Keating Investment Counselors Inc. trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,025 shares of the cell phone carrier’s stock after selling 3,025 shares during the quarter. Verizon Communications comprises 3.8% of Keating Investment Counselors Inc.’s portfolio, making the stock its 6th largest holding. Keating Investment Counselors Inc.’s holdings in Verizon Communications were worth $8,101,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. HC Financial Advisors Inc. purchased a new position in Verizon Communications during the fourth quarter valued at approximately $1,371,000. Argent Trust Co grew its stake in Verizon Communications by 10.9% during the fourth quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock valued at $2,558,000 after acquiring an additional 4,748 shares in the last quarter. BB&T Investment Services Inc. grew its stake in Verizon Communications by 9.5% during the fourth quarter. BB&T Investment Services Inc. now owns 53,254 shares of the cell phone carrier’s stock valued at $2,830,000 after acquiring an additional 4,630 shares in the last quarter. Stonebridge Capital Advisors LLC grew its stake in Verizon Communications by 7.1% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 99,074 shares of the cell phone carrier’s stock valued at $5,244,000 after acquiring an additional 6,532 shares in the last quarter. Finally, Dynasty Wealth Management LLC purchased a new position in Verizon Communications during the fourth quarter valued at approximately $292,000. 64.04% of the stock is owned by institutional investors and hedge funds.
VZ has been the subject of several recent analyst reports. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, June 19th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Tuesday, September 25th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Barclays cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Finally, Scotiabank set a $61.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Seven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $55.42.
Shares of VZ opened at $54.94 on Monday. The company has a market capitalization of $220.39 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92. Verizon Communications Inc. has a fifty-two week low of $43.97 and a fifty-two week high of $55.44.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.66 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be issued a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.39%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s payout ratio is presently 63.10%.
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; 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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