Fintel reports that on August 11, 2023, EF Hutton reiterated coverage of HireQuest (NASDAQ:HQI) with a Buy recommendation.
Analyst Price Forecast Suggests 58.74% Upside
As of August 2, 2023, the average one-year price target for HireQuest is 29.24. The forecasts range from a low of 28.28 to a high of $30.45. The average price target represents an increase of 58.74% from its latest reported closing price of 18.42.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for HireQuest is 37MM, an increase of 6.36%. The projected annual non-GAAP EPS is 1.32.
HireQuest Declares $0.06 Dividend
On May 16, 2023 the company declared a regular quarterly dividend of $0.06 per share ($0.24 annualized). Shareholders of record as of June 1, 2023 received the payment on June 15, 2023. Previously, the company paid $0.06 per share.
At the current share price of $18.42 / share, the stock's dividend yield is 1.30%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.69%, the lowest has been 0.94%, and the highest has been 6.76%. The standard deviation of yields is 1.57 (n=234).
The current dividend yield is 0.89 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.36. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.20%.
What is the Fund Sentiment?
There are 72 funds or institutions reporting positions in HireQuest. This is an increase of 13 owner(s) or 22.03% in the last quarter. Average portfolio weight of all funds dedicated to HQI is 0.05%, an increase of 228.76%. Total shares owned by institutions increased in the last three months by 12.53% to 1,204K shares.
What are Other Shareholders Doing?
Bandera Partners holds 252K shares representing 1.81% ownership of the company. No change in the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 153K shares representing 1.10% ownership of the company. In it's prior filing, the firm reported owning 149K shares, representing an increase of 2.46%. The firm increased its portfolio allocation in HQI by 29.16% over the last quarter.
NewEdge Wealth holds 93K shares representing 0.67% ownership of the company. No change in the last quarter.
Summit Trail Advisors holds 63K shares representing 0.45% ownership of the company. In it's prior filing, the firm reported owning 63K shares, representing an increase of 0.00%. The firm increased its portfolio allocation in HQI by 13.05% over the last quarter.
Truist Financial holds 62K shares representing 0.45% ownership of the company. No change in the last quarter.
HireQuest Background Information
(This description is provided by the company.)
HireQuest, Inc. is a nationwide franchisor that provides on-demand labor and commercial staffing solutions in the light industrial, blue-collar, and commercial segments of the staffing industry for HireQuest Direct, HireQuest, and Snelling franchised offices across the United States. Through its national network of over 180 franchisee-owned offices in more than 30 states and the District of Columbia, HireQuest provides employment for approximately 50,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, travel, and event services.
Additional reading:
- HireQuest Reports Financial Results for Second Quarter 2023
- EXHIBIT 99.1
- HireQuest, Inc. Declares Quarterly Dividend
- HireQuest Reports Financial Results for First Quarter 2023 Q1 2023 Royalty Revenue Grows 41.8% YoY to $9.3 million Q1 2023 Net Income from Continuing Operations Increases 372.1% YoY to $2.3 million
- HireQuest, Inc. Investor Presentation April 2023 (furnished only)
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
