Janney Montgomery Scott LLC Takes $661,000 Position in Shenandoah Telecommunications (NASDAQ:SHEN)

Janney Montgomery Scott LLC bought a new stake in Shenandoah Telecommunications (NASDAQ:SHENGet Rating) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,763 shares of the utilities provider’s stock, valued at approximately $661,000. Janney Montgomery Scott LLC owned about 0.06% of Shenandoah Telecommunications at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Shenandoah Telecommunications by 4.6% in the first quarter. State Street Corp now owns 1,824,475 shares of the utilities provider’s stock valued at $43,021,000 after purchasing an additional 79,737 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Shenandoah Telecommunications by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,787,782 shares of the utilities provider’s stock valued at $42,156,000 after purchasing an additional 169,835 shares during the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Shenandoah Telecommunications by 16.7% in the first quarter. DAVENPORT & Co LLC now owns 807,802 shares of the utilities provider’s stock valued at $19,016,000 after purchasing an additional 115,729 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Shenandoah Telecommunications by 4.5% during the first quarter. JPMorgan Chase & Co. now owns 523,100 shares of the utilities provider’s stock worth $12,334,000 after buying an additional 22,371 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Shenandoah Telecommunications by 7.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 508,049 shares of the utilities provider’s stock worth $11,981,000 after buying an additional 33,344 shares during the last quarter. Hedge funds and other institutional investors own 54.95% of the company’s stock.

Shenandoah Telecommunications Stock Performance

NASDAQ SHEN opened at $18.79 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market capitalization of $941.34 million, a PE ratio of -208.78 and a beta of 0.62. Shenandoah Telecommunications has a 52-week low of $15.63 and a 52-week high of $28.68. The company has a 50-day simple moving average of $18.89 and a 200 day simple moving average of $21.12.

Shenandoah Telecommunications Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 7th will be given a dividend of $0.08 per share. This represents a yield of 0.39%. The ex-dividend date of this dividend is Friday, November 4th. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.07. Shenandoah Telecommunications’s dividend payout ratio (DPR) is currently -88.89%.

Wall Street Analyst Weigh In

SHEN has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Shenandoah Telecommunications to a “sell” rating in a report on Thursday, November 3rd. BWS Financial decreased their price objective on shares of Shenandoah Telecommunications from $16.00 to $15.00 and set a “sell” rating for the company in a report on Monday.

Insiders Place Their Bets

In other Shenandoah Telecommunications news, VP Heather K. Tormey sold 2,834 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $21.45, for a total transaction of $60,789.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.04% of the company’s stock.

About Shenandoah Telecommunications

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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. Its Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky, via hybrid fiber coaxial cable under the Shentel brand, fiber optic services under the Glo Fiber brand, and fixed wireless network services under the Beam brand name.

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Institutional Ownership by Quarter for Shenandoah Telecommunications (NASDAQ:SHEN)

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