Shenandoah Telecommunications (NASDAQ:SHEN) Trading Up 4.1% Following Dividend Announcement

Shenandoah Telecommunications (NASDAQ:SHEN)’s stock price rose 4.1% during trading on Wednesday after the company announced a dividend. The company traded as high as $14.69 and last traded at $14.69. Approximately 75,442 shares traded hands during trading, a decline of 61% from the average daily volume of 191,091 shares. The stock had previously closed at $14.11.

The newly announced dividend which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be given a dividend of $0.10 per share. This represents a yield of 0.66%. The ex-dividend date is Tuesday, November 5th. This is an increase from Shenandoah Telecommunications’s previous annual dividend of $0.09. Shenandoah Telecommunications’s dividend payout ratio is 2.22%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHEN. StockNews.com upgraded shares of Shenandoah Telecommunications to a “sell” rating in a report on Tuesday, July 30th. BWS Financial restated a “buy” rating and set a $26.00 price objective on shares of Shenandoah Telecommunications in a research note on Thursday, August 8th.

Shenandoah Telecommunications Stock Down 0.6 %

The firm has a market capitalization of $816.91 million, a PE ratio of 3.72 and a beta of 0.67. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $14.48 and its two-hundred day moving average price is $15.97.

Shenandoah Telecommunications (NASDAQ:SHEN) last released its quarterly earnings results on Wednesday, August 7th. The utilities provider reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.10). Shenandoah Telecommunications had a negative return on equity of 0.48% and a net margin of 68.81%. The business had revenue of $85.80 million during the quarter, compared to analyst estimates of $86.12 million. As a group, research analysts forecast that Shenandoah Telecommunications will post -0.26 EPS for the current fiscal year.

Insider Activity

In related news, CEO Christopher E. French bought 6,500 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $14.94 per share, with a total value of $97,110.00. Following the transaction, the chief executive officer now owns 346,394 shares of the company’s stock, valued at approximately $5,175,126.36. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Christopher E. French bought 6,500 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $14.94 per share, for a total transaction of $97,110.00. Following the transaction, the chief executive officer now owns 346,394 shares in the company, valued at $5,175,126.36. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Edward H. Mckay purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average cost of $14.15 per share, for a total transaction of $28,300.00. Following the completion of the transaction, the chief operating officer now owns 68,951 shares in the company, valued at approximately $975,656.65. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 14,700 shares of company stock worth $212,745. 4.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. BNP Paribas Financial Markets raised its stake in Shenandoah Telecommunications by 74.9% during the first quarter. BNP Paribas Financial Markets now owns 24,195 shares of the utilities provider’s stock worth $420,000 after acquiring an additional 10,358 shares during the period. DAVENPORT & Co LLC raised its position in shares of Shenandoah Telecommunications by 8.3% during the 1st quarter. DAVENPORT & Co LLC now owns 932,832 shares of the utilities provider’s stock worth $16,203,000 after purchasing an additional 71,451 shares during the period. SG Americas Securities LLC bought a new stake in shares of Shenandoah Telecommunications in the 1st quarter worth approximately $109,000. Susquehanna Fundamental Investments LLC acquired a new position in Shenandoah Telecommunications during the 1st quarter valued at approximately $211,000. Finally, Inspire Investing LLC grew its stake in Shenandoah Telecommunications by 14.9% during the 1st quarter. Inspire Investing LLC now owns 20,443 shares of the utilities provider’s stock worth $355,000 after buying an additional 2,652 shares during the last quarter. 61.96% of the stock is currently owned by institutional investors.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. It operates in two segments, Broadband and Tower. The company Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky through hybrid fiber coaxial cable under the Shentel brand; and fiber optic services under the Glo Fiber brand name.