BCE (NYSE:BCE) Cut to Underperform at Bank of America

Bank of America cut shares of BCE (NYSE:BCE) (TSE:BCE) from a neutral rating to an underperform rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports.

A number of other research firms also recently weighed in on BCE. Canaccord Genuity Group downgraded BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. National Bank Financial downgraded shares of BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. BMO Capital Markets boosted their price target on shares of BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley initiated coverage on shares of BCE in a research note on Monday, December 16th. They issued an “underweight” rating on the stock. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.00.

BCE Trading Up 0.3 %

BCE opened at $22.81 on Tuesday. The company has a fifty day moving average price of $25.24 and a two-hundred day moving average price of $30.75. BCE has a 1-year low of $21.87 and a 1-year high of $41.77. The company has a market cap of $20.80 billion, a P/E ratio of 325.79, a price-to-earnings-growth ratio of 3.76 and a beta of 0.56. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.26.

BCE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were given a $0.737 dividend. This is a positive change from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.95 annualized dividend and a yield of 12.93%. BCE’s payout ratio is currently 4,028.57%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC raised its stake in shares of BCE by 166.1% in the second quarter. Parallel Advisors LLC now owns 9,156 shares of the utilities provider’s stock valued at $296,000 after buying an additional 5,715 shares during the period. Rathbones Group PLC raised its stake in BCE by 2.6% in the 2nd quarter. Rathbones Group PLC now owns 62,332 shares of the utilities provider’s stock valued at $2,018,000 after acquiring an additional 1,597 shares during the period. Virtu Financial LLC lifted its holdings in BCE by 3.3% during the second quarter. Virtu Financial LLC now owns 47,584 shares of the utilities provider’s stock valued at $1,540,000 after purchasing an additional 1,541 shares during the last quarter. Wealth Advisors of Tampa Bay LLC boosted its position in BCE by 9.2% during the second quarter. Wealth Advisors of Tampa Bay LLC now owns 35,558 shares of the utilities provider’s stock worth $1,151,000 after purchasing an additional 2,990 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its position in shares of BCE by 6.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 27,614 shares of the utilities provider’s stock valued at $894,000 after purchasing an additional 1,779 shares during the period. 41.46% of the stock is owned by institutional investors.

BCE Company Profile

BCE Inc, a communications company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through two segments, Bell Communication and Technology Services, and Bell Media. The Bell Communication and Technology Services segment provides wireless products and services including mobile data and voice plans and devices; wireline products and services comprising data, including internet access, internet protocol television, cloud-based services, and business solutions, as well as voice, and other communication services and products; and satellite TV and connectivity services for residential, small and medium-sized business, government, and large enterprise customers.