TAMPA, Fla. - Kforce Inc. (NASDAQ:KFRC), a professional staffing services and solutions firm, has announced its decision to transfer its stock listing from the Nasdaq Stock Market LLC to the New York Stock Exchange (NYSE). The company's common stock is expected to commence trading on the NYSE on May 20, 2024, retaining its ticker symbol KFRC.
The transition away from Nasdaq will conclude with the close of the market on May 17, 2024. In celebration of this milestone, Kforce plans to ring the NYSE's opening bell on September 16, 2024.
Joseph Liberatore, President and CEO of Kforce, expressed enthusiasm about the move, citing the NYSE's robust market infrastructure and global visibility as key factors that align with Kforce's strategic goals. He anticipates that the change will bolster the company's market position and foster long-term stockholder value.
John Tuttle, Vice Chair of NYSE Group, welcomed Kforce, highlighting the company's role as a leader in staffing and technology solutions and its fit within the NYSE's network of innovative and entrepreneurial companies.
Kforce, with 60 years of experience, specializes in providing technology, finance, and accounting staffing services. The firm's expertise is leveraged by numerous Fortune 500 companies, and it deploys over 20,000 professionals annually.
This news is based on a press release statement.
InvestingPro Insights
As Kforce Inc. (NASDAQ:KFRC) prepares for its transition to the New York Stock Exchange, real-time data and insights from InvestingPro provide a comprehensive look into the company's financial health and market performance. With a market capitalization of $1.2 billion and a P/E ratio that stands at 22.12, Kforce showcases a robust presence in the professional staffing sector. Adjusted metrics indicate a P/E ratio of 21.43 for the last twelve months as of Q1 2024, alongside a price/book ratio of 7.28, which may suggest a premium valuation relative to the company's book value.
InvestingPro Tips reveal strategic financial management moves by Kforce, such as aggressive share buybacks and a consistent history of dividend payments, having increased dividends for six consecutive years and maintained them for 13 years. These actions not only reflect the company's commitment to returning value to shareholders but also demonstrate confidence in its financial stability. Moreover, Kforce's cash flows can sufficiently cover interest payments, and its liquid assets exceed short-term obligations, indicating a healthy liquidity position. The company operates with a moderate level of debt, which is a reassuring sign for investors concerned about financial leverage.
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