Federated Hermes Inc. Purchases 305,506 Shares of TELUS Corporation (NYSE:TU)

Federated Hermes Inc. lifted its stake in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 14.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,380,146 shares of the Wireless communications provider's stock after purchasing an additional 305,506 shares during the quarter. Federated Hermes Inc. owned about 0.16% of TELUS worth $34,131,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. D.A. Davidson & CO. bought a new position in shares of TELUS during the 1st quarter worth about $206,000. Ameriprise Financial Inc. boosted its position in shares of TELUS by 25.6% during the 4th quarter. Ameriprise Financial Inc. now owns 528,246 shares of the Wireless communications provider's stock worth $7,249,000 after purchasing an additional 107,806 shares in the last quarter. American Century Companies Inc. boosted its position in shares of TELUS by 4.6% during the 4th quarter. American Century Companies Inc. now owns 119,665 shares of the Wireless communications provider's stock worth $1,623,000 after purchasing an additional 5,286 shares in the last quarter. Northern Trust Corp boosted its position in shares of TELUS by 41.9% during the 4th quarter. Northern Trust Corp now owns 779,525 shares of the Wireless communications provider's stock worth $10,570,000 after purchasing an additional 230,234 shares in the last quarter. Finally, LPL Financial LLC boosted its position in shares of TELUS by 2.7% during the 4th quarter. LPL Financial LLC now owns 279,527 shares of the Wireless communications provider's stock worth $3,790,000 after purchasing an additional 7,447 shares in the last quarter. Institutional investors own 49.40% of the company's stock.

Wall Street Analysts Forecast Growth

TU has been the topic of a number of research analyst reports. National Bankshares reissued a "sector perform" rating on shares of TELUS in a research report on Monday, May 12th. Canaccord Genuity Group increased their price objective on shares of TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a research report on Monday, May 12th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of TELUS in a research report on Tuesday, July 15th. Eight equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $21.50.

TELUS Stock Down 3.1%

NYSE TU traded down $0.50 during trading hours on Friday, hitting $15.60. The company's stock had a trading volume of 5,098,545 shares, compared to its average volume of 2,982,687. TELUS Corporation has a 52 week low of $13.24 and a 52 week high of $17.26. The company has a market capitalization of $23.79 billion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 4.88 and a beta of 0.73. The company has a current ratio of 0.64, a quick ratio of 0.59 and a debt-to-equity ratio of 1.49. The company's 50-day simple moving average is $16.25 and its two-hundred day simple moving average is $15.35.

TELUS Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Tuesday, June 10th were given a $0.2989 dividend. This represents a $1.20 annualized dividend and a yield of 7.7%. The ex-dividend date of this dividend was Tuesday, June 10th. This is a positive change from TELUS's previous quarterly dividend of $0.28. TELUS's payout ratio is 212.28%.

TELUS Profile

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.