Home Capital Group (TSE:HCG) Stock Price Up 6.6% Following Dividend Announcement

Home Capital Group Inc. (TSE:HCG – Get Rating) shares rose 6.6% during trading on Thursday following a dividend announcement from the company. The stock traded as high as C$29.26 and last traded at C$27.70. Approximately 166,691 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 238,404 shares. The stock had previously closed at C$25.98.

The newly announced dividend which will be paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Tuesday, August 30th. Home Capital Group’s dividend payout ratio is presently 3.29%.

Wall Street Analyst Weigh In

HCG has been the subject of several recent analyst reports. BMO Capital Markets reduced their price objective on shares of Home Capital Group from C$51.00 to C$44.00 in a research report on Thursday, May 5th. Raymond James raised shares of Home Capital Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from C$52.00 to C$48.00 in a research report on Thursday, May 5th. Scotiabank raised their price objective on shares of Home Capital Group from C$37.00 to C$39.00 in a research report on Friday. National Bankshares downgraded shares of Home Capital Group from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$35.00 to C$31.00 in a research report on Friday. Finally, TD Securities reduced their price objective on shares of Home Capital Group from C$50.00 to C$47.00 and set a “buy” rating for the company in a research report on Thursday, May 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Home Capital Group has a consensus rating of “Moderate Buy” and a consensus price target of C$44.86.

Home Capital Group Stock Down 1.7 %

The stock has a market cap of C$1.14 billion and a P/E ratio of 5.87. The company has a 50-day simple moving average of C$26.35 and a two-hundred day simple moving average of C$32.11.

Home Capital Group (TSE:HCG – Get Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported C$1.02 earnings per share for the quarter, missing the consensus estimate of C$1.18 by C($0.16). The company had revenue of C$125.69 million during the quarter, compared to the consensus estimate of C$130.50 million. As a group, sell-side analysts forecast that Home Capital Group Inc. will post 5.6600003 earnings per share for the current fiscal year.

Home Capital Group Company Profile

(Get Rating)

Home Capital Group Inc, through its subsidiary, Home Trust Company, provides residential and nonresidential mortgage lending, securitization of residential mortgage products, consumer lending, and credit card services in Canada. It offers deposits through brokers and financial planners under the Oaken Financial brand.

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