Converge Technology Solutions Corp. (TSE:CTS) Declares Dividend Increase – $0.02 Per Share

Converge Technology Solutions Corp. (TSE:CTS) announced a quarterly dividend on Wednesday, May 8th, TickerTech reports. Shareholders of record on Thursday, May 23rd will be paid a dividend of 0.015 per share on Thursday, June 6th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend is Wednesday, May 22nd. This is an increase from Converge Technology Solutions’s previous quarterly dividend of $0.01.

Converge Technology Solutions Trading Down 11.5 %

Shares of CTS stock opened at C$5.07 on Friday. The stock’s fifty day moving average price is C$5.54 and its two-hundred day moving average price is C$4.54. The company has a market cap of C$1.03 billion, a PE ratio of -507.00, a P/E/G ratio of 0.14 and a beta of 1.91. Converge Technology Solutions has a fifty-two week low of C$2.24 and a fifty-two week high of C$6.06. The company has a debt-to-equity ratio of 71.05, a quick ratio of 0.68 and a current ratio of 1.04.

Converge Technology Solutions (TSE:CTS) last issued its earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.11. The firm had revenue of C$628.77 million for the quarter, compared to the consensus estimate of C$661.10 million. Converge Technology Solutions had a negative return on equity of 1.03% and a negative net margin of 0.05%. Equities analysts predict that Converge Technology Solutions will post 0.599777 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. TD Securities raised their price objective on Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a “hold” rating in a report on Thursday, March 7th. Raymond James raised their price objective on Converge Technology Solutions from C$5.50 to C$6.50 and gave the company an “outperform” rating in a report on Thursday, March 7th. Eight Capital raised their target price on Converge Technology Solutions from C$7.00 to C$9.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. CIBC raised their target price on Converge Technology Solutions from C$4.50 to C$5.00 and gave the stock a “neutral” rating in a research report on Thursday, March 7th. Finally, Echelon Wealth Partners raised their target price on Converge Technology Solutions from C$5.80 to C$6.25 and gave the stock a “sector perform” rating in a research report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of C$6.47.

Insider Transactions at Converge Technology Solutions

In other news, Senior Officer Greg Berard bought 8,775 shares of Converge Technology Solutions stock in a transaction dated Wednesday, March 20th. The stock was bought at an average cost of C$5.80 per share, for a total transaction of C$50,895.00. In the last ninety days, insiders acquired 11,590 shares of company stock valued at $66,944. Corporate insiders own 5.83% of the company’s stock.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.