Rockland Trust Co. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 425,516 shares of the cell phone carrier’s stock after selling 3,894 shares during the period. Verizon Communications accounts for about 2.8% of Rockland Trust Co.’s portfolio, making the stock its 3rd largest holding. Rockland Trust Co.’s holdings in Verizon Communications were worth $22,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of VZ. Catalyst Capital Advisors LLC acquired a new position in shares of Verizon Communications during the 2nd quarter worth approximately $103,000. Financial Gravity Wealth Inc. acquired a new position in shares of Verizon Communications during the 1st quarter worth approximately $128,000. Rainier Group Investment Advisory LLC acquired a new position in shares of Verizon Communications during the 1st quarter worth approximately $134,000. Emerald Investment Partners LLC acquired a new position in shares of Verizon Communications during the 2nd quarter worth approximately $174,000. Finally, Clarus Wealth Advisors acquired a new position in shares of Verizon Communications during the 2nd quarter worth approximately $182,000. Institutional investors and hedge funds own 65.02% of the company’s stock.
Several brokerages have recently weighed in on VZ. JPMorgan Chase & Co. cut Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 target price on the stock. in a report on Monday, December 3rd. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Morgan Stanley lifted their price target on shares of Verizon Communications from $56.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, October 29th. Scotiabank set a $62.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. Finally, Barclays lifted their price target on shares of Verizon Communications from $50.00 to $53.00 and gave the company a “hold” rating in a research report on Wednesday, October 24th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $56.22.
VZ stock opened at $57.68 on Friday. The company has a market cap of $239.75 billion, a PE 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 quick ratio of 0.93 and a current ratio of 0.97. Verizon Communications Inc. has a one year low of $46.08 and a one year high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The firm had revenue of $32.61 billion for the quarter, compared to analyst estimates of $32.45 billion. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 EPS. Analysts forecast that Verizon Communications Inc. will post 4.68 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Wednesday, January 9th. Verizon Communications’s payout ratio is 64.44%.
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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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