Ferrari (NYSE:RACE) Declares Annual Dividend of $3.13

Ferrari (NYSE:RACE) announced an annual dividend on Monday, February 24th, Wall Street Journal reports. Investors of record on Wednesday, April 23rd will be given a dividend of 3.1265 per share on Tuesday, May 6th. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44.

Ferrari has raised its dividend by an average of 41.2% per year over the last three years. Ferrari has a dividend payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Ferrari to earn $10.40 per share next year, which means the company should continue to be able to cover its $3.14 annual dividend with an expected future payout ratio of 30.2%.

Ferrari Stock Down 0.9 %

NYSE RACE opened at $498.80 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm has a 50-day simple moving average of $445.82 and a 200 day simple moving average of $455.76. Ferrari has a twelve month low of $399.27 and a twelve month high of $508.20. The stock has a market cap of $121.58 billion, a PE ratio of 54.51, a PEG ratio of 4.43 and a beta of 0.95.

Analysts Set New Price Targets

RACE has been the subject of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group raised their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.