Cordasco Financial Network Has $2,206,000 Stake in Reynolds American Inc. (RAI)
Cordasco Financial Network cut its stake in Reynolds American Inc. (NYSE:RAI) by 6.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 40,914 shares of the company’s stock after selling 2,870 shares during the period. Reynolds American makes up about 2.5% of Cordasco Financial Network’s investment portfolio, making the stock its 7th largest position. Cordasco Financial Network’s holdings in Reynolds American were worth $2,206,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Americafirst Capital Management LLC purchased a new position in shares of Reynolds American during the second quarter valued at $109,000. Community Bank N.A. boosted its position in shares of Reynolds American by 148.2% in the second quarter. Community Bank N.A. now owns 2,834 shares of the company’s stock valued at $153,000 after buying an additional 1,692 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Reynolds American by 155.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,891 shares of the company’s stock valued at $156,000 after buying an additional 1,759 shares in the last quarter. First Financial Corp IN boosted its position in shares of Reynolds American by 18.7% in the second quarter. First Financial Corp IN now owns 3,616 shares of the company’s stock valued at $195,000 after buying an additional 570 shares in the last quarter. Finally, American National Registered Investment Advisor Inc. purchased a new position in shares of Reynolds American during the first quarter valued at $212,000. 47.13% of the stock is owned by institutional investors.
Shares of Reynolds American Inc. (NYSE:RAI) traded up 0.15% during midday trading on Monday, reaching $47.38. The company had a trading volume of 3,908,190 shares. The company’s 50-day moving average is $49.57 and its 200-day moving average is $50.45. Reynolds American Inc. has a 52-week low of $41.91 and a 52-week high of $54.48. The firm has a market cap of $67.63 billion, a P/E ratio of 12.78 and a beta of 0.36.
Reynolds American (NYSE:RAI) last released its earnings results on Tuesday, July 26th. The company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.26 billion. Reynolds American had a return on equity of 15.24% and a net margin of 42.97%. The company’s revenue was up 33.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. Equities research analysts expect that Reynolds American Inc. will post $2.32 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 12th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, September 8th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.88%. This is an increase from Reynolds American’s previous quarterly dividend of $0.42. Reynolds American’s payout ratio is presently 49.73%.
RAI has been the subject of several research reports. Citigroup Inc. initiated coverage on Reynolds American in a research note on Monday, September 12th. They set a “buy” rating and a $57.00 target price for the company. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $57.00 target price (up previously from $55.00) on shares of Reynolds American in a research note on Friday, July 15th. Zacks Investment Research cut Reynolds American from a “buy” rating to a “hold” rating in a research note on Tuesday, July 19th. Berenberg Bank initiated coverage on Reynolds American in a research note on Tuesday, June 14th. They set a “hold” rating and a $54.00 target price for the company. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of Reynolds American in a research note on Thursday, September 1st. Four analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $55.43.
About Reynolds American
Reynolds American Inc (RAI) is a holding company. The Company’s segments are RJR Tobacco, Santa Fe and American Snuff. The RJR Tobacco segment consists principally of the primary operations of R. J. Reynolds Tobacco Company. The Santa Fe segment consists of the domestic operations of Santa Fe Natural Tobacco Company, Inc (SFNTC).
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