Zions Bancorporation National Association UT Lowers Stock Holdings in Verizon Communications Inc. $VZ

Zions Bancorporation National Association UT lowered its position in Verizon Communications Inc. (NYSE:VZ) by 0.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 260,484 shares of the cell phone carrier’s stock after selling 1,459 shares during the quarter. Verizon Communications makes up about 0.6% of Zions Bancorporation National Association UT’s investment portfolio, making the stock its 24th largest position. Zions Bancorporation National Association UT’s holdings in Verizon Communications were worth $11,271,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of VZ. Bulwark Capital Corp purchased a new stake in shares of Verizon Communications during the second quarter worth about $25,000. Advantage Trust Co lifted its holdings in Verizon Communications by 549.5% in the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 500 shares in the last quarter. 1 North Wealth Services LLC bought a new position in Verizon Communications in the 1st quarter worth approximately $29,000. Accent Capital Management LLC purchased a new stake in Verizon Communications during the 1st quarter valued at approximately $30,000. Finally, Global Trust Asset Management LLC raised its position in shares of Verizon Communications by 222.2% during the second quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 0.5%

Shares of NYSE VZ opened at $40.03 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The firm’s 50-day moving average price is $41.86 and its 200-day moving average price is $42.69. The stock has a market capitalization of $168.80 billion, a price-to-earnings ratio of 8.55, a P/E/G ratio of 3.03 and a beta of 0.35.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The company had revenue of $33.80 billion for the quarter, compared to analysts’ expectations of $34.19 billion. During the same period in the previous year, the firm posted $1.19 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Friday, October 10th were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.9%. The ex-dividend date was Friday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is currently 58.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on VZ shares. Scotiabank upped their target price on shares of Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Morgan Stanley raised their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada reduced their target price on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Thursday, October 30th. Finally, BNP Paribas lowered Verizon Communications from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, Verizon Communications has an average rating of “Hold” and an average target price of $47.41.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).