Foot Locker, Inc. (NYSE:FL) declared a quarterly dividend on Wednesday, February 21st, Wall Street Journal reports. Shareholders of record on Friday, April 20th will be paid a dividend of 0.345 per share by the athletic footwear retailer on Friday, May 4th. This represents a $1.38 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Thursday, April 19th. This is an increase from Foot Locker’s previous quarterly dividend of $0.31.
Foot Locker has raised its dividend by an average of 11.9% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. Foot Locker has a dividend payout ratio of 30.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Foot Locker to earn $4.30 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 28.8%.
Foot Locker (FL) opened at $48.42 on Thursday. Foot Locker has a fifty-two week low of $28.42 and a fifty-two week high of $77.86. The firm has a market capitalization of $5,838.44, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 2.24 and a beta of 0.80. The company has a quick ratio of 2.09, a current ratio of 4.41 and a debt-to-equity ratio of 0.05.
FL has been the subject of a number of recent research reports. Jefferies Group set a $61.00 target price on Foot Locker and gave the stock a “buy” rating in a research note on Friday, November 17th. Deutsche Bank raised Foot Locker from a “hold” rating to a “buy” rating and raised their target price for the stock from $38.00 to $45.00 in a research note on Friday, November 17th. Citigroup raised their target price on Foot Locker from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, November 20th. ValuEngine raised Foot Locker from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Canaccord Genuity raised Foot Locker from a “hold” rating to a “buy” rating and raised their target price for the stock from $42.00 to $64.00 in a research note on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $56.15.
In related news, Director Matthew M. Mckenna sold 10,899 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $45.82, for a total transaction of $499,392.18. Following the completion of the sale, the director now directly owns 35,000 shares of the company’s stock, valued at approximately $1,603,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard A. Johnson sold 25,000 shares of the firm’s stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $50.05, for a total value of $1,251,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 56,899 shares of company stock valued at $2,801,692 over the last three months. Corporate insiders own 2.90% of the company’s stock.
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About Foot Locker
Foot Locker, Inc is a retailer of shoes and apparel. The Company operates through two segments: Athletic Stores and Direct-to-Customers. The Company is an athletic footwear and apparel retailer, which include businesses, such as include Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep and SIX:02.
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