Empire Company Limited (TSE:EMP.A)’s share price hit a new 52-week high during trading on Friday after the company announced a dividend. The stock traded as high as C$33.86 and last traded at C$33.69, with a volume of 235300 shares. The stock had previously closed at C$33.30.
The newly announced dividend which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 31st will be issued a $0.12 dividend. The ex-dividend date is Friday, July 12th. This is a positive change from Empire’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 1.43%. Empire’s dividend payout ratio is currently 33.80%.
Several equities analysts recently commented on EMP.A shares. TD Securities upgraded DREAM Unlimited from a “buy” rating to an “action list buy” rating and set a C$11.50 price objective on the stock in a research note on Tuesday, July 2nd. CIBC dropped their price objective on TFI International from C$47.00 to C$45.00 in a research note on Tuesday, July 2nd. National Bank Financial downgraded Detour Gold to a “hold” rating in a research note on Friday, June 28th. BMO Capital Markets dropped their price objective on Methanex from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Finally, Raymond James set a $29.00 price objective on Seacoast Banking Co. of Florida and gave the company a “buy” rating in a research note on Friday, June 21st. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of C$33.81.
About Empire (TSE:EMP.A)
Empire Company Limited, together with its subsidiaries, engages in the food retail and related real estate businesses in Canada. It operates through two segments, Food Retailing, and Investments and Other Operations. The company owns, affiliates, and franchises approximately 1,500 retail stores under various retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawtons Drugs; and approximately 350 retail fuel locations.
Further Reading: Oversold
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