Scotia Capital Inc. Acquires 370,490 Shares of Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Scotia Capital Inc. increased its stake in Rogers Communication by 10.0%, now owning over 4 million shares valued at approximately $108.5 million.
• Rogers Communication reported $0.82 earnings per share for the last quarter, surpassing the consensus estimate, with revenue reaching $3.82 billion.
• The company announced a quarterly dividend increase to $0.3672 per share, representing a 4.4% dividend yield for stockholders on record.

Scotia Capital Inc. boosted its position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 10.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,068,135 shares of the Wireless communications provider's stock after purchasing an additional 370,490 shares during the period. Scotia Capital Inc. owned 0.76% of Rogers Communication worth $108,542,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. SBI Securities Co. Ltd. lifted its position in Rogers Communication by 885.4% in the first quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after purchasing an additional 850 shares during the period. Versant Capital Management Inc acquired a new position in Rogers Communication during the first quarter worth $79,000. CWM LLC grew its position in Rogers Communication by 57.4% during the 1st quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock worth $100,000 after acquiring an additional 1,363 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in Rogers Communication by 263.1% in the first quarter. TD Private Client Wealth LLC now owns 5,131 shares of the Wireless communications provider's stock worth $137,000 after purchasing an additional 3,718 shares in the last quarter. Finally, Headlands Technologies LLC grew its holdings in Rogers Communication by 274.2% during the 4th quarter. Headlands Technologies LLC now owns 5,306 shares of the Wireless communications provider's stock worth $163,000 after acquiring an additional 3,888 shares during the last quarter. Institutional investors own 45.49% of the company's stock.

Rogers Communication Stock Performance

Shares of NYSE RCI traded up $0.37 during mid-day trading on Thursday, reaching $33.40. 295,097 shares of the company's stock were exchanged, compared to its average volume of 1,258,880. The firm has a market capitalization of $17.97 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.82 and a beta of 0.77. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64. Rogers Communication, Inc. has a 52 week low of $23.18 and a 52 week high of $41.84. The firm has a 50-day moving average price of $30.63 and a two-hundred day moving average price of $28.09.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its quarterly earnings data on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.02. The company had revenue of $3.82 billion for the quarter, compared to analysts' expectations of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%. Rogers Communication's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the firm posted $1.16 EPS. Analysts predict that Rogers Communication, Inc. will post 3.57 EPS for the current year.

Rogers Communication Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be paid a $0.3672 dividend. This represents a $1.47 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, September 8th. This is an increase from Rogers Communication's previous quarterly dividend of $0.36. Rogers Communication's dividend payout ratio (DPR) is currently 72.64%.

Analyst Ratings Changes

RCI has been the topic of several recent research reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Rogers Communication has an average rating of "Hold" and a consensus target price of $72.00.

Rogers Communication Company Profile

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.