CIBC Asset Management Inc cut its holdings in shares of Verizon Communications (NYSE:VZ) by 0.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 510,075 shares of the cell phone carrier’s stock after selling 2,788 shares during the quarter. CIBC Asset Management Inc’s holdings in Verizon Communications were worth $26,957,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Linscomb & Williams Inc. lifted its holdings in shares of Verizon Communications by 7.5% in the fourth quarter. Linscomb & Williams Inc. now owns 103,968 shares of the cell phone carrier’s stock worth $5,503,000 after buying an additional 7,213 shares in the last quarter. Van Cleef Asset Management Inc lifted its holdings in shares of Verizon Communications by 9.4% in the fourth quarter. Van Cleef Asset Management Inc now owns 35,357 shares of the cell phone carrier’s stock worth $1,871,000 after buying an additional 3,037 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Verizon Communications by 4.7% in the fourth quarter. Checchi Capital Advisers LLC now owns 37,553 shares of the cell phone carrier’s stock worth $1,988,000 after buying an additional 1,670 shares in the last quarter. Rockefeller Financial Services Inc. lifted its holdings in shares of Verizon Communications by 739.0% in the fourth quarter. Rockefeller Financial Services Inc. now owns 130,561 shares of the cell phone carrier’s stock worth $6,910,000 after buying an additional 115,000 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Verizon Communications in the fourth quarter worth about $5,886,000. 64.01% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Anthony T. Skiadas sold 6,967 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the transaction, the senior vice president now owns 16,059 shares in the company, valued at $799,738.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is currently owned by company insiders.
Several research analysts recently weighed in on VZ shares. HSBC upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday, March 28th. Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $53.82 price objective on the stock in a research report on Tuesday, March 20th. Moffett Nathanson cut shares of Verizon Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 16th. Scotiabank upgraded shares of Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Monday, January 22nd. Finally, KeyCorp upped their price objective on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $54.24.
Shares of Verizon Communications stock opened at $48.39 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a market capitalization of $196,738.75, a PE ratio of 12.94, a PEG ratio of 1.94 and a beta of 0.64.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The firm had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. During the same quarter in the prior year, the business posted $0.86 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. analysts predict that Verizon Communications will post 4.54 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Monday, April 9th. Verizon Communications’s dividend payout ratio is 63.10%.
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About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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