Perdoceo Education (NASDAQ:PRDO) Hits New 52-Week High Following Better-Than-Expected Earnings

Perdoceo Education Co. (NASDAQ:PRDO) shares hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $29.84 and last traded at $28.37, with a volume of 53898 shares changing hands. The stock had previously closed at $28.81.

The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Perdoceo Education had a net margin of 20.42% and a return on equity of 15.58%. The business had revenue of $176.43 million during the quarter, compared to analysts’ expectations of $160.12 million.

Perdoceo Education Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Saturday, March 1st will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Friday, February 28th. Perdoceo Education’s payout ratio is currently 26.13%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of Perdoceo Education from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 11th. Barrington Research increased their price objective on shares of Perdoceo Education from $32.00 to $35.00 and gave the company an “outperform” rating in a research note on Wednesday.

Insider Activity

In other news, SVP John Robert Kline sold 12,148 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $25.79, for a total value of $313,296.92. Following the completion of the transaction, the senior vice president now owns 130,405 shares in the company, valued at approximately $3,363,144.95. This represents a 8.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd S. Nelson sold 12,472 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $26.29, for a total transaction of $327,888.88. Following the sale, the chief executive officer now owns 615,697 shares of the company’s stock, valued at $16,186,674.13. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.81% of the company’s stock.

Institutional Investors Weigh In On Perdoceo Education

Hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of Perdoceo Education by 227.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,315 shares of the company’s stock worth $34,000 after purchasing an additional 913 shares in the last quarter. Blue Trust Inc. increased its position in shares of Perdoceo Education by 38.7% during the 3rd quarter. Blue Trust Inc. now owns 1,762 shares of the company’s stock worth $38,000 after purchasing an additional 492 shares in the last quarter. Quarry LP increased its position in shares of Perdoceo Education by 223.6% during the 4th quarter. Quarry LP now owns 1,793 shares of the company’s stock worth $47,000 after purchasing an additional 1,239 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Perdoceo Education during the 4th quarter worth about $60,000. Finally, KBC Group NV increased its position in shares of Perdoceo Education by 47.5% during the 4th quarter. KBC Group NV now owns 3,696 shares of the company’s stock worth $98,000 after purchasing an additional 1,190 shares in the last quarter. Institutional investors and hedge funds own 93.46% of the company’s stock.

Perdoceo Education Stock Performance

The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.80 and a beta of 1.07. The business’s 50-day moving average is $27.39 and its 200-day moving average is $24.72.

Perdoceo Education Company Profile

Perdoceo Education Corporation provides postsecondary education through online, campus-based, and blended learning programs in the United States. It operates in two segments, Colorado Technical University and The American InterContinental University System. The Colorado Technical University segment offers academic programs, such as business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity, and criminal justice.