Great West Life Assurance Co. Can trimmed its position in shares of Frontier Communications Corporation (NASDAQ:FTR) by 20.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,171,260 shares of the utilities provider’s stock after selling 308,778 shares during the period. Great West Life Assurance Co. Can owned about 1.49% of Frontier Communications Corporation worth $1,346,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FTR. Cadence Capital Management LLC raised its holdings in shares of Frontier Communications Corporation by 6.1% during the 1st quarter. Cadence Capital Management LLC now owns 46,516 shares of the utilities provider’s stock valued at $100,000 after buying an additional 2,661 shares in the last quarter. WFG Advisors LP increased its stake in Frontier Communications Corporation by 5.8% in the 1st quarter. WFG Advisors LP now owns 50,026 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 2,751 shares during the period. Bollard Group LLC increased its stake in Frontier Communications Corporation by 3.3% in the 2nd quarter. Bollard Group LLC now owns 92,852 shares of the utilities provider’s stock worth $108,000 after purchasing an additional 2,973 shares during the period. Eqis Capital Management Inc. increased its stake in Frontier Communications Corporation by 47.3% in the 1st quarter. Eqis Capital Management Inc. now owns 57,967 shares of the utilities provider’s stock worth $124,000 after purchasing an additional 18,615 shares during the period. Finally, Washington Trust Bank increased its stake in Frontier Communications Corporation by 13.8% in the 2nd quarter. Washington Trust Bank now owns 117,578 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 14,232 shares during the period.
Frontier Communications Corporation (NASDAQ FTR) traded up 1.55% during midday trading on Friday, hitting $13.12. The company had a trading volume of 4,296,472 shares. Frontier Communications Corporation has a 52 week low of $11.65 and a 52 week high of $66.00. The company’s market capitalization is $1.03 billion. The stock has a 50 day moving average price of $14.09 and a 200 day moving average price of $22.01.
Frontier Communications Corporation (NASDAQ:FTR) last released its quarterly earnings data on Tuesday, August 1st. The utilities provider reported ($1.10) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.03). The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Frontier Communications Corporation had a negative return on equity of 1.28% and a negative net margin of 9.35%. The company’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.29) earnings per share. Equities analysts forecast that Frontier Communications Corporation will post ($4.13) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.60 per share. This is an increase from Frontier Communications Corporation’s previous quarterly dividend of $0.04. This represents a $2.40 annualized dividend and a yield of 18.29%. The ex-dividend date of this dividend is Thursday, September 14th. Frontier Communications Corporation’s dividend payout ratio (DPR) is presently -16.65%.
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FTR has been the topic of a number of analyst reports. BidaskClub raised Frontier Communications Corporation from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. ValuEngine raised Frontier Communications Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Zacks Investment Research raised Frontier Communications Corporation from a “hold” rating to a “buy” rating and set a $1.25 price target on the stock in a research note on Wednesday, July 5th. Hilliard Lyons cut Frontier Communications Corporation from a “neutral” rating to an “underperform” rating in a research note on Thursday, August 3rd. Finally, Morgan Stanley cut their price objective on Frontier Communications Corporation from $2.30 to $1.50 and set an “equal weight” rating on the stock in a research report on Wednesday, June 14th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $7.14.
About Frontier Communications Corporation
Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).
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