Shenandoah Telecommunications (NASDAQ:SHEN) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in shares of Shenandoah Telecommunications (NASDAQ:SHEN) by 13.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,998 shares of the utilities provider’s stock after selling 5,661 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Shenandoah Telecommunications were worth $508,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHEN. GCM Grosvenor Holdings LLC acquired a new position in shares of Shenandoah Telecommunications during the 2nd quarter valued at about $66,959,000. Dimensional Fund Advisors LP raised its holdings in Shenandoah Telecommunications by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,576,290 shares of the utilities provider’s stock valued at $42,070,000 after buying an additional 29,413 shares during the period. Bank of New York Mellon Corp raised its holdings in Shenandoah Telecommunications by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 466,677 shares of the utilities provider’s stock valued at $7,621,000 after buying an additional 13,776 shares during the period. Gabelli Funds LLC raised its holdings in Shenandoah Telecommunications by 11.5% in the 2nd quarter. Gabelli Funds LLC now owns 140,500 shares of the utilities provider’s stock valued at $2,294,000 after buying an additional 14,500 shares during the period. Finally, Public Sector Pension Investment Board raised its holdings in Shenandoah Telecommunications by 5.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 110,379 shares of the utilities provider’s stock valued at $1,802,000 after buying an additional 6,072 shares during the period. Institutional investors and hedge funds own 61.96% of the company’s stock.

Shenandoah Telecommunications Stock Performance

Shares of SHEN opened at $13.54 on Friday. The stock has a 50 day moving average price of $13.60 and a 200 day moving average price of $15.65. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $739.28 million, a price-to-earnings ratio of 3.48 and a beta of 0.63. Shenandoah Telecommunications has a 52-week low of $11.87 and a 52-week high of $22.27.

Shenandoah Telecommunications Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were issued a $0.10 dividend. This is an increase from Shenandoah Telecommunications’s previous annual dividend of $0.09. This represents a dividend yield of 0.66%. The ex-dividend date of this dividend was Tuesday, November 5th. Shenandoah Telecommunications’s dividend payout ratio is presently 2.57%.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “buy” rating and set a $26.00 price target on shares of Shenandoah Telecommunications in a research note on Wednesday, November 13th.

Shenandoah Telecommunications Profile

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.