Bank of America lowered shares of Frontier Communications (NASDAQ:FTR) from a neutral rating to an underperform rating in a research report sent to investors on Friday, November 10th, MarketBeat Ratings reports. Bank of America currently has $4.00 price objective on the utilities provider’s stock.
Several other equities analysts also recently weighed in on the company. Hilliard Lyons downgraded Frontier Communications from a neutral rating to an underperform rating in a research report on Wednesday, August 9th. UBS restated a neutral rating and set a $15.00 price objective on shares of Frontier Communications in a report on Wednesday, August 2nd. Morgan Stanley dropped their price objective on Frontier Communications to $16.00 and set an equal weight rating for the company in a report on Wednesday, August 23rd. BidaskClub cut Frontier Communications from a hold rating to a sell rating in a report on Saturday, September 16th. Finally, Jefferies Group reiterated a buy rating and issued a $25.00 target price (down from $30.00) on shares of Frontier Communications in a report on Wednesday, August 2nd. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $9.46.
Shares of Frontier Communications (FTR) traded up $0.48 during trading hours on Friday, reaching $8.41. The company’s stock had a trading volume of 4,368,500 shares, compared to its average volume of 2,862,082. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70. Frontier Communications has a fifty-two week low of $6.08 and a fifty-two week high of $57.30.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 28.54%. The ex-dividend date of this dividend is Thursday, December 14th. Frontier Communications’s dividend payout ratio is currently -17.45%.
Several hedge funds have recently made changes to their positions in FTR. Thrivent Financial For Lutherans increased its holdings in shares of Frontier Communications by 433.2% in the first quarter. Thrivent Financial For Lutherans now owns 221,321 shares of the utilities provider’s stock valued at $475,000 after purchasing an additional 179,812 shares during the period. Amalgamated Bank boosted its stake in shares of Frontier Communications by 2.0% in the first quarter. Amalgamated Bank now owns 185,340 shares of the utilities provider’s stock worth $397,000 after buying an additional 3,557 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Frontier Communications by 84.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 1,093,139 shares of the utilities provider’s stock worth $2,339,000 after buying an additional 500,293 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of Frontier Communications by 259.9% in the first quarter. Tudor Investment Corp ET AL now owns 142,872 shares of the utilities provider’s stock worth $306,000 after buying an additional 103,170 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Frontier Communications by 40.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 216,100 shares of the utilities provider’s stock worth $462,000 after buying an additional 62,597 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.
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About Frontier Communications
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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