Westchester Capital Management LLC Purchases New Holdings in Liberty Broadband Corporation $LBRDA

Key Points

• Westchester Capital Management LLC acquired 230,845 shares of Liberty Broadband Corporation valued at approximately $19.6 million, making it the firm's 22nd largest position.
• Liberty Broadband recently reported earnings of $2.68 EPS, significantly exceeding analysts' estimates, and projected quarterly revenue of $261 million.
• The company announced a quarterly dividend of $0.4375 per share, yielding 2.8%, with the payment scheduled for September 10th.

Westchester Capital Management LLC bought a new position in shares of Liberty Broadband Corporation (NASDAQ:LBRDA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 230,845 shares of the company's stock, valued at approximately $19,622,000. Liberty Broadband comprises 1.0% of Westchester Capital Management LLC's investment portfolio, making the stock its 22nd biggest holding. Westchester Capital Management LLC owned approximately 0.16% of Liberty Broadband at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in LBRDA. JPMorgan Chase & Co. lifted its stake in Liberty Broadband by 1.9% during the fourth quarter. JPMorgan Chase & Co. now owns 14,857 shares of the company's stock worth $1,105,000 after purchasing an additional 279 shares during the last quarter. Invesco Ltd. lifted its stake in Liberty Broadband by 69.4% during the fourth quarter. Invesco Ltd. now owns 20,562 shares of the company's stock worth $1,529,000 after purchasing an additional 8,426 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Liberty Broadband during the fourth quarter worth approximately $306,000. Barclays PLC increased its position in Liberty Broadband by 129.3% during the fourth quarter. Barclays PLC now owns 11,207 shares of the company's stock worth $833,000 after buying an additional 6,320 shares during the period. Finally, Stifel Financial Corp increased its position in Liberty Broadband by 1.4% during the fourth quarter. Stifel Financial Corp now owns 16,307 shares of the company's stock worth $1,213,000 after buying an additional 230 shares during the period. Hedge funds and other institutional investors own 10.29% of the company's stock.

Liberty Broadband Stock Performance

LBRDA traded up $0.40 during trading on Friday, hitting $60.67. 62,989 shares of the stock were exchanged, compared to its average volume of 152,838. The firm has a market capitalization of $8.71 billion, a P/E ratio of 8.00 and a beta of 0.95. Liberty Broadband Corporation has a 1-year low of $57.34 and a 1-year high of $102.38. The stock has a fifty day moving average price of $76.93 and a two-hundred day moving average price of $82.71. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.26.

Liberty Broadband (NASDAQ:LBRDA - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $2.68 EPS for the quarter, topping the consensus estimate of $1.37 by $1.31. The company had revenue of $261.00 million for the quarter, compared to analyst estimates of $251.70 million. Liberty Broadband had a return on equity of 10.89% and a net margin of 103.04%.

Liberty Broadband Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.4375 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.9%.

Liberty Broadband Company Profile

Liberty Broadband Corporation engages in the communications businesses. The company's GCI Holdings segment provides data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, educational, and medical institutions in Alaska under the GCI brand. Its Charter segment offers subscription-based Internet and video services, and mobile and voice services; and state-of-the-art residential and business services, which includes Spectrum Internet, TV, mobile and voice for small and medium-sized companies; Spectrum Business provides a suite of broadband products and services for businesses and government application; Spectrum Enterprise offers customized fiber-based solutions; Spectrum Reach provides advertising and production for the modern media landscape.