Shenandoah Telecommunications (NASDAQ:SHEN) Shares Gap Up After Dividend Announcement

Shenandoah Telecommunications (NASDAQ:SHEN)’s share price gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $14.48, but opened at $15.13. Shenandoah Telecommunications shares last traded at $15.38, with a volume of 30,558 shares trading hands.

The newly announced dividend which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, November 5th. This represents a yield of 0.66%. This is a boost from Shenandoah Telecommunications’s previous annual dividend of $0.09. Shenandoah Telecommunications’s dividend payout ratio (DPR) is currently 2.22%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SHEN. StockNews.com raised shares of Shenandoah Telecommunications to a “sell” rating in a report on Tuesday, July 30th. BWS Financial reiterated a “buy” rating and set a $26.00 target price on shares of Shenandoah Telecommunications in a research note on Thursday, August 8th.

Shenandoah Telecommunications Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s 50-day moving average price is $14.50 and its 200-day moving average price is $15.97. The company has a market cap of $816.91 million, a P/E ratio of 3.70 and a beta of 0.67.

Shenandoah Telecommunications (NASDAQ:SHEN) last announced its earnings results on Wednesday, August 7th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.10). The business had revenue of $85.80 million for the quarter, compared to analyst estimates of $86.12 million. Shenandoah Telecommunications had a negative return on equity of 0.48% and a net margin of 68.81%. Equities analysts anticipate that Shenandoah Telecommunications will post -0.26 EPS for the current year.

Insider Buying and Selling at Shenandoah Telecommunications

In related news, CEO Christopher E. French bought 6,500 shares of Shenandoah Telecommunications stock in a transaction dated Friday, August 9th. The shares were bought at an average cost of $14.94 per share, with a total value of $97,110.00. Following the acquisition, the chief executive officer now owns 346,394 shares in the company, valued at $5,175,126.36. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Shenandoah Telecommunications news, CEO Christopher E. French bought 6,500 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $14.94 per share, for a total transaction of $97,110.00. Following the completion of the purchase, the chief executive officer now directly owns 346,394 shares of the company’s stock, valued at approximately $5,175,126.36. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Christopher E. French acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average price of $14.02 per share, with a total value of $70,100.00. Following the completion of the transaction, the chief executive officer now owns 86,485 shares in the company, valued at $1,212,519.70. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 14,700 shares of company stock valued at $212,745 in the last three months. Corporate insiders own 4.37% of the company’s stock.

Institutional Trading of Shenandoah Telecommunications

Hedge funds have recently added to or reduced their stakes in the stock. Inspire Investing LLC lifted its stake in shares of Shenandoah Telecommunications by 5.6% in the 2nd quarter. Inspire Investing LLC now owns 21,581 shares of the utilities provider’s stock valued at $352,000 after acquiring an additional 1,138 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of Shenandoah Telecommunications by 1.7% during the first quarter. Gamco Investors INC. ET AL now owns 105,726 shares of the utilities provider’s stock worth $1,836,000 after purchasing an additional 1,726 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Shenandoah Telecommunications by 85.1% in the second quarter. GAMMA Investing LLC now owns 4,599 shares of the utilities provider’s stock valued at $75,000 after buying an additional 2,115 shares during the period. CWM LLC raised its holdings in Shenandoah Telecommunications by 3.0% in the 2nd quarter. CWM LLC now owns 72,390 shares of the utilities provider’s stock valued at $1,182,000 after buying an additional 2,121 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Shenandoah Telecommunications by 8.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,785 shares of the utilities provider’s stock worth $437,000 after buying an additional 2,155 shares during the period. Institutional investors and hedge funds own 61.96% of the company’s stock.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. It operates in two segments, Broadband and Tower. The company Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky through hybrid fiber coaxial cable under the Shentel brand; and fiber optic services under the Glo Fiber brand name.