Switch, Inc. (NYSE:SWCH – Get Rating) declared a quarterly dividend on Thursday, May 12th, Wall Street Journal reports. Stockholders of record on Tuesday, May 24th will be paid a dividend of 0.0525 per share on Monday, June 6th. This represents a $0.21 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Monday, May 23rd. This is a positive change from Switch’s previous quarterly dividend of $0.05.
Switch has increased its dividend by an average of 51.6% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Switch has a dividend payout ratio of 80.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Switch to earn $0.24 per share next year, which means the company should continue to be able to cover its $0.21 annual dividend with an expected future payout ratio of 87.5%.
Shares of Switch stock opened at $33.40 on Friday. The company has a debt-to-equity ratio of 2.70, a quick ratio of 0.50 and a current ratio of 0.50. Switch has a 52-week low of $17.72 and a 52-week high of $33.84. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 835.21 and a beta of 0.71. The company’s 50 day moving average price is $29.93 and its 200-day moving average price is $27.50.
SWCH has been the subject of a number of research analyst reports. Zacks Investment Research lowered Switch from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Barclays lowered Switch from an “overweight” rating to an “equal weight” rating in a research note on Friday. Wells Fargo & Company lowered Switch from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $28.00 to $31.00 in a research note on Friday, March 25th. Jefferies Financial Group lowered Switch from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Credit Suisse Group raised their price target on Switch from $28.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, April 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $29.91.
In other news, Director Thomas A. Thomas sold 40,000 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $30.73, for a total transaction of $1,229,200.00. Following the completion of the transaction, the director now directly owns 2,658,397 shares in the company, valued at $81,692,539.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 29.18% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in Switch by 4.9% in the 4th quarter. State Street Corp now owns 1,703,059 shares of the company’s stock worth $48,776,000 after buying an additional 79,682 shares in the last quarter. Morgan Stanley increased its holdings in Switch by 164.0% in the 2nd quarter. Morgan Stanley now owns 1,060,396 shares of the company’s stock worth $22,384,000 after buying an additional 658,801 shares in the last quarter. Millennium Management LLC increased its holdings in Switch by 156.6% in the 4th quarter. Millennium Management LLC now owns 367,348 shares of the company’s stock worth $10,521,000 after buying an additional 224,192 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in Switch by 4.1% in the 4th quarter. Parametric Portfolio Associates LLC now owns 349,772 shares of the company’s stock worth $10,017,000 after buying an additional 13,675 shares in the last quarter. Finally, Norges Bank bought a new stake in Switch in the 4th quarter worth about $8,773,000. Institutional investors own 51.25% of the company’s stock.
Switch Company Profile (Get Rating)
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.
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