Bank of Stockton boosted its position in Verizon Communications Inc. (NYSE:VZ) by 7.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,725 shares of the cell phone carrier’s stock after purchasing an additional 1,526 shares during the quarter. Bank of Stockton’s holdings in Verizon Communications were worth $1,213,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Cedar Hill Associates LLC grew its holdings in shares of Verizon Communications by 7.7% during the 2nd quarter. Cedar Hill Associates LLC now owns 13,539 shares of the cell phone carrier’s stock worth $681,000 after purchasing an additional 968 shares during the period. West Oak Capital LLC grew its holdings in shares of Verizon Communications by 2.9% during the 3rd quarter. West Oak Capital LLC now owns 34,650 shares of the cell phone carrier’s stock worth $1,850,000 after purchasing an additional 970 shares during the period. Bailard Inc. grew its holdings in shares of Verizon Communications by 1.0% during the 2nd quarter. Bailard Inc. now owns 99,356 shares of the cell phone carrier’s stock worth $4,999,000 after purchasing an additional 977 shares during the period. Live Your Vision LLC grew its holdings in shares of Verizon Communications by 24.0% during the 2nd quarter. Live Your Vision LLC now owns 5,166 shares of the cell phone carrier’s stock worth $265,000 after purchasing an additional 1,000 shares during the period. Finally, Vantage Financial Partners Ltd. Inc. grew its holdings in shares of Verizon Communications by 6.7% during the 2nd quarter. Vantage Financial Partners Ltd. Inc. now owns 15,879 shares of the cell phone carrier’s stock worth $799,000 after purchasing an additional 1,000 shares during the period. 65.02% of the stock is owned by hedge funds and other institutional investors.
VZ has been the subject of a number of research analyst reports. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 15th. JPMorgan Chase & Co. increased their price target on Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, October 24th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, September 25th. Barclays increased their price target on Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a report on Wednesday, October 24th. Finally, Morgan Stanley increased their price target on Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, October 29th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $56.22.
Shares of Verizon Communications stock opened at $57.68 on Friday. Verizon Communications Inc. has a 12 month low of $46.08 and a 12 month high of $61.58. The stock has a market cap of $239.79 billion, a P/E ratio of 15.42, a PEG ratio of 2.53 and a beta of 0.49. 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 earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The company had revenue of $32.61 billion during the quarter, compared to analysts’ expectations of $32.45 billion. During the same period last year, the business posted $0.98 EPS. Verizon Communications’s revenue for the quarter was up 2.8% on a year-over-year basis. As a group, equities analysts expect that Verizon Communications Inc. will post 4.68 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Wednesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is 64.44%.
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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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