Open Text (TSE:OTC) Lowered to Hold Rating by Royal Bank of Canada

Royal Bank of Canada cut shares of Open Text (TSE:OTC) from a moderate buy rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

Separately, National Bank Financial cut Open Text from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 1st.

Open Text Price Performance

Open Text (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported C$1.24 earnings per share for the quarter, missing the consensus estimate of C$1.28 by C($0.04). The company had revenue of C$1.86 billion during the quarter, compared to analyst estimates of C$1.93 billion.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $0.355 per share. The ex-dividend date of this dividend is Thursday, November 28th. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.42 dividend on an annualized basis and a dividend yield of ∞.