Bank of America Corp DE Trims Holdings in Rogers Communication, Inc. $RCI

Key Points

• Bank of America reduced its Rogers Communications stake by 26.1% in the first quarter, selling 635,941 shares and retaining 1.80 million shares valued at approximately $69.3 million. Institutional investors collectively own 45.49% of the company.
• Rogers reported quarterly EPS of $0.83, beating estimates of $0.80, while revenue rose 7.6% year over year to $3.95 billion. Analysts expect full-year EPS of $3.27.
• The company declared a quarterly dividend of $0.50, equivalent to an annualized $2.00 payout and a 5.8% yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $36.

Bank of America Corp DE lowered its stake in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 26.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,801,794 shares of the Wireless communications provider's stock after selling 635,941 shares during the quarter. Bank of America Corp DE owned approximately 0.33% of Rogers Communication worth $69,279,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manchester Capital Management LLC bought a new stake in Rogers Communication in the fourth quarter valued at about $26,000. Farther Finance Advisors LLC lifted its stake in Rogers Communication by 107.4% during the fourth quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider's stock worth $30,000 after purchasing an additional 407 shares during the last quarter. Headlands Technologies LLC boosted its holdings in Rogers Communication by 143.2% in the second quarter. Headlands Technologies LLC now owns 1,661 shares of the Wireless communications provider's stock worth $49,000 after purchasing an additional 978 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Rogers Communication by 52.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,981 shares of the Wireless communications provider's stock worth $59,000 after purchasing an additional 683 shares during the period. Finally, Advisory Services Network LLC bought a new stake in Rogers Communication during the third quarter valued at $63,000. Institutional investors own 45.49% of the company's stock.

Rogers Communication Trading Up 0.6%

Shares of NYSE:RCI opened at $34.66 on Tuesday. The company has a quick ratio of 0.51, a current ratio of 0.55 and a debt-to-equity ratio of 1.54. The company's 50-day moving average price is $34.96 and its 200 day moving average price is $36.40. The company has a market cap of $18.72 billion, a PE ratio of 4.19, a P/E/G ratio of 4.30 and a beta of 0.64. Rogers Communication, Inc. has a fifty-two week low of $31.38 and a fifty-two week high of $41.14.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its earnings results on Wednesday, July 22nd. The Wireless communications provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.80 by $0.03. The firm had revenue of $3.95 billion during the quarter, compared to analysts' expectations of $3.91 billion. Rogers Communication had a net margin of 27.54% and a return on equity of 11.56%. Rogers Communication's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.14 EPS. Sell-side analysts anticipate that Rogers Communication, Inc. will post 3.27 earnings per share for the current year.

Rogers Communication Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 8th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 5.8%. The ex-dividend date is Tuesday, September 8th. Rogers Communication's dividend payout ratio (DPR) is currently 17.51%.

Analyst Upgrades and Downgrades

RCI has been the topic of a number of research reports. Wall Street Zen cut shares of Rogers Communication from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Scotiabank reaffirmed an "outperform" rating on shares of Rogers Communication in a report on Tuesday, July 7th. Raymond James Financial initiated coverage on shares of Rogers Communication in a research report on Wednesday, July 15th. They set an "outperform" rating for the company. Weiss Ratings lowered shares of Rogers Communication from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 23rd. Finally, Barclays cut their target price on shares of Rogers Communication from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $36.00.

Rogers Communication Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.

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