Citi Trends (NASDAQ:CTRN) declared that its board has authorized a share buyback plan, which authorizes the company to buyback $25.00 million in shares on Friday, March 16th, EventVestor reports. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
A number of research firms have weighed in on CTRN. MKM Partners upgraded Citi Trends from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $25.00 to $32.00 in a research note on Tuesday. BidaskClub upgraded Citi Trends from a “sell” rating to a “hold” rating in a research note on Thursday, March 15th.
CTRN stock opened at $29.76 on Wednesday. The firm has a market capitalization of $363.69, a PE ratio of 29.18 and a beta of 0.50. Citi Trends has a 52 week low of $15.54 and a 52 week high of $29.82.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 20th. Shareholders of record on Tuesday, March 6th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 5th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.08%. Citi Trends’s payout ratio is currently 31.37%.
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Citi Trends Company Profile
Citi Trends, Inc is a retailer of urban fashion apparel and accessories. The Company’s segment is retail operations. The Company operates approximately 520 stores in both urban and rural markets in over 30 states. The Company offers products under its brands, such as Citi Steps and Red Ape. The Company’s merchandise includes apparel, accessories and home.
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