Core Viewpoint - The article discusses a selection of stocks with high dividend yields that are currently viewed unfavorably by Wall Street analysts, suggesting potential investment opportunities in these "hated" stocks. Group 1: Real Estate Investment Trusts (REITs) - National Storage Affiliates Trust (NSA) has a yield of 7.9% and operates 1,069 properties across 37 states and Puerto Rico, benefiting from a recession-resistant business model, although it is currently facing a 20% pullback in performance [3][4] - NSA's recent quarter showed declines in earnings, core FFO, same store net operating income, and occupancy, reflecting broader challenges in the self-storage sector rather than unique issues for NSA [3][4] - Alexander's (ALX) has an 8.5% yield and is highly concentrated, with 60% of its revenues coming from tenant Bloomberg. The company is in discussions for loan restructuring after failing to repay a $300 million loan [5][6] - Despite challenges, ALX has shown double-digit total returns in 2025, outperforming the broader real estate sector, but Wall Street remains skeptical due to dividend concerns [7] Group 2: Talent Solutions and Consulting - Robert Half (RHI) has a yield of 9.0% and operates in contract talent solutions, permanent placement, and consulting services. The company has seen its stock price drop 80% since its peak in 2022, leading to more Sell and Hold ratings than Buys [10][11] - The decline in RHI's stock is attributed to a post-COVID hiring moderation, with significant job losses reported, although the company believes the impact of AI on its business is overstated [12][13] - RHI's earnings are expected to drop by 45% this year, raising concerns about dividend coverage as the payout is projected to exceed earnings through at least the end of 2026 [14] Group 3: Crafting and Creativity Platform - Cricut (CRCT) boasts a high yield of 20.6% and operates as a creativity platform, offering machines and software for crafting. The company initiated a new semiannual dividend program despite declining profits [16][17] - The stock has seen a significant decline, leading to a yield increase above 20%, with analysts recommending selling the stock [19] - Despite a loyal user base and expected profit growth of over 20% in 2025, Cricut faces challenges with flat or declining revenues projected in the coming years, particularly if economic conditions affect holiday shopping [20][21]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1.354 billion, down 8% year-over-year on both reported and adjusted bases [3][4] - Net income per share decreased to $0.43 from $0.64 in the same quarter last year [4] - Cash flow from operations was $77 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] Business Line Data and Key Metrics Changes - Talent Solutions revenues were $649 million in the U.S., down 11% year-over-year, while non-U.S. revenues were $207 million, down 12% [6] - Protiviti's global revenues were $498 million, with U.S. revenues at $398 million (down 6%) and non-U.S. revenues at $100 million (up 8%) [7] - Contract Talent Solutions bill rates increased by 3.7% compared to the previous year [7] Market Data and Key Metrics Changes - The third quarter had 64.2 billing days compared to 64.1 in the same quarter last year, while the fourth quarter is expected to have 61.4 billing days [6] - Currency exchange rate movements positively impacted reported revenues by $9 million year-over-year [6] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in staffing and consulting services, leveraging its brand, technology, and talent [5][16] - Protiviti's growth rates are expected to improve, with a focus on returning to double-digit operating margins in the future [44] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [16] - The company remains committed to its dividend policy, with free cash flow covering the dividend despite recent downturns in the staffing industry [25][27] Other Important Information - The company has $360 million in cash on the balance sheet, providing a cushion for dividend commitments [25] - The tax rate for Q3 was 33%, up from 31% the previous year, due to non-deductible expenses [10] Q&A Session Summary Question: Update on Protiviti's pipeline and pricing - Management confirmed that the pipeline is growing, but projects are shifting from large to smaller, less efficient ones, impacting margins [22][23] Question: Sustainability of the dividend - The company remains committed to the dividend, with free cash flow covering it and a strong cash position [25][27] Question: Fourth quarter revenue guidance - The guidance is described as conservative, with expectations for slight sequential growth [30] Question: Trends in permanent versus contract placements - Permanent placements are currently performing better than contract placements, which is counterintuitive given historical trends [36] Question: Protiviti's gross margin compression - Gross margin compression is attributed to inflation, project mix, and competitive pressures in the consulting market [41][42] Question: Long-term operating margin opportunities - The company is focused on improving margins through skill enhancement and technology investments [48][49] Question: Impact of government shutdown on revenue - The federal government contributes less than 0.5% to total revenue, with no significant impact expected from the shutdown [51] Question: AI's impact on the labor market - Management believes AI has not significantly impacted the staffing industry, with trends indicating stability in experienced roles [56][66]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1.354 billion, down 8% year-over-year on both reported and adjusted bases [3][4] - Net income per share decreased to $0.43 from $0.64 in the same quarter last year [4] - Cash flow from operations was $77 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] Business Line Data and Key Metrics Changes - Talent Solutions revenues were $649 million in the U.S., down 11% year-over-year, while non-U.S. revenues were $207 million, down 12% [6] - Protiviti's global revenues were $498 million, with U.S. revenues at $398 million (down 6%) and non-U.S. revenues at $100 million (up 8%) [7] - Contract Talent Solutions bill rates increased by 3.7% compared to the previous year [7] Market Data and Key Metrics Changes - The third quarter had 64.2 billing days compared to 64.1 in the same quarter last year, while the fourth quarter is expected to have 61.4 billing days [6] - Currency exchange rate movements positively impacted reported revenues by $9 million [6] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in staffing and consulting services, leveraging its brand, technology, and talent [5][15] - Protiviti's pipeline is growing, and the company expects improvements in growth rates in Q4 [17][42] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [15][16] - The company remains committed to its dividend policy, with free cash flow covering the dividend despite recent downturns in the staffing industry [25][26] Other Important Information - The adjusted operating income for Q3 was $61 million, or 4.5% of revenue, with a tax rate of 33% [10][12] - The company has $360 million in cash on the balance sheet, providing a cushion for future operations [25] Q&A Session Summary Question: Regarding Protiviti's pipeline and project materialization - Management confirmed that the pipeline is growing and projects are materializing as expected, though they are replacing larger projects with smaller ones, impacting efficiency [21][22] Question: Sustainability of the dividend - Management emphasized the importance of the dividend and confirmed that free cash flow currently covers it, with a commitment to return cash to shareholders [25][26] Question: Fourth quarter revenue guidance - Management described the fourth quarter guidance as conservative, with expectations for slight sequential growth [29] Question: Trends in permanent placement versus contract - Management noted that permanent placements are currently performing better than contract placements, which is counterintuitive but reflects current market dynamics [36] Question: Protiviti's gross margin compression - Management attributed gross margin compression to inflation, competitive pressures, and a shift to smaller, lower-margin projects [42][43] Question: Long-term operating margin opportunities - Management highlighted the importance of moving up the skill curve and leveraging technology to improve margins over the next cycle [48][49] Question: Impact of government shutdown on revenue - Management indicated that the federal government contributes less than half of 1% to revenue, and no significant impact from the shutdown is expected [51] Question: AI's impact on the labor market - Management expressed confidence that AI has not significantly impacted the staffing industry, attributing recent downturns to client caution and reduced contractor usage [56][65]