Steigerwald Gordon & Koch Inc. increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,623 shares of the cell phone carrier’s stock after purchasing an additional 593 shares during the period. Steigerwald Gordon & Koch Inc.’s holdings in Verizon Communications were worth $1,286,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital World Investors grew its holdings in Verizon Communications by 6.2% during the first quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after purchasing an additional 3,202,996 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Verizon Communications by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock worth $2,292,133,000 after purchasing an additional 256,321 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Verizon Communications by 1.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock worth $2,002,182,000 after purchasing an additional 391,277 shares in the last quarter. Capital International Investors grew its holdings in shares of Verizon Communications by 17.4% in the 1st quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after buying an additional 5,213,722 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of Verizon Communications by 5.0% in the 2nd quarter. California Public Employees Retirement System now owns 24,816,734 shares of the cell phone carrier’s stock valued at $1,368,147,000 after buying an additional 1,180,393 shares in the last quarter. Institutional investors and hedge funds own 64.85% of the company’s stock.
Several research analysts have weighed in on the company. Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Tuesday, September 8th. Scotiabank boosted their price objective on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. Royal Bank of Canada restated a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a report on Wednesday, September 9th. Credit Suisse Group reiterated a “hold” rating and issued a $61.00 price target on shares of Verizon Communications in a report on Thursday, July 2nd. Finally, Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $62.24.
VZ stock opened at $58.05 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The business has a 50 day moving average price of $59.66 and a two-hundred day moving average price of $57.28. The company has a market cap of $240.21 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. During the same quarter in the prior year, the business posted $1.23 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be paid a $0.6275 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s dividend payout ratio (DPR) is currently 52.18%.
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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