Xerox Corp (XRX) To Go Ex-Dividend on September 27th
Xerox Corp (NYSE:XRX) declared a quarterly dividend on Thursday, July 19th, RTT News reports. Stockholders of record on Friday, September 28th will be given a dividend of 0.25 per share by the information technology services provider on Wednesday, October 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend is Thursday, September 27th.
Xerox has increased its dividend payment by an average of 2.7% annually over the last three years and has increased its dividend every year for the last 5 years. Xerox has a payout ratio of 30.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Xerox to earn $3.37 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 29.7%.
XRX stock opened at $27.14 on Wednesday. Xerox has a twelve month low of $23.52 and a twelve month high of $37.42. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.50 and a current ratio of 1.84. The stock has a market cap of $6.96 billion, a PE ratio of 8.00 and a beta of 1.27.
In other Xerox news, insider Herve Tessler sold 16,567 shares of Xerox stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $26.03, for a total value of $431,239.01. Following the sale, the insider now owns 34,647 shares of the company’s stock, valued at approximately $901,861.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Keith Cozza acquired 50,000 shares of Xerox stock in a transaction on Friday, July 27th. The stock was purchased at an average cost of $25.42 per share, for a total transaction of $1,271,000.00. Following the purchase, the chairman now owns 50,000 shares in the company, valued at $1,271,000. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by company insiders.
A number of research firms have recently weighed in on XRX. Zacks Investment Research cut Xerox from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. ValuEngine cut Xerox from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 26th. Citigroup began coverage on Xerox in a research report on Friday, July 20th. They set a “buy” rating and a $39.00 price objective on the stock. Standpoint Research raised Xerox from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Finally, JPMorgan Chase & Co. lowered their price objective on Xerox from $38.00 to $35.00 and set a “hold” rating on the stock in a research report on Friday, July 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $35.90.
Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers managed document services, including managed print services and multi-channel communication services, as well as a range of digital solutions, such as workflow automation services, content management, and digitization services.
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