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

Shenandoah Telecommunications (NASDAQ:SHEN)’s stock price gapped up prior to trading 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.

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

Wall Street Analyst Weigh In

SHEN has been the subject of a number of analyst reports. StockNews.com upgraded Shenandoah Telecommunications to a “sell” rating in a research report on Tuesday, July 30th. BWS Financial restated a “buy” rating and issued a $26.00 price target on shares of Shenandoah Telecommunications in a research report on Thursday, August 8th.

Shenandoah Telecommunications Stock Performance

The stock has a market capitalization of $816.91 million, a price-to-earnings ratio of 3.70 and a beta of 0.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a fifty day simple moving average of $14.50 and a two-hundred day simple moving average of $15.97.

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

Insider Activity

In related news, CEO Christopher E. French purchased 6,500 shares of Shenandoah Telecommunications stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $14.94 per share, for a total transaction of $97,110.00. Following the completion of the acquisition, the chief executive officer now owns 346,394 shares of the company’s stock, valued at $5,175,126.36. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, COO Edward H. Mckay bought 2,000 shares of the stock in a transaction dated Tuesday, August 13th. The shares were bought at an average cost of $14.15 per share, with a total value of $28,300.00. Following the completion of the transaction, the chief operating officer now directly owns 68,951 shares of the company’s stock, valued at $975,656.65. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Christopher E. French purchased 6,500 shares of Shenandoah Telecommunications stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $14.94 per share, with a total value of $97,110.00. Following the transaction, 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 disclosure for this purchase can be found here. Insiders purchased 14,700 shares of company stock worth $212,745 in the last quarter. 4.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SHEN. nVerses Capital LLC acquired a new stake in shares of Shenandoah Telecommunications in the 3rd quarter worth about $37,000. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 2,115 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Shenandoah Telecommunications during the first quarter valued at approximately $109,000. Aristides Capital LLC bought a new stake in Shenandoah Telecommunications during the first quarter worth $181,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Shenandoah Telecommunications in the 1st quarter valued at $211,000. 61.96% of the stock is owned by institutional investors.

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.