AMC stock sets record date for 210% dividend, taking yield to 3.30%

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A mid-sized company with a market valuation of Rs. 8,106.44 crores, UTI Asset Management Company Ltd. operates in the financial services sector. The company’s Board of Directors proposed a final dividend of Rs. 21 per share for the financial year 2021-2022 at its meeting on April 26, 2022, subject to shareholder approval at the 19th Annual General Meeting , to be held on Monday, July 25, 2022. As the Company announced a stock dividend of 210.00%, or 21, for the year ended March 2022 and at the current share price of 636.05, this equates to a dividend yield of 3.30%.

Fixing the record date for dividend purposes, the company stated in its exchange filing that “pursuant to Section 91 of the Act and Regulation 42 of the Registration Rules, the Membership Register and books of transfer of shares of the company will be closed from Tuesday, July 19, 2022 to Monday, July 25, 2022 (both days inclusive) as the period of closing the books to determine the right to the balance of the dividend for the financial year 2021-22 , if declared, to the members.The final dividend will be paid, subject to the approval of the members at the 19th general meeting to be held on Monday July 25, 2022, to the shareholders whose names appear as beneficial owners. at the end of business hours on Monday, July 18, 2022 in the list of beneficial owners to be furnished by the depositaries, viz. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) in respect of the activities ons held in electronic form; and whose names appear as members in the register of members of the Society on Monday, July 18, 2022.”

The stock fell 0.91% from its previous price of 645.90 and settled at 640 on the NSE on Friday. The stock has fallen 24.09% over the past year and it is down 40.38% so far in 2022 on a year-to-date basis. The stock has fallen 2.77% over the past month and 2.71% over the past five trading days. UTI Asset Management Company shares on the NSE hit a 52-week high of 1,216.20 on September 8, 2021 and a 52 week low of 595.00 on June 17, 2022 indicating that at the current level of 640, the stock is trading 47.37% below the 52-week high and 7.56% above the 52-week low. UTI AMC is trading below the 5-day, 20-day, 50-day, 100-day and 200-day moving averages according to the last traded price. The company has virtually no debt and the stock is selling for 2.85 times its book value at its current price of 223.69 per share.

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