 shares of the stock were exchanged. Bloomin’ Brands has a 52 week low of $15.82 and a 52 week high of $22.16. The company has a market cap of $1.92 billion, a PE ratio of 40.52 and a beta of 0.76. The company’s 50-day moving average is $21.02 and its 200-day moving average is $19.46.
Bloomin’ Brands (NASDAQ:BLMN) last posted its quarterly earnings results on Wednesday, July 26th. The restaurant operator reported $0.28 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.28. Bloomin’ Brands had a return on equity of 61.37% and a net margin of 1.21%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the business earned $0.30 EPS. The business’s quarterly revenue was down 4.2% on a year-over-year basis. On average, analysts predict that Bloomin’ Brands will post $1.43 earnings per share for the current year.
In related news, Chairman Elizabeth A. Smith sold 275,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $21.81, for a total value of $5,997,750.00. Following the transaction, the chairman now directly owns 206,235 shares of the company’s stock, valued at approximately $4,497,985.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sukhdev Singh sold 26,446 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $21.67, for a total value of $573,084.82. Following the completion of the transaction, the executive vice president now directly owns 15,759 shares in the company, valued at $341,497.53. The disclosure for this sale can be found here. 7.04% of the stock is currently owned by company insiders.
A number of research firms have recently weighed in on BLMN. BidaskClub downgraded Bloomin’ Brands from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Zacks Investment Research downgraded Bloomin’ Brands from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Deutsche Bank AG raised their price target on Bloomin’ Brands from $20.00 to $21.00 and gave the stock a “hold” rating in a research note on Friday, April 28th. Morgan Stanley raised their price target on Bloomin’ Brands from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Friday, April 28th. Finally, TheStreet raised Bloomin’ Brands from a “c” rating to a “b” rating in a research note on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $20.57.
Bloomin’ Brands announced that its board has authorized a share buyback program on Wednesday, April 26th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the restaurant operator to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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About Bloomin’ Brands
Bloomin’ Brands, Inc is a holding company. The Company owns and operates casual, upscale casual and fine dining restaurants. The Company operates through two segments: U.S. and International. The U.S. segment includes all brands operating in the United States. The International segment includes brands operating outside the United States.
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