Bank of Nova Scotia Raises Stock Position in Rogers Communication, Inc. $RCI

Key Points

• Bank of Nova Scotia increased its stake in Rogers by 2.3% to 8,465,953 shares, representing about $291.5 million and roughly 1.57% of the company (its 27th largest holding).
• Rogers beat quarterly EPS estimates ($1.08 vs. $0.98) but missed revenue expectations ($4.49B vs. $5.94B), and announced a quarterly dividend of $0.50 (annualized $2.00, ~5.2% yield).
• Analysts are mixed: the consensus rating is "Hold" with an average price target of $36.00 (five Buys, four Holds, one Sell).

Bank of Nova Scotia grew its stake in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 2.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,465,953 shares of the Wireless communications provider's stock after acquiring an additional 186,510 shares during the period. Rogers Communication comprises approximately 0.5% of Bank of Nova Scotia's investment portfolio, making the stock its 27th biggest holding. Bank of Nova Scotia owned approximately 1.57% of Rogers Communication worth $291,526,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Boothbay Fund Management LLC increased its holdings in Rogers Communication by 14.2% during the 3rd quarter. Boothbay Fund Management LLC now owns 430,046 shares of the Wireless communications provider's stock worth $14,802,000 after purchasing an additional 53,591 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Rogers Communication by 47.0% in the 3rd quarter. Alliancebernstein L.P. now owns 34,969 shares of the Wireless communications provider's stock worth $1,205,000 after buying an additional 11,180 shares during the period. Creative Planning grew its position in shares of Rogers Communication by 37.4% during the 3rd quarter. Creative Planning now owns 109,003 shares of the Wireless communications provider's stock worth $3,757,000 after buying an additional 29,660 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Rogers Communication during the 3rd quarter worth $481,000. Finally, Credit Agricole S A purchased a new position in shares of Rogers Communication during the third quarter valued at $887,000. Institutional investors own 45.49% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Desjardins downgraded Rogers Communication from a "buy" rating to a "hold" rating in a report on Wednesday, December 10th. TD Cowen reiterated a "buy" rating on shares of Rogers Communication in a report on Friday, January 30th. Morgan Stanley reissued an "underweight" rating on shares of Rogers Communication in a research report on Wednesday, December 10th. Barclays restated a "positive" rating and issued a $37.00 price target on shares of Rogers Communication in a report on Tuesday, January 27th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rogers Communication in a research report on Friday, December 26th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $36.00.

Rogers Communication Price Performance

Shares of RCI stock opened at $38.72 on Friday. Rogers Communication, Inc. has a 1-year low of $23.18 and a 1-year high of $41.14. The stock's 50-day moving average is $37.90 and its 200 day moving average is $37.30. The company has a market cap of $20.92 billion, a P/E ratio of 4.19, a PEG ratio of 5.12 and a beta of 0.74. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.61 and a quick ratio of 0.57.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its earnings results on Thursday, January 29th. The Wireless communications provider reported $1.08 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.10. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $5.94 billion. Rogers Communication had a net margin of 32.29% and a return on equity of 14.22%. The firm's revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 earnings per share. Research analysts predict that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Tuesday, March 10th will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.2%. Rogers Communication's payout ratio is presently 15.89%.

About Rogers Communication

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.