Why Vector Group Stock Rallied Nearly 18% at the Open Today
Shares of Vector Group (NYSE: VGR), which makes tobacco products and invests in real estate, rose dramatically at the open of trading on March 31. The stock gained just shy of 18% in the first few minutes of trading and roughly 45 minutes into the day was still higher by around 16%. The big news was an analyst upgrade.
The last news out of Vector Group was the announcement of a $0.20-per-share quarterly dividend on March 9. That was in line with the previous dividend, so nothing really notable there. Prior to that was the company's fourth-quarter 2021 earnings release on March 1, which included top-line growth of 9% year over year, with particular strength in the tobacco segment. On the bottom line the company posted adjusted earnings per share of $0.26 in the quarter, up from $0.14 in the fourth quarter of 2020. Basically, the company ended 2021 on a solid note.
Image source: Getty Images.
Source Fool.com
