Canterbury Park Holding Corporation announced a quarterly dividend of $0.07 per share, payable January 14, 2025.
Quiver AI Summary
Canterbury Park Holding Corporation has announced a quarterly cash dividend of $0.07 per share, payable on January 14, 2025, to stockholders of record as of December 31, 2024, translating to an annual dividend of $0.28 per share. The company, which operates the Canterbury Park Racetrack and Casino in Shakopee, Minnesota, is the only thoroughbred and quarter horse racing facility in the state, offering live racing from May to September and hosting a casino with card games year-round. Additionally, Canterbury Park is exploring development opportunities for about 140 acres of underutilized land around the racetrack to enhance shareholder value. The company has cautioned that its forward-looking statements regarding future performance are subject to risks and uncertainties.
Potential Positives
- The Company has announced a quarterly cash dividend of $0.07 per share, reflecting a commitment to returning value to shareholders.
- This quarterly rate projects an annual dividend of $0.28 per common share, signaling financial stability and shareholder confidence.
- The Company's ongoing development strategy for approximately 140 acres of underutilized land demonstrates proactive efforts to enhance shareholder value.
- Canterbury Park's diverse offerings, including live racing, a casino, and year-round wagering, indicate multiple revenue streams that support the Company's growth potential.
Potential Negatives
- The announced quarterly cash dividend of $0.07 per share may signal financial constraints or lower profitability, as it is a modest payout compared to potential expectations from investors.
- The Company's ongoing development strategy for underutilized land may indicate that current operations are not fully optimized, necessitating external expansion efforts to enhance shareholder value.
- The cautionary statement regarding forward-looking statements highlights uncertainties that could lead to significant deviations from projected financial performance, which could concern investors.
FAQ
What is the amount of the quarterly dividend declared by Canterbury Park?
The Board of Directors approved a quarterly cash dividend of $0.07 per share.
When will the dividend be paid to stockholders?
The dividend will be paid on January 14, 2025, to stockholders of record on December 31, 2024.
What is the annual dividend amount for Canterbury Park?
The annual dividend is equivalent to $0.28 per common share at the current quarterly rate.
What does Canterbury Park Holding Corporation operate?
Canterbury operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, offering live racing and casino games.
What are the future plans for the underutilized land surrounding Canterbury Park?
The Company is pursuing mixed-use development opportunities for approximately 140 acres of underutilized land.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CPHC Hedge Fund Activity
We have seen 10 institutional investors add shares of $CPHC stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C. added 16,270 shares (+2.0%) to their portfolio in Q3 2024
- KRILOGY FINANCIAL LLC removed 10,000 shares (-100.0%) from their portfolio in Q3 2024
- ACCREDITED INVESTORS INC. removed 9,179 shares (-100.0%) from their portfolio in Q3 2024
- GATE CITY CAPITAL MANAGEMENT, LLC added 7,856 shares (+2.8%) to their portfolio in Q3 2024
- GAMCO INVESTORS, INC. ET AL removed 1,200 shares (-0.3%) from their portfolio in Q3 2024
- QUBE RESEARCH & TECHNOLOGIES LTD removed 633 shares (-100.0%) from their portfolio in Q2 2024
- OSAIC HOLDINGS, INC. added 600 shares (+46.2%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SHAKOPEE, Minn., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on January 14, 2025 to stockholders of record on December 31, 2024. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as "believes," "expects," "anticipates," "intends" or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made.
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