On September 19, 2023, it was reported that BTC Capital Management Inc., a financial management firm, had acquired a new stake in Progress Software Co. during the second quarter of the year. This information was disclosed in BTC’s most recent filing with the Securities & Exchange Commission.
According to the disclosure, BTC Capital Management Inc. purchased 7,650 shares of Progress Software Co., a software maker, which were valued at approximately $443,000. This acquisition indicates BTC’s confidence in the future prospects of Progress Software and its potential for growth in the market.
In addition to this development, Progress Software Co. recently announced a quarterly dividend payment. Shareholders who were recorded as owners on Friday, September 1st received a dividend of $0.175 per share on Friday, September 15th. This translates to an annualized dividend payout of $0.70 per share and yields a dividend yield of 1.23%. The ex-dividend date for this payment was on Thursday, August 31st.
The dividend payout ratio for Progress Software Co. currently stands at 38.04%, indicating that they allocate a significant portion of their profits towards rewarding shareholders through dividends.
Overall, these recent developments highlight both BTC Capital Management Inc.’s interest in acquiring shares of Progress Software Co., as well as Progress Software’s commitment to providing returns to its shareholders through regular dividend distributions. The acquisition by BTC Capital Management Inc. reflects their belief in the potential growth and value of Progress Software’s stock in the market.
Darling Ingredients Inc.
DAR
Strong Buy
Updated on: 20/09/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Institutional Investors and Hedge Funds Increase Stakes in Progress Software, Show Confidence in Growth Potential
In recent news, there have been significant developments in the stakes of Progress Software by institutional investors and hedge funds. Vanguard Group Inc. has raised its stake by 1.7% in the third quarter, now owning 4,989,378 shares valued at $212,298,000. Similarly, Boston Trust Walden Corp increased its stake by 2.9% during the first quarter, owning 1,665,324 shares valued at $95,673,000.
State Street Corp also witnessed a rise in their stake by 3.0% during the first quarter with 1,459,750 shares valued at $68,740,000. Moreover, Dimensional Fund Advisors LP saw a modest increase of 1.5% in their stake during the same period and now owns 1,325,811 shares valued at $76,166,000.
Notably, Wellington Management Group LLP recorded a staggering increase of 25.4% in their stake during the first quarter and currently owns an impressive 1,236,034 shares valued at $58,204,
Despite these developments amongst institutional investors and hedge funds indicating confidence in Progress Software’s future growth potential and positive financial performance.
Several research firms have also commented on Progress Software’s prospects. Citigroup raised the target price on shares of Progress Software from $57 to $62 and provided a “neutral” rating for the company on August 8th. StockNews.com initiated coverage on Progress Software with a “buy” rating on August 17th.
Oppenheimer also raised their price objective from $63 to $66 and gave the stock an “outperform” rating on June 30th. Data from Bloomberg reveals that Progress Software currently holds a consensus rating of “Moderate Buy,” with an average price target of $64.25.
Progress Software currently boasts a market cap of $2.47 billion along with a P/E ratio of 30.97 and a price-to-earnings-growth ratio of 8.15, underpinning the company’s solid financial standing. Additionally, the firm has a beta of 0.91, showcasing its stability against market volatility.
Despite these favorable indicators, Progress Software’s stock opened at $56.99 on Tuesday. Its twelve-month low is $40.33 while its twelve-month high stands at $62.34, reflecting fluctuations within the market.
The company’s performance in recent times has been noteworthy as it announced its quarterly earnings results on June 29th. Progress Software reported an impressive earnings per share (EPS) of $1.06 for the quarter, surpassing the consensus estimate of $0.90 by $0.16.
Furthermore, Progress Software recorded a net margin of 12.49% and a return on equity of 40.44%. The firm also witnessed a significant increase in revenue with $179.23 million during the quarter compared to the consensus estimate of $169.78 million.
Progress Software’s strong financial performance indicates its ability to stay competitive within the software industry whilst showing promise for future growth potential.
In conclusion, with recent developments in institutional investors’ stakes and positive research ratings from reputable firms, Progress Software seems poised for continued success in the market moving forward. The company’s solid financials along with favorable earnings results further support this notion, instilling confidence among investors regarding its prospects for future growth and profitability.
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