Citizens Business Bank Sells 37,804 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Citizens Business Bank cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 80.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,313 shares of the network equipment provider’s stock after selling 37,804 shares during the period. Citizens Business Bank’s holdings in Cisco Systems were worth $496,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CSCO. Hohimer Wealth Management LLC raised its position in shares of Cisco Systems by 24.7% during the third quarter. Hohimer Wealth Management LLC now owns 104,481 shares of the network equipment provider’s stock valued at $5,560,000 after buying an additional 20,679 shares during the last quarter. Soltis Investment Advisors LLC increased its stake in Cisco Systems by 6.6% during the third quarter. Soltis Investment Advisors LLC now owns 12,930 shares of the network equipment provider’s stock valued at $688,000 after acquiring an additional 798 shares during the period. Fortem Financial Group LLC raised its holdings in Cisco Systems by 35.7% in the 3rd quarter. Fortem Financial Group LLC now owns 53,774 shares of the network equipment provider’s stock valued at $2,862,000 after acquiring an additional 14,135 shares in the last quarter. Financial Avengers Inc. grew its holdings in shares of Cisco Systems by 76.9% during the 3rd quarter. Financial Avengers Inc. now owns 3,001 shares of the network equipment provider’s stock worth $160,000 after purchasing an additional 1,305 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its position in shares of Cisco Systems by 6.6% during the third quarter. Coldstream Capital Management Inc. now owns 180,538 shares of the network equipment provider’s stock valued at $9,650,000 after purchasing an additional 11,139 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Stock Down 0.4 %

Shares of NASDAQ:CSCO opened at $58.72 on Wednesday. The company has a 50 day moving average of $56.65 and a 200-day moving average of $51.05. Cisco Systems, Inc. has a one year low of $44.50 and a one year high of $60.23. The stock has a market cap of $233.87 billion, a price-to-earnings ratio of 25.20, a P/E/G ratio of 4.39 and a beta of 0.85. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.80.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, November 13th. The network equipment provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.87 by $0.04. Cisco Systems had a net margin of 17.73% and a return on equity of 25.70%. The company had revenue of $13.84 billion during the quarter, compared to analysts’ expectations of $13.78 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that Cisco Systems, Inc. will post 2.97 earnings per share for the current year.

Cisco Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Stockholders of record on Friday, January 3rd will be given a dividend of $0.40 per share. The ex-dividend date is Friday, January 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.72%. Cisco Systems’s payout ratio is currently 68.67%.

Insider Activity

In other Cisco Systems news, Director Kristina M. Johnson sold 7,500 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $59.87, for a total value of $449,025.00. Following the completion of the sale, the director now directly owns 65,915 shares in the company, valued at $3,946,331.05. This represents a 10.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 171,744 shares of Cisco Systems stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.49, for a total value of $9,873,562.56. Following the transaction, the chief executive officer now owns 783,786 shares in the company, valued at $45,059,857.14. This trade represents a 17.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 351,860 shares of company stock valued at $20,231,558 in the last ninety days. 0.01% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on CSCO. Citigroup raised their target price on Cisco Systems from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Jefferies Financial Group reduced their target price on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. New Street Research upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, August 15th. Bank of America lifted their price target on shares of Cisco Systems from $60.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Hsbc Global Res raised shares of Cisco Systems to a “strong-buy” rating in a research note on Friday, August 16th. Ten investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.94.

About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.