Perdoceo Education (NASDAQ:PRDO) Sets New 12-Month High Following Better-Than-Expected Earnings

Perdoceo Education Co. (NASDAQ:PRDO) shares hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $29.33 and last traded at $29.17, with a volume of 77927 shares. The stock had previously closed at $24.87.

The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.06. Perdoceo Education had a return on equity of 15.88% and a net margin of 20.42%. The company had revenue of $169.83 million during the quarter, compared to analysts’ expectations of $164.60 million. During the same period last year, the business earned $0.64 earnings per share. Perdoceo Education’s quarterly revenue was down 5.6% on a year-over-year basis.

Perdoceo Education Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Monday, December 2nd. Perdoceo Education’s dividend payout ratio (DPR) is presently 26.13%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRDO. StockNews.com upgraded Perdoceo Education from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Barrington Research raised their price target on shares of Perdoceo Education from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday.

Insiders Place Their Bets

In other news, insider Michele A. Peppers sold 6,476 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $21.00, for a total transaction of $135,996.00. Following the transaction, the insider now owns 61,952 shares of the company’s stock, valued at approximately $1,300,992. The trade was a 9.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perdoceo Education

Institutional investors have recently bought and sold shares of the company. Quarry LP increased its stake in Perdoceo Education by 1,306.3% during the second quarter. Quarry LP now owns 1,350 shares of the company’s stock worth $29,000 after acquiring an additional 1,254 shares during the last quarter. Blue Trust Inc. increased its holdings in 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 during the period. Quest Partners LLC purchased a new stake in shares of Perdoceo Education during the second quarter worth approximately $39,000. Fifth Third Bancorp increased its position in shares of Perdoceo Education by 650.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,884 shares of the company’s stock valued at $40,000 after purchasing an additional 1,633 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in Perdoceo Education in the second quarter valued at $74,000. 93.46% of the stock is owned by hedge funds and other institutional investors.

Perdoceo Education Stock Performance

The firm has a 50-day moving average price of $22.07 and a two-hundred day moving average price of $22.33. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 0.76 and a beta of 1.04.

About Perdoceo Education

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.