Shenandoah Telecommunications (NASDAQ:SHEN) Shares Sold by State Street Corp

State Street Corp reduced its stake in Shenandoah Telecommunications (NASDAQ:SHEN) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,798,179 shares of the utilities provider’s stock after selling 31,928 shares during the period. State Street Corp owned approximately 3.29% of Shenandoah Telecommunications worth $25,372,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. FMR LLC raised its stake in shares of Shenandoah Telecommunications by 211.9% in the 3rd quarter. FMR LLC now owns 105,789 shares of the utilities provider’s stock valued at $1,493,000 after acquiring an additional 71,868 shares during the period. GCM Grosvenor Holdings LLC acquired a new stake in Shenandoah Telecommunications in the 2nd quarter valued at approximately $66,959,000. Mercer Global Advisors Inc. ADV raised its position in Shenandoah Telecommunications by 99.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 101,288 shares of the utilities provider’s stock valued at $1,654,000 after purchasing an additional 50,630 shares during the period. Intech Investment Management LLC acquired a new position in Shenandoah Telecommunications during the third quarter worth $1,113,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Shenandoah Telecommunications during the third quarter worth $678,000. Institutional investors and hedge funds own 61.96% of the company’s stock.

Shenandoah Telecommunications Price Performance

Shenandoah Telecommunications stock opened at $12.50 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. Shenandoah Telecommunications has a 52-week low of $11.87 and a 52-week high of $22.27. The firm has a market cap of $682.53 million, a PE ratio of 3.21 and a beta of 0.63. The company’s 50 day moving average is $13.57 and its two-hundred day moving average is $15.24.

Shenandoah Telecommunications Increases Dividend

The business also recently announced an annual dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were issued a $0.10 dividend. The ex-dividend date was Tuesday, November 5th. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.09. This represents a yield of 0.66%. Shenandoah Telecommunications’s dividend payout ratio (DPR) is 2.57%.

Analyst Ratings Changes

Separately, BWS Financial restated a “buy” rating and set a $26.00 target price on shares of Shenandoah Telecommunications in a report 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.