BCE (NYSE:BCE) Trading 1% Higher Following Dividend Announcement

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price rose 1% during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $22.49 and last traded at $22.36. Approximately 745,768 shares traded hands during trading, a decline of 79% from the average daily volume of 3,614,825 shares. The stock had previously closed at $22.14.

The newly announced dividend which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be issued a $0.6965 dividend. This represents a $2.79 dividend on an annualized basis and a dividend yield of 12.37%. The ex-dividend date is Friday, March 14th. BCE’s payout ratio is 2,350.00%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BCE shares. JPMorgan Chase & Co. lowered shares of BCE from a “neutral” rating to an “underweight” rating in a research note on Friday. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Morgan Stanley assumed coverage on shares of BCE in a research note on Monday, December 16th. They issued an “underweight” rating for the company. Barclays reaffirmed an “underweight” rating on shares of BCE in a research note on Tuesday, January 21st. Finally, Edward Jones lowered BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $40.50.

BCE Stock Up 1.7 %

The stock has a market cap of $20.54 billion, a P/E ratio of 187.63, a P/E/G ratio of 3.91 and a beta of 0.57. The company’s 50 day moving average price is $24.01 and its two-hundred day moving average price is $29.69. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26.

BCE (NYSE:BCE) (TSE:BCE) last issued its earnings results on Thursday, February 6th. The utilities provider reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. BCE had a return on equity of 17.89% and a net margin of 0.99%. As a group, research analysts expect that BCE Inc. will post 2 earnings per share for the current year.

Institutional Investors Weigh In On BCE

Several large investors have recently modified their holdings of the business. Allworth Financial LP boosted its position in BCE by 217.6% during the fourth quarter. Allworth Financial LP now owns 1,153 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 790 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of BCE by 1,147.3% in the 4th quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider’s stock valued at $32,000 after buying an additional 1,285 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of BCE in the 3rd quarter worth approximately $51,000. Legacy Investment Solutions LLC bought a new position in shares of BCE during the 3rd quarter worth approximately $65,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of BCE by 67.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,981 shares of the utilities provider’s stock worth $46,000 after acquiring an additional 799 shares in the last quarter. Institutional investors own 41.46% of the company’s stock.

About BCE

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.