PNC Financial Services Group Inc. Buys 2,253 Shares of Rogers Communication, Inc. (NYSE:RCI)

PNC Financial Services Group Inc. lifted its holdings in Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 15.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,447 shares of the Wireless communications provider’s stock after buying an additional 2,253 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rogers Communication were worth $440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Alberta Investment Management Corp increased its holdings in Rogers Communication by 19.9% during the 1st quarter. Alberta Investment Management Corp now owns 1,482,616 shares of the Wireless communications provider’s stock worth $39,588,000 after purchasing an additional 246,043 shares during the period. Natixis Advisors LLC increased its holdings in Rogers Communication by 71.9% during the 1st quarter. Natixis Advisors LLC now owns 28,112 shares of the Wireless communications provider’s stock worth $751,000 after purchasing an additional 11,762 shares during the period. Letko Brosseau & Associates Inc. increased its holdings in Rogers Communication by 13.0% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 5,885,187 shares of the Wireless communications provider’s stock worth $157,143,000 after purchasing an additional 674,807 shares during the period. Mackenzie Financial Corp increased its holdings in Rogers Communication by 0.4% during the 1st quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider’s stock worth $223,483,000 after purchasing an additional 37,013 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Rogers Communication by 8.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 228,459 shares of the Wireless communications provider’s stock valued at $6,100,000 after acquiring an additional 17,684 shares during the period. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communication Stock Up 0.7%

Rogers Communication stock opened at $35.07 on Friday. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64. The stock has a market capitalization of $18.87 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.88 and a beta of 0.77. Rogers Communication, Inc. has a 1-year low of $23.18 and a 1-year high of $41.84. The business has a fifty day moving average price of $31.53 and a 200-day moving average price of $28.33.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.02. The firm had revenue of $3.82 billion during the quarter, compared to analysts’ expectations of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. Equities research analysts forecast that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communication Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 8th will be given a dividend of $0.3672 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.47 dividend on an annualized basis and a yield of 4.2%. This is an increase from Rogers Communication’s previous quarterly dividend of $0.36. Rogers Communication’s payout ratio is presently 71.64%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Barclays lifted their price target on Rogers Communication from $31.00 to $33.00 and gave the company an “equal weight” rating in a report on Tuesday. Scotiabank reiterated a “sector perform” rating on shares of Rogers Communication in a report on Tuesday, July 15th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Rogers Communication in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $59.00.

About Rogers Communication

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.