Perdoceo Education Co. (NASDAQ:PRDO) to Issue Dividend Increase – $0.13 Per Share

Perdoceo Education Co. (NASDAQ:PRDO) declared a quarterly dividend on Wednesday, July 31st, Zacks reports. Shareholders of record on Sunday, September 1st will be given a dividend of 0.13 per share on Friday, September 13th. This represents a $0.52 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, August 30th. This is an increase from Perdoceo Education’s previous quarterly dividend of $0.11.

Perdoceo Education has a dividend payout ratio of 23.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Perdoceo Education to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 22.2%.

Perdoceo Education Stock Performance

NASDAQ PRDO opened at $22.42 on Wednesday. The business has a 50 day simple moving average of $22.46 and a 200 day simple moving average of $20.55. Perdoceo Education has a 52-week low of $15.94 and a 52-week high of $26.40. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 0.74 and a beta of 1.02.

Perdoceo Education (NASDAQ:PRDO) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $166.74 million for the quarter, compared to analysts’ expectations of $160.91 million. Perdoceo Education had a return on equity of 16.42% and a net margin of 20.57%. Perdoceo Education’s revenue was down 10.6% on a year-over-year basis. During the same quarter last year, the business earned $0.61 earnings per share. On average, analysts predict that Perdoceo Education will post 2.21 EPS for the current year.

Insider Buying and Selling

In related news, Chairman Gregory L. Jackson sold 26,664 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $22.70, for a total transaction of $605,272.80. Following the completion of the sale, the chairman now directly owns 58,644 shares in the company, valued at approximately $1,331,218.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Gregory L. Jackson sold 26,664 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $22.70, for a total value of $605,272.80. Following the completion of the sale, the chairman now owns 58,644 shares of the company’s stock, valued at $1,331,218.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William Dean Hansen sold 13,185 shares of Perdoceo Education stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $23.01, for a total value of $303,386.85. Following the completion of the sale, the director now directly owns 39,016 shares of the company’s stock, valued at $897,758.16. The disclosure for this sale can be found here. 1.81% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Barrington Research restated an “outperform” rating and set a $30.00 price target on shares of Perdoceo Education in a research report on Wednesday, August 21st.

About Perdoceo Education

Perdoceo Education Corporation provides postsecondary education through online, campus-based, and blended learning programs in the United States. It operates in two segments, Colorado Technical University and The American InterContinental University System. The Colorado Technical University segment offers academic programs, such as business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity, and criminal justice.