Ferrari (NYSE:RACE) Plans Annual Dividend of $3.13

Ferrari (NYSE:RACE) announced an annual dividend on Monday, February 24th, Wall Street Journal reports. Shareholders of record on Wednesday, April 23rd will be given a dividend of 3.1265 per share on Tuesday, May 6th. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44.

Ferrari has increased its dividend by an average of 41.2% per year over the last three years. Ferrari has a dividend payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ferrari to earn $10.40 per share next year, which means the company should continue to be able to cover its $3.14 annual dividend with an expected future payout ratio of 30.2%.

Ferrari Stock Up 1.1 %

Shares of RACE stock opened at $504.95 on Wednesday. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The stock has a market cap of $123.08 billion, a price-to-earnings ratio of 55.19, a PEG ratio of 4.43 and a beta of 0.95. The firm’s 50-day moving average is $447.27 and its 200-day moving average is $456.36.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. UBS Group increased their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.