KAR Auction Services, Inc (NYSE:KAR) declared a quarterly dividend on Tuesday, October 31st, RTT News reports. Shareholders of record on Wednesday, December 20th will be given a dividend of 0.35 per share by the specialty retailer on Friday, January 5th. This represents a $1.40 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Tuesday, December 19th. This is a boost from KAR Auction Services’s previous quarterly dividend of $0.32.
KAR Auction Services has increased its dividend by an average of 26.0% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. KAR Auction Services has a payout ratio of 59.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect KAR Auction Services to earn $2.55 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 54.9%.
KAR Auction Services (NYSE:KAR) opened at $50.95 on Monday. KAR Auction Services has a 52 week low of $40.27 and a 52 week high of $51.49. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market capitalization of $6,891.75, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 1.60 and a beta of 1.07.
A number of research firms have recently weighed in on KAR. Zacks Investment Research raised KAR Auction Services from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday, November 8th. Gabelli lowered KAR Auction Services from a “buy” rating to a “hold” rating and set a $53.00 price objective on the stock. in a research report on Thursday, November 2nd. J P Morgan Chase & Co upped their price objective on KAR Auction Services from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. Jefferies Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of KAR Auction Services in a research report on Tuesday, September 12th. Finally, Stephens lowered KAR Auction Services from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $51.00 to $48.00 in a research report on Thursday, September 7th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. KAR Auction Services presently has a consensus rating of “Buy” and an average target price of $52.20.
In related news, EVP Lisa A. Price sold 10,000 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $51.18, for a total value of $511,800.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Benjamin Skuy sold 12,000 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.50, for a total value of $582,000.00. The disclosure for this sale can be found here. Insiders sold 32,000 shares of company stock worth $1,575,200 in the last three months. 1.30% of the stock is currently owned by corporate insiders.
A hedge fund recently raised its stake in KAR Auction Services stock. The Manufacturers Life Insurance Company lifted its holdings in shares of KAR Auction Services, Inc (NYSE:KAR) by 9.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,210 shares of the specialty retailer’s stock after buying an additional 363 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in KAR Auction Services were worth $177,000 at the end of the most recent quarter. Institutional investors and hedge funds own 99.22% 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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