Shares of Sprott Inc. (NYSE:SII) reached a new 52-week high during mid-day trading on Thursday, climbing as high as $94.83 before closing at $92.22. The trading volume for the day was reported at 160,846 shares, compared to a previous closing price of $93.06. This upward movement follows a series of positive developments for the asset management firm.
Analyst Ratings and Market Response
Several brokerages have recently provided insights into Sprott’s stock performance. On October 8, 2023, Weiss Ratings reaffirmed a “buy” rating for Sprott shares. Conversely, on July 22, 2023, TD Securities downgraded the stock from a “buy” to a “hold” rating. Currently, three research analysts have assigned a Buy rating, while one has issued a Hold rating. According to data from MarketBeat, Sprott holds a consensus rating of “Moderate Buy,” reflecting a generally positive outlook from analysts.
Quarterly Performance and Dividend Increase
Sprott’s recent quarterly earnings report, released on November 5, 2023, revealed that the company achieved earnings per share (EPS) of $0.51, exceeding analysts’ expectations of $0.45 by $0.06. The firm reported a return on equity of 15.01% and a net margin of 23.26%. Despite these positive earnings, the revenue of $49.18 million fell slightly short of the anticipated $49.71 million.
In a notable move, Sprott announced an increase in its quarterly dividend, which is scheduled for payment on December 2, 2023. Shareholders on record as of November 17, 2023, will receive a dividend of $0.40 per share, reflecting a rise from the previous quarterly dividend of $0.30. This adjustment results in an annualized dividend of $1.60 and a dividend yield of 1.8%, with the dividend payout ratio currently at 61.54%.
Institutional Investor Activity
Recent institutional trading activity indicates a growing interest in Sprott shares. Notable transactions include new positions acquired by various investors, such as Allworth Financial LP, which invested approximately $28,000, and Tacita Capital Inc., which valued its stake at around $35,000. Other institutions, like Ameritas Advisory Services LLC and Pacifica Partners Inc., have also made significant investments in Sprott, reflecting a broader trend of institutional interest in the company.
Currently, approximately 28.30% of Sprott’s stock is held by institutional investors and hedge funds, further solidifying the company’s financial backing.
Sprott Inc. operates as a publicly owned asset management holding company. Through its subsidiaries, the firm provides a range of services, including asset management, portfolio management, wealth management, fund management, as well as administrative and consulting services. It offers various financial products, including mutual funds, hedge funds, and offshore funds.
As Sprott continues to navigate the evolving market landscape, its recent performance and strategic decisions suggest a commitment to growth and shareholder value.
