National Bank of Canada FI Purchases 977,924 Shares of Rogers Communications Inc. (NYSE:RCI)

National Bank of Canada FI boosted its holdings in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 18.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,239,553 shares of the Wireless communications provider’s stock after acquiring an additional 977,924 shares during the quarter. National Bank of Canada FI’s holdings in Rogers Communications were worth $250,886,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in RCI. Cromwell Holdings LLC purchased a new position in shares of Rogers Communications in the third quarter worth approximately $31,000. Ridgewood Investments LLC purchased a new position in shares of Rogers Communications during the 2nd quarter worth $37,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after acquiring an additional 522 shares during the period. Grove Bank & Trust grew its position in shares of Rogers Communications by 41.0% during the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after acquiring an additional 302 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Rogers Communications in the 2nd quarter worth $55,000. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communications Price Performance

Rogers Communications stock opened at $35.15 on Friday. The firm has a 50-day moving average price of $37.17 and a 200-day moving average price of $38.33. The firm has a market capitalization of $18.79 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 1.11 and a beta of 0.67. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. Rogers Communications Inc. has a 12-month low of $34.83 and a 12-month high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. The business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 EPS. As a group, equities research analysts forecast that Rogers Communications Inc. will post 3.56 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be paid a dividend of $0.3611 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.44 annualized dividend and a yield of 4.11%. Rogers Communications’s payout ratio is presently 72.20%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RCI. BMO Capital Markets increased their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. TD Securities increased their price objective on shares of Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $61.75.

Rogers Communications 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.