First Citizens Bank & Trust Co. Acquires 1,034 Shares of Convergys Corp. (CVG)
First Citizens Bank & Trust Co. raised its stake in Convergys Corp. (NYSE:CVG) by 6.5% during the second quarter, Holdings Channel reports. The firm owned 17,029 shares of the company’s stock after buying an additional 1,034 shares during the period. First Citizens Bank & Trust Co.’s holdings in Convergys Corp. were worth $426,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. LS Investment Advisors LLC boosted its stake in shares of Convergys Corp. by 72.8% in the second quarter. LS Investment Advisors LLC now owns 5,827 shares of the company’s stock valued at $146,000 after buying an additional 2,455 shares during the period. LMR Partners LLP acquired a new stake in shares of Convergys Corp. during the second quarter valued at about $201,000. Pacad Investment Ltd. acquired a new stake in shares of Convergys Corp. during the first quarter valued at about $267,000. Mount Lucas Management LP boosted its stake in shares of Convergys Corp. by 10.6% in the first quarter. Mount Lucas Management LP now owns 11,588 shares of the company’s stock valued at $322,000 after buying an additional 1,112 shares during the period. Finally, Barclays PLC boosted its stake in shares of Convergys Corp. by 106.9% in the first quarter. Barclays PLC now owns 11,983 shares of the company’s stock valued at $323,000 after buying an additional 6,191 shares during the period. 99.08% of the stock is currently owned by institutional investors.
Shares of Convergys Corp. (NYSE:CVG) traded down 0.34% on Friday, hitting $29.59. 373,030 shares of the stock traded hands. Convergys Corp. has a 12 month low of $22.53 and a 12 month high of $30.92. The company has a market cap of $2.84 billion, a PE ratio of 17.32 and a beta of 0.99. The firm’s 50 day moving average is $29.72 and its 200-day moving average is $27.79.
Convergys Corp. (NYSE:CVG) last released its quarterly earnings data on Monday, August 8th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.04. The firm earned $692.30 million during the quarter, compared to analysts’ expectations of $695.78 million. Convergys Corp. had a return on equity of 15.02% and a net margin of 6.14%. Convergys Corp.’s revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. Equities analysts predict that Convergys Corp. will post $1.91 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Shareholders of record on Friday, September 23rd were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Wednesday, September 21st. Convergys Corp.’s payout ratio is 20.93%.
Several brokerages have recently weighed in on CVG. Zacks Investment Research raised shares of Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Wednesday, August 10th. Citigroup Inc. boosted their price target on shares of Convergys Corp. from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, August 10th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Convergys Corp. presently has a consensus rating of “Hold” and a consensus price target of $31.00.
In other Convergys Corp. news, Director Jeffrey H. Fox sold 65,000 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $29.55, for a total value of $1,920,750.00. Following the completion of the transaction, the director now owns 338,610 shares in the company, valued at $10,005,925.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey H. Fox sold 10,000 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $29.82, for a total value of $298,200.00. Following the completion of the transaction, the director now owns 318,610 shares of the company’s stock, valued at approximately $9,500,950.20. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.
Convergys Corp. Company Profile
Convergys Corporation is engaged in providing customer management services. The Company’s primary focus is on growth with multinational corporations and other companies in communications and media, financial services, technology, healthcare, retail and other vertical markets. Its segments include North America and Rest of World.
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