The Manufacturers Life Insurance Company Sells 1,104 Shares of Shenandoah Telecommunications (NASDAQ:SHEN)

The Manufacturers Life Insurance Company reduced its holdings in Shenandoah Telecommunications (NASDAQ:SHEN) by 4.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,681 shares of the utilities provider’s stock after selling 1,104 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Shenandoah Telecommunications were worth $362,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GCM Grosvenor Holdings LLC bought a new stake in shares of Shenandoah Telecommunications during the second quarter valued at approximately $66,959,000. Mercer Global Advisors Inc. ADV boosted 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 worth $1,654,000 after purchasing an additional 50,630 shares during the last quarter. Intech Investment Management LLC purchased a new position in Shenandoah Telecommunications in the third quarter worth $1,113,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Shenandoah Telecommunications during the 3rd quarter valued at $678,000. Finally, Inspire Investing LLC lifted its position in shares of Shenandoah Telecommunications by 34.3% during the 3rd quarter. Inspire Investing LLC now owns 28,988 shares of the utilities provider’s stock valued at $409,000 after buying an additional 7,407 shares during the last quarter. Institutional investors own 61.96% of the company’s stock.

Wall Street Analyst Weigh In

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

Shenandoah Telecommunications Price Performance

Shares of NASDAQ SHEN opened at $13.26 on Monday. The firm has a market capitalization of $724.00 million, a P/E ratio of 3.41 and a beta of 0.63. 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 stock’s 50-day simple moving average is $13.58 and its two-hundred day simple moving average is $15.46. Shenandoah Telecommunications has a twelve month low of $11.87 and a twelve month high of $22.27.

Shenandoah Telecommunications Increases Dividend

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

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.