Wed Sep 25 07:19:13 UTC 2024: ## Institutional Investors Eye RCI Hospitality Holdings (RICK) Amidst Recent Dividend Increase
**New York, NY – September 25, 2024** – RCI Hospitality Holdings Inc (NASDAQ: RICK), the US-based hospitality and entertainment company, saw increased interest from institutional investors in the recent quarter. According to 13F filings with the SEC, Victory Capital Management Inc. acquired a new stake in RCI Hospitality during the second quarter, purchasing 1,735 shares valued at approximately $76,000.
Several other institutional investors also adjusted their positions in the company. Vanguard Group Inc. increased its holdings by 1.9% in the first quarter, while Progeny 3 Inc. raised its stake by a significant 69.9% during the same period. Bank of New York Mellon Corp and Aptus Capital Advisors LLC also reported increases in their RCI Hospitality holdings in the second quarter.
The increased institutional interest comes amidst a recent dividend increase by RCI Hospitality. The company announced a quarterly dividend of $0.07, payable on September 30th, representing a bump from the previous $0.06 dividend. This translates to an annualized dividend of $0.28, yielding 0.63%.
Analysts have also been weighing in on RCI Hospitality’s performance. StockNews.com downgraded the company’s stock from a “buy” to a “hold” rating on September 18th. However, HC Wainwright reiterated a “buy” rating with a $98.00 price target on September 17th.
RCI Hospitality, through its subsidiaries, operates upscale adult nightclubs under various brand names like Rick’s Cabaret and Jaguars Club. The company’s stock opened at $44.71 on Wednesday, with a market cap of $416.92 million.
The growing institutional interest and recent dividend increase suggest positive sentiment towards RCI Hospitality Holdings. Investors will be watching to see if the company can continue its growth trajectory and maintain its appeal in the hospitality and entertainment sector.
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