Watch Point Trust Co raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 70,018 shares of the cell phone carrier’s stock after acquiring an additional 2,259 shares during the period. Verizon Communications accounts for 2.3% of Watch Point Trust Co’s portfolio, making the stock its 12th largest position. Watch Point Trust Co’s holdings in Verizon Communications were worth $4,227,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Centaurus Financial Inc. grew its holdings in shares of Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $25,000. Global Trust Asset Management LLC grew its holdings in shares of Verizon Communications by 271.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 13,966 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Verizon Communications during the 2nd quarter worth approximately $28,000. Finally, Shine Investment Advisory Services Inc. bought a new position in shares of Verizon Communications during the 2nd quarter worth approximately $29,000. 65.55% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently commented on the company. Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday, September 10th. SunTrust Banks raised their target price on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research report on Tuesday, August 27th. Guggenheim raised their target price on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Moffett Nathanson set a $57.00 target price on Verizon Communications and gave the stock a “hold” rating in a research report on Friday, October 25th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $62.69.
VZ traded down $1.18 during trading on Friday, hitting $59.35. The company’s stock had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. The firm’s 50 day moving average price is $60.20 and its two-hundred day moving average price is $58.02. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.99. Verizon Communications Inc. has a 12 month low of $52.28 and a 12 month high of $61.58. The stock has a market capitalization of $246.08 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.01. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The firm had revenue of $32.89 billion during the quarter, compared to the consensus estimate of $32.74 billion. During the same quarter in the previous year, the company posted $1.22 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date was Wednesday, October 9th. This represents a $2.46 annualized dividend and a yield of 4.14%. Verizon Communications’s payout ratio is presently 52.23%.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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