Bank of New York Mellon Corp Sells 85,465 Shares of Rogers Communications Inc. (NYSE:RCI)

Bank of New York Mellon Corp reduced its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 20.9% in the fourth quarter, Holdings Channel reports. The fund owned 323,633 shares of the Wireless communications provider’s stock after selling 85,465 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rogers Communications were worth $9,945,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RCI. V Square Quantitative Management LLC boosted its position in shares of Rogers Communications by 19.1% during the 4th quarter. V Square Quantitative Management LLC now owns 5,795 shares of the Wireless communications provider’s stock valued at $178,000 after acquiring an additional 930 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Rogers Communications during the 3rd quarter valued at approximately $206,000. Tidal Investments LLC bought a new stake in Rogers Communications in the third quarter worth $248,000. Verition Fund Management LLC lifted its position in Rogers Communications by 7.9% in the third quarter. Verition Fund Management LLC now owns 7,484 shares of the Wireless communications provider’s stock worth $301,000 after buying an additional 551 shares during the last quarter. Finally, PEAK6 Investments LLC bought a new stake in Rogers Communications in the third quarter worth $305,000. 45.49% of the stock is currently owned by institutional investors.

Rogers Communications Stock Performance

RCI stock opened at $27.96 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.66 and a debt-to-equity ratio of 3.67. The business’s fifty day simple moving average is $28.31 and its two-hundred day simple moving average is $33.84. Rogers Communications Inc. has a twelve month low of $26.57 and a twelve month high of $42.96. The firm has a market cap of $14.94 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.43 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Thursday, January 30th. The Wireless communications provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.07. Rogers Communications had a return on equity of 25.19% and a net margin of 8.40%. Analysts predict that Rogers Communications Inc. will post 3.57 earnings per share for the current year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Monday, March 10th will be paid a $0.347 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.39 dividend on an annualized basis and a yield of 4.96%. Rogers Communications’s payout ratio is 59.48%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Bank of America downgraded Rogers Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 14th. Morgan Stanley assumed coverage on Rogers Communications in a research report on Monday, December 16th. They issued an “underweight” rating for the company. Finally, Barclays restated an “equal weight” rating on shares of Rogers Communications in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Rogers Communications currently has an average rating of “Hold” and a consensus price target of $61.75.

About Rogers Communications

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.