TORONTO - Rogers (NYSE:ROG) Communications Inc. (TSX: RCI.A and RCI.B) (NYSE: RCI), a leading Canadian telecom provider, announced a quarterly dividend of 50 cents per share on its Class A Voting shares and Class B Non-Voting shares. This dividend is scheduled for payment on July 5, 2024, to shareholders on record as of June 10, 2024.
The company also offers a Dividend Reinvestment Plan (the Plan), allowing shareholders to reinvest cash dividends into additional Class B Shares. According to the recent announcement, the Board of Directors has opted to issue these additional shares from the company's treasury with a 2% discount from the average market price, as outlined in the Plan.
The Plan's terms and conditions are available on the Rogers investor relations website, and through the Plan agent, which can be contacted via email. Furthermore, Rogers has filed a registration statement for the Plan with the U.S. Securities and Exchange Commission, accessible online on the SEC's website.
Rogers Communications emphasized that the issuance of dividends is at the discretion of the Board and that there is no entitlement to dividends before they are declared. The press release also clarified that it does not constitute an offer to sell or a solicitation of an offer to buy any securities.
Rogers Communications is known for providing a range of wireless, cable, and media services to consumers and businesses in Canada. Its shares are publicly traded on both the Toronto and New York Stock Exchanges.
This dividend declaration and the details of the Dividend Reinvestment Plan are based on a press release statement from Rogers Communications.
InvestingPro Insights
Rogers Communications Inc (TSX:RCIa). continues to be a significant player in the telecom sector with a robust market capitalization of 21.14 billion USD. Investors monitoring the company's financial health will note the P/E ratio, which stands at a relatively high 34.17, indicating that the market may expect future earnings growth.
Still, the adjusted P/E ratio for the last twelve months as of Q4 2023 is more favorable at 21.62, suggesting a potentially more attractive valuation when considering the company's earnings over the past year.
The company has demonstrated considerable revenue growth over the last twelve months, with a 25.41% increase, and an even more impressive quarterly revenue growth of 28.06% in Q4 2023. This growth trajectory is reflected in the gross profit margin of 44.44%, underlining Rogers Communications' ability to maintain profitability amidst expansion.
Dividend-seeking investors will appreciate the current dividend yield of 3.75% as of 2024, complemented by a modest dividend growth of 1.32% over the last twelve months. The recent dividend announcement aligns with the company's history of delivering shareholder returns.
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