Shenandoah Telecommunications (NASDAQ:SHEN) Shares Sold by State Street Corp

State Street Corp cut its position in Shenandoah Telecommunications (NASDAQ:SHEN) by 1.7% during the third quarter, HoldingsChannel reports. The firm owned 1,798,179 shares of the utilities provider’s stock after selling 31,928 shares during the quarter. State Street Corp’s holdings in Shenandoah Telecommunications were worth $25,372,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SHEN. nVerses Capital LLC purchased a new position in Shenandoah Telecommunications in the third quarter valued at $37,000. Quantbot Technologies LP lifted its stake in Shenandoah Telecommunications by 570.2% during the third quarter. Quantbot Technologies LP now owns 7,339 shares of the utilities provider’s stock worth $104,000 after purchasing an additional 6,244 shares during the last quarter. Quest Partners LLC boosted its holdings in Shenandoah Telecommunications by 741.0% in the third quarter. Quest Partners LLC now owns 7,636 shares of the utilities provider’s stock valued at $108,000 after purchasing an additional 6,728 shares in the last quarter. Magnetar Financial LLC purchased a new position in Shenandoah Telecommunications in the second quarter valued at approximately $257,000. Finally, SG Americas Securities LLC acquired a new stake in Shenandoah Telecommunications during the third quarter worth approximately $271,000. 61.96% of the stock is currently owned by institutional investors and hedge funds.

Shenandoah Telecommunications Stock Performance

Shares of SHEN stock opened at $12.50 on Monday. The stock’s 50-day moving average is $13.57 and its two-hundred day moving average is $15.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.79 and a current ratio of 0.79. Shenandoah Telecommunications has a 1 year low of $11.87 and a 1 year high of $22.27. The firm has a market cap of $682.53 million, a price-to-earnings ratio of 3.21 and a beta of 0.63.

Shenandoah Telecommunications Increases Dividend

The company also recently declared an annual dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were paid a dividend of $0.10 per share. This represents a yield of 0.66%. The ex-dividend date was Tuesday, November 5th. This is an increase from Shenandoah Telecommunications’s previous annual dividend of $0.09. Shenandoah Telecommunications’s dividend payout ratio (DPR) is currently 2.57%.

Analyst Ratings Changes

Separately, BWS Financial restated a “buy” rating and issued a $26.00 target price on shares of Shenandoah Telecommunications in a report on Wednesday, November 13th.

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.