BCE Inc. (NYSE:BCE) Shares Acquired by Townsquare Capital LLC

Townsquare Capital LLC raised its holdings in shares of BCE Inc. (NYSE:BCE) (TSE:BCE) by 13.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,159 shares of the utilities provider’s stock after purchasing an additional 1,647 shares during the period. Townsquare Capital LLC’s holdings in BCE were worth $493,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Toronto Dominion Bank increased its position in shares of BCE by 12.0% in the 2nd quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider’s stock valued at $273,553,000 after acquiring an additional 905,857 shares during the period. CIBC Asset Management Inc increased its position in shares of BCE by 23.8% in the 2nd quarter. CIBC Asset Management Inc now owns 5,520,090 shares of the utilities provider’s stock valued at $178,677,000 after acquiring an additional 1,061,488 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of BCE by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,068,728 shares of the utilities provider’s stock valued at $163,932,000 after acquiring an additional 21,487 shares during the period. Federated Hermes Inc. boosted its holdings in BCE by 5.5% in the second quarter. Federated Hermes Inc. now owns 3,564,393 shares of the utilities provider’s stock valued at $115,379,000 after purchasing an additional 186,659 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in BCE by 48.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,563,534 shares of the utilities provider’s stock valued at $123,877,000 after purchasing an additional 1,166,800 shares during the last quarter. 41.46% of the stock is owned by institutional investors and hedge funds.

BCE Trading Down 1.7 %

BCE stock opened at $26.84 on Thursday. BCE Inc. has a 52-week low of $26.45 and a 52-week high of $41.77. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26. The company’s 50-day simple moving average is $30.65 and its 200-day simple moving average is $32.76. The firm has a market cap of $24.49 billion, a P/E ratio of 383.43, a PEG ratio of 4.21 and a beta of 0.54.

BCE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be given a dividend of $0.737 per share. This represents a $2.95 annualized dividend and a dividend yield of 10.98%. The ex-dividend date of this dividend is Monday, December 16th. This is an increase from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio is 4,228.57%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Edward Jones lowered shares of BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. BMO Capital Markets upped their price target on shares of BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a report on Thursday, September 19th. National Bank Financial lowered shares of BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Finally, Barclays lowered their price target on shares of BCE from $34.00 to $30.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Nine analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BCE currently has an average rating of “Hold” and a consensus price target of $45.00.

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.