ABM Industries Incorporated (ABM) to Issue Quarterly Dividend of $0.23 on May 6th

ABM Industries Incorporated (NYSE:ABM) announced a quarterly dividend on Thursday, March 7th, Zacks reports. Stockholders of record on Thursday, April 4th will be paid a dividend of 0.225 per share by the business services provider on Monday, May 6th. This represents a $0.90 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Wednesday, April 3rd.

ABM Industries has raised its dividend by an average of 6.0% per year over the last three years and has increased its dividend annually for the last 57 consecutive years. ABM Industries has a payout ratio of 24.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ABM Industries to earn $3.54 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 25.4%.

ABM Industries Stock Performance

NYSE:ABM opened at $44.62 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.48 and a current ratio of 1.48. ABM Industries has a fifty-two week low of $37.61 and a fifty-two week high of $53.05. The company has a 50 day simple moving average of $41.79 and a two-hundred day simple moving average of $41.95. The company has a market capitalization of $2.82 billion, a PE ratio of 11.41 and a beta of 1.15.

ABM Industries (NYSE:ABM) last posted its quarterly earnings data on Thursday, March 7th. The business services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.14. The company had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.01 billion. ABM Industries had a net margin of 3.15% and a return on equity of 12.88%. ABM Industries’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 earnings per share. Research analysts anticipate that ABM Industries will post 3.37 earnings per share for the current year.

Analysts Set New Price Targets

ABM has been the topic of a number of recent analyst reports. Truist Financial boosted their price objective on ABM Industries from $43.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, December 14th. StockNews.com lowered ABM Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 3rd. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, ABM Industries has a consensus rating of “Hold” and an average target price of $45.20.

Insider Activity

In other ABM Industries news, CAO Dean A. Chin sold 5,465 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $44.89, for a total value of $245,323.85. Following the completion of the sale, the chief accounting officer now owns 19,972 shares of the company’s stock, valued at $896,543.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ABM Industries news, CAO Dean A. Chin sold 5,465 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $44.89, for a total value of $245,323.85. Following the transaction, the chief accounting officer now directly owns 19,972 shares of the company’s stock, valued at $896,543.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Rene Jacobsen sold 5,563 shares of ABM Industries stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $43.59, for a total transaction of $242,491.17. Following the transaction, the chief operating officer now owns 111,677 shares of the company’s stock, valued at $4,868,000.43. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by company insiders.

Institutional Trading of ABM Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABM. State Street Corp grew its stake in shares of ABM Industries by 19.3% in the 1st quarter. State Street Corp now owns 7,059,579 shares of the business services provider’s stock worth $325,023,000 after acquiring an additional 1,140,097 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in ABM Industries by 353.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,396,596 shares of the business services provider’s stock worth $60,641,000 after purchasing an additional 1,088,389 shares during the last quarter. Norges Bank bought a new stake in ABM Industries in the 4th quarter worth about $28,698,000. Victory Capital Management Inc. increased its stake in ABM Industries by 16.1% in the 4th quarter. Victory Capital Management Inc. now owns 1,931,733 shares of the business services provider’s stock valued at $85,808,000 after buying an additional 268,099 shares during the last quarter. Finally, FMR LLC lifted its position in shares of ABM Industries by 178.7% during the 2nd quarter. FMR LLC now owns 398,426 shares of the business services provider’s stock worth $17,300,000 after buying an additional 255,471 shares in the last quarter. 91.62% of the stock is owned by institutional investors.

ABM Industries Company Profile

ABM Industries Incorporated, through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally. It operates through Business & Industry, Manufacturing & Distribution, Education, Aviation, and Technical Solutions segments.