Bank of Nova Scotia Trust Co. Decreases Holdings in Verizon Communications Inc. (NYSE:VZ)

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Bank of Nova Scotia Trust Co. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,633 shares of the cell phone carrier’s stock after selling 4,038 shares during the quarter. Bank of Nova Scotia Trust Co.’s holdings in Verizon Communications were worth $4,056,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Mackenzie Financial Corp increased its stake in Verizon Communications by 2,886.8% in the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock valued at $620,229,000 after buying an additional 11,325,589 shares during the period. Boston Partners increased its stake in Verizon Communications by 1,252.0% in the 4th quarter. Boston Partners now owns 7,986,475 shares of the cell phone carrier’s stock valued at $422,724,000 after buying an additional 7,395,776 shares during the period. Bank of New York Mellon Corp increased its stake in Verizon Communications by 14.1% in the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock valued at $2,580,337,000 after buying an additional 6,007,544 shares during the period. Stifel Financial Corp increased its stake in Verizon Communications by 7,639.8% in the 3rd quarter. Stifel Financial Corp now owns 3,877,541 shares of the cell phone carrier’s stock valued at $191,847,000 after buying an additional 3,827,442 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Verizon Communications in the 4th quarter valued at $182,955,000. Institutional investors and hedge funds own 63.68% of the company’s stock.

Shares of VZ stock traded up $1.16 during mid-day trading on Friday, reaching $49.79. 1,365,719 shares of the company were exchanged, compared to its average volume of 15,579,080. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.77. The company has a current ratio of 0.98, a quick ratio of 0.94 and a debt-to-equity ratio of 2.15. The company has a market capitalization of $198.51 billion, a P/E ratio of 13.33, a PEG ratio of 1.67 and a beta of 0.63.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.06. Verizon Communications had a net margin of 24.37% and a return on equity of 42.62%. The business had revenue of $31.77 billion during the quarter, compared to the consensus estimate of $31.25 billion. During the same quarter last year, the company earned $0.95 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. research analysts predict that Verizon Communications Inc. will post 4.57 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 1st. Investors of record on Tuesday, July 10th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.74%. The ex-dividend date of this dividend is Monday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 63.10%.

Several brokerages have issued reports on VZ. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $56.00 in a research note on Thursday. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 price target on the stock. in a research note on Tuesday, April 3rd. William Blair reaffirmed a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, April 25th. Jefferies Financial Group assumed coverage on shares of Verizon Communications in a research note on Thursday, June 7th. They issued a “hold” rating and a $52.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised shares of Verizon Communications from a “neutral” rating to an “overweight” rating and set a $58.00 price objective on the stock in a research note on Friday, May 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the company. Verizon Communications has a consensus rating of “Buy” and an average target price of $54.62.

In related news, SVP Anthony T. Skiadas sold 1,974 shares of the firm’s stock in a transaction on Tuesday, May 1st. The stock was sold at an average price of $49.44, for a total transaction of $97,594.56. Following the transaction, the senior vice president now directly owns 16,060 shares in the company, valued at $794,006.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.09% of the company’s stock.

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.

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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