US Bancorp DE cut its position in Verizon Communications Inc. (NYSE:VZ) by 5.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,945,902 shares of the cell phone carrier’s stock after selling 163,896 shares during the quarter. US Bancorp DE’s holdings in Verizon Communications were worth $148,208,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. Catalyst Capital Advisors LLC purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $103,000. Financial Gravity Wealth Inc. bought a new stake in Verizon Communications during the first quarter valued at approximately $128,000. Rainier Group Investment Advisory LLC bought a new stake in Verizon Communications during the first quarter valued at approximately $134,000. Elmwood Wealth Management Inc. bought a new stake in Verizon Communications during the first quarter valued at approximately $146,000. Finally, Emerald Investment Partners LLC bought a new stake in Verizon Communications during the second quarter valued at approximately $174,000. 64.25% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on VZ shares. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Tuesday, September 25th. Scotiabank set a $61.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, July 25th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Bank of America reiterated a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Buy” and an average price target of $55.93.
Verizon Communications stock opened at $56.05 on Friday. The firm has a market cap of $240.16 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 2.53 and a beta of 0.71. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a 52-week low of $43.97 and a 52-week high of $58.80.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.03. The company had revenue of $32.61 billion for the quarter, compared to the consensus estimate of $32.45 billion. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. Verizon Communications’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were paid a dividend of $0.6025 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.30%. Verizon Communications’s dividend payout ratio is presently 64.44%.
Verizon Communications Profile
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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