Chemical Bank trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 129,618 shares of the cell phone carrier’s stock after selling 1,262 shares during the period. Chemical Bank’s holdings in Verizon Communications were worth $6,522,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Markel Corp acquired a new position in Verizon Communications during the second quarter worth about $2,616,000. Trust Co grew its holdings in Verizon Communications by 6.5% during the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after acquiring an additional 6,126 shares during the period. Levin Capital Strategies L.P. grew its holdings in Verizon Communications by 24.8% during the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after acquiring an additional 4,775 shares during the period. Wetherby Asset Management Inc. grew its holdings in Verizon Communications by 3.8% during the second quarter. Wetherby Asset Management Inc. now owns 59,532 shares of the cell phone carrier’s stock worth $2,995,000 after acquiring an additional 2,158 shares during the period. Finally, Buckley Wealth Management LLC grew its holdings in Verizon Communications by 8.1% during the first quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock worth $2,625,000 after acquiring an additional 4,131 shares during the period. 64.25% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on VZ shares. Credit Suisse Group started coverage on Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 target price on the stock. Robert W. Baird lifted their target price on Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday, July 25th. Scotiabank set a $61.00 target price on Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $56.00 to $50.00 in a research report on Tuesday, September 4th. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $55.93.
NYSE:VZ opened at $56.63 on Friday. Verizon Communications Inc. has a 1-year low of $43.97 and a 1-year high of $58.80. The firm has a market capitalization of $233.77 billion, a P/E ratio of 15.14, a P/E/G ratio of 2.46 and a beta of 0.46. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm had revenue of $32.61 billion during the quarter, compared to analyst estimates of $32.45 billion. During the same period last year, the company posted $0.98 EPS. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. Research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were given a dividend of $0.6025 per share. The ex-dividend date was Tuesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.26%. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.
Verizon Communications Company 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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