First Citizens Bank & Trust Co. Purchases 15,360 Shares of Telephone and Data Systems, Inc. $TDS

Key Points

• First Citizens Bank & Trust Co. significantly increased its shares in Telephone and Data Systems by 198.0%, acquiring an additional 15,360 shares, bringing its total to 23,116 shares valued at $822,000.
• Insider trading activity showed a 98.31% decrease in the CFO's shareholding after selling 26,334 shares, while another executive sold 68,759 shares, indicating notable insider movement within the company.
• Analysts have mixed reviews on the stock, with target prices ranging from $50.00 to $54.00, and a consensus rating of "Hold" following recent updates from several financial institutions.

First Citizens Bank & Trust Co. raised its position in shares of Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) by 198.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,116 shares of the Wireless communications provider's stock after buying an additional 15,360 shares during the period. First Citizens Bank & Trust Co.'s holdings in Telephone and Data Systems were worth $822,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Xponance Inc. raised its stake in shares of Telephone and Data Systems by 4.5% in the first quarter. Xponance Inc. now owns 7,485 shares of the Wireless communications provider's stock worth $290,000 after acquiring an additional 324 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Telephone and Data Systems by 8.0% in the first quarter. Sequoia Financial Advisors LLC now owns 6,544 shares of the Wireless communications provider's stock valued at $254,000 after purchasing an additional 485 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Telephone and Data Systems by 8.7% in the first quarter. GAMMA Investing LLC now owns 6,243 shares of the Wireless communications provider's stock valued at $242,000 after purchasing an additional 501 shares in the last quarter. OneDigital Investment Advisors LLC raised its position in Telephone and Data Systems by 5.8% in the 1st quarter. OneDigital Investment Advisors LLC now owns 9,648 shares of the Wireless communications provider's stock worth $374,000 after purchasing an additional 531 shares during the last quarter. Finally, Maryland State Retirement & Pension System lifted its holdings in Telephone and Data Systems by 1.9% during the 2nd quarter. Maryland State Retirement & Pension System now owns 28,986 shares of the Wireless communications provider's stock worth $1,031,000 after buying an additional 540 shares in the last quarter. 80.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Vicki L. Villacrez sold 26,334 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $39.02, for a total transaction of $1,027,552.68. Following the sale, the chief financial officer owned 454 shares of the company's stock, valued at approximately $17,715.08. This trade represents a 98.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Joseph R. Hanley sold 68,759 shares of Telephone and Data Systems stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $38.16, for a total value of $2,623,843.44. Following the transaction, the senior vice president owned 60,473 shares in the company, valued at approximately $2,307,649.68. This represents a 53.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 276,650 shares of company stock valued at $10,690,789. 14.97% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on TDS shares. Raymond James Financial lifted their target price on Telephone and Data Systems from $49.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded Telephone and Data Systems from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. Zacks Research raised Telephone and Data Systems from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Weiss Ratings downgraded shares of Telephone and Data Systems from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Telephone and Data Systems from $53.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Telephone and Data Systems currently has a consensus rating of "Hold" and an average price target of $52.00.

Telephone and Data Systems Trading Up 1.2%

NYSE TDS opened at $38.95 on Friday. Telephone and Data Systems, Inc. has a 12 month low of $26.95 and a 12 month high of $42.74. The stock has a 50-day simple moving average of $38.86 and a 200 day simple moving average of $37.02. The company has a current ratio of 1.78, a quick ratio of 1.65 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $4.48 billion, a PE ratio of -40.15 and a beta of 0.39.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last posted its earnings results on Monday, August 11th. The Wireless communications provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.17 billion. Telephone and Data Systems had a positive return on equity of 0.92% and a negative net margin of 0.85%.Telephone and Data Systems's quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. Research analysts forecast that Telephone and Data Systems, Inc. will post -0.31 EPS for the current year.

Telephone and Data Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, September 15th. Telephone and Data Systems's dividend payout ratio is presently -16.49%.

About Telephone and Data Systems

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.

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