Robert Half (NYSE:RHI) Stock Jumps 7.4% After Strong Earnings

Shares of Robert Half Inc. (NYSE:RHI) shot up 7.4% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $37.09 and last traded at $37.21. Approximately 819,171 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 2,584,437 shares. The stock had previously closed at $34.64.

The business services provider reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.02. Robert Half had a return on equity of 9.18% and a net margin of 2.17%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the business posted $0.43 earnings per share.

Robert Half Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, August 25th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 6.3%. Robert Half’s dividend payout ratio is 205.22%.

Wall Street Analyst Weigh In

Several brokerages recently commented on RHI. Robert W. Baird set a $47.00 price objective on shares of Robert Half in a research note on Monday, July 27th. Zacks Research raised shares of Robert Half from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 14th. Weiss Ratings cut shares of Robert Half from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 9th. Truist Financial lifted their price target on shares of Robert Half from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, BMO Capital Markets raised Robert Half from a “market perform” rating to an “outperform” rating and set a $47.00 price target on the stock in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Robert Half presently has an average rating of “Hold” and an average target price of $34.75.

Institutional Investors Weigh In On Robert Half

Several institutional investors and hedge funds have recently made changes to their positions in RHI. Elevation Wealth Partners LLC grew its stake in Robert Half by 605.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,136 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 975 shares during the last quarter. Reyes Financial Architecture Inc. purchased a new position in Robert Half during the 3rd quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. acquired a new position in Robert Half during the second quarter worth about $39,000. Quantbot Technologies LP acquired a new position in Robert Half during the second quarter worth about $39,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of Robert Half in the second quarter valued at about $44,000. 92.41% of the stock is currently owned by hedge funds and other institutional investors.

Robert Half Stock Up 9.0%

The firm’s fifty day simple moving average is $38.87 and its 200-day simple moving average is $34.08. The company has a market cap of $3.86 billion, a PE ratio of 32.83 and a beta of 0.84.

About Robert Half

Robert Half Inc (NYSE: RHI) is a global talent solutions and business consulting company. Through its Robert Half brand, the company provides temporary, project-based and permanent staffing services, connecting employers with professionals in accounting and finance, administrative and customer support, technology, legal, and marketing and creative fields.

Robert Half also operates Protiviti, a global consulting firm that helps organizations address internal audit, risk and compliance, technology, business performance, and digital transformation challenges.