Diversified Royalty (TSE:DIV) Reaches New 52-Week High Following Dividend Announcement

Diversified Royalty Corp. (TSE:DIV)’s share price hit a new 52-week high during trading on Tuesday following a dividend announcement from the company. The company traded as high as C$3.09 and last traded at C$3.07, with a volume of 54088 shares changing hands. The stock had previously closed at C$3.08.

The newly announced dividend which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.021 per share. This represents a $0.25 annualized dividend and a dividend yield of 8.26%. The ex-dividend date of this dividend is Tuesday, October 15th. Diversified Royalty’s payout ratio is 119.05%.

Analyst Ratings Changes

DIV has been the subject of several research reports. Ventum Cap Mkts upgraded shares of Diversified Royalty to a “strong-buy” rating in a research report on Tuesday, September 24th. Ventum Financial set a C$4.00 target price on shares of Diversified Royalty and gave the company a “buy” rating in a report on Tuesday, September 24th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$3.80.

Diversified Royalty Stock Performance

The company has a current ratio of 5.73, a quick ratio of 1.74 and a debt-to-equity ratio of 89.69. The stock’s 50 day moving average is C$2.88 and its 200 day moving average is C$2.82. The stock has a market capitalization of C$504.62 million, a price-to-earnings ratio of 14.67 and a beta of 1.57.

Diversified Royalty (TSE:DIV) last released its quarterly earnings results on Friday, August 9th. The company reported C$0.05 earnings per share for the quarter, hitting the consensus estimate of C$0.05. Diversified Royalty had a return on equity of 12.02% and a net margin of 51.17%. The company had revenue of C$16.78 million during the quarter, compared to the consensus estimate of C$17.50 million. On average, analysts predict that Diversified Royalty Corp. will post 0.2 earnings per share for the current year.

Diversified Royalty Company Profile

Diversified Royalty Corp., a multi-royalty corporation, engages in the acquisition of royalties from multi-location businesses and franchisors in North America. It owns the Sutton, Mr. Lube + Tires, AIR MILES, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, and BarBurrito trademarks.