PNC Financial Services Group Inc. trimmed its holdings in BCE Inc. (NYSE:BCE) (TSE:BCE) by 4.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 227,085 shares of the utilities provider’s stock after selling 10,969 shares during the period. PNC Financial Services Group Inc.’s holdings in BCE were worth $9,202,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Edge Wealth Management LLC purchased a new position in BCE in the third quarter worth approximately $103,000. Stratos Wealth Partners LTD. purchased a new position in BCE in the third quarter worth approximately $133,000. New England Asset Management Inc. purchased a new position in BCE in the second quarter worth approximately $203,000. Checchi Capital Advisers LLC purchased a new position in BCE in the second quarter worth approximately $211,000. Finally, Cypress Capital Group purchased a new position in BCE in the second quarter worth approximately $215,000. Institutional investors own 42.51% of the company’s stock.
BCE has been the subject of several analyst reports. Desjardins upgraded BCE from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. Zacks Investment Research upgraded BCE from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Monday, October 15th. Scotiabank upgraded BCE from a “sector perform” rating to a “buy” rating in a research report on Wednesday, October 10th. Edward Jones upgraded BCE from a “hold” rating to a “buy” rating in a research report on Monday, August 13th. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of BCE in a research report on Friday, November 2nd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. BCE has a consensus rating of “Buy” and an average target price of $45.50.
BCE (NYSE:BCE) (TSE:BCE) last released its quarterly earnings results on Thursday, November 1st. The utilities provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. BCE had a return on equity of 18.73% and a net margin of 12.13%. The business had revenue of $5.88 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the business posted $0.86 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Equities research analysts predict that BCE Inc. will post 2.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be given a dividend of $0.574 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $2.30 annualized dividend and a dividend yield of 5.35%. BCE’s dividend payout ratio is currently 88.55%.
BCE Inc, a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through three segments: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment offers integrated digital wireless voice and data communications products and services.
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