CalAtlantic Group, Inc. (CAA) to Issue Quarterly Dividend of $0.04 on September 30th
CalAtlantic Group, Inc. (NYSE:CAA) declared a quarterly dividend on Monday, July 31st, Wall Street Journal reports. Investors of record on Friday, September 15th will be given a dividend of 0.04 per share by the construction company on Saturday, September 30th. This represents a $0.16 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Thursday, September 14th.
CalAtlantic Group has a dividend payout ratio of 4.6% meaning its dividend is sufficiently covered by earnings. Analysts expect CalAtlantic Group to earn $4.11 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 3.9%.
CalAtlantic Group (CAA) opened at 35.51 on Wednesday. The company’s 50-day moving average is $35.22 and its 200-day moving average is $36.14. CalAtlantic Group has a 52-week low of $30.18 and a 52-week high of $38.63. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 9.77 and a beta of 1.41.
CalAtlantic Group (NYSE:CAA) last issued its quarterly earnings results on Thursday, July 27th. The construction company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.03). The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.61 billion. CalAtlantic Group had a return on equity of 11.40% and a net margin of 7.26%. CalAtlantic Group’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. On average, analysts expect that CalAtlantic Group will post $3.47 earnings per share for the current fiscal year.
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Several equities research analysts have commented on CAA shares. ValuEngine downgraded shares of CalAtlantic Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 23rd. Wedbush reaffirmed an “outperform” rating and set a $41.00 price objective on shares of CalAtlantic Group in a report on Tuesday, June 6th. Royal Bank Of Canada upped their price objective on shares of CalAtlantic Group from $40.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, June 7th. Bank of America Corporation downgraded shares of CalAtlantic Group from a “buy” rating to a “neutral” rating in a report on Thursday, June 8th. Finally, BidaskClub downgraded shares of CalAtlantic Group from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $39.89.
In other news, CEO Larry T. Nicholson sold 9,004 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $35.61, for a total value of $320,632.44. Following the sale, the chief executive officer now directly owns 611,733 shares of the company’s stock, valued at $21,783,812.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 39.50% of the company’s stock.
CalAtlantic Group Company Profile
CalAtlantic Group, Inc is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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