BofA analyst Joshua Shanker lowered the firm’s price target on Goosehead Insurance (GSHD) to $39 from $44 and keeps an Underperform rating on the shares. The firm notes that Goosehead announced on Friday that it would be paying a special dividend to shareholders of record as of January 21 and payable on January 31. As with the Q3 2021 special dividend, this cash disgorgement to shareholders will be funded with debt. Given high short interest in the stock, BofA points out that investors with a short share position will need to have cash to fund the special dividend.
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Read More on GSHD:
- Goosehead Insurance announces $300M term loan B
- Goosehead Insurance declares one-time special dividend of $5.91 per share
- Goosehead Insurance price target raised to $90 from $77 at JPMorgan
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