Argent Trust Co lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 222,627 shares of the cell phone carrier’s stock after acquiring an additional 3,963 shares during the period. Verizon Communications makes up approximately 0.9% of Argent Trust Co’s portfolio, making the stock its 28th largest position. Argent Trust Co’s holdings in Verizon Communications were worth $12,946,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Tandem Capital Management Corp ADV grew its position in Verizon Communications by 40.9% in the 1st quarter. Tandem Capital Management Corp ADV now owns 6,976 shares of the cell phone carrier’s stock worth $406,000 after purchasing an additional 2,025 shares during the period. Security National Bank of Sioux City Iowa IA grew its position in Verizon Communications by 17.2% in the 1st quarter. Security National Bank of Sioux City Iowa IA now owns 35,047 shares of the cell phone carrier’s stock worth $2,038,000 after purchasing an additional 5,156 shares during the period. MYDA Advisors LLC bought a new stake in Verizon Communications in the 1st quarter worth approximately $2,152,000. CORDA Investment Management LLC. grew its position in Verizon Communications by 4.0% in the 1st quarter. CORDA Investment Management LLC. now owns 416,337 shares of the cell phone carrier’s stock worth $24,209,000 after purchasing an additional 15,885 shares during the period. Finally, South State CORP. grew its position in Verizon Communications by 1.0% in the 1st quarter. South State CORP. now owns 328,685 shares of the cell phone carrier’s stock worth $19,114,000 after purchasing an additional 3,330 shares during the period. 64.42% of the stock is owned by institutional investors.
VZ has been the subject of a number of research analyst reports. Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Verizon Communications in a research report on Thursday, March 11th. Tigress Financial upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 24th. Oppenheimer reiterated a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, March 3rd. HSBC lifted their price target on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 24th. Finally, Moffett Nathanson reiterated a “neutral” rating on shares of Verizon Communications in a research note on Monday, May 3rd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $62.46.
Shares of VZ traded down $0.12 during trading hours on Friday, reaching $57.22. 287,261 shares of the stock traded hands, compared to its average volume of 18,893,895. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.99 and a current ratio of 1.02. Verizon Communications Inc. has a 52-week low of $52.85 and a 52-week high of $61.95. The company’s 50-day simple moving average is $57.63. The company has a market capitalization of $236.89 billion, a P/E ratio of 12.55, a P/E/G ratio of 3.89 and a beta of 0.47.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.02. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The company had revenue of $32.87 billion for the quarter, compared to analysts’ expectations of $32.47 billion. During the same quarter in the previous year, the company earned $1.26 EPS. Verizon Communications’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post 5.07 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Friday, July 9th will be paid a $0.627 dividend. This represents a $2.51 annualized dividend and a yield of 4.38%. The ex-dividend date is Thursday, July 8th. Verizon Communications’s payout ratio is currently 51.22%.
Verizon Communications Profile
Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
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